Blockchain network Cardano (ADA), which completed a critical mainnet upgrade last week, is preparing to launch its own decentralized finance (DeFi) platform. announced.
The recent release of ADA’s Alonzo hard fork brought smart contract functionality to the blockchain, enabling Cardano developers to launch DeFi platforms, decentralized applications (DApps), and non-fungible tokens (NFTs) on the network for the first time. allowed the opportunity.
According to a statement by the CEO of EMURGO, Cardano’s for-profit business, the company has set up a new initiative aimed at improving the lives of the financially disadvantaged, and to launch Astarter, a Cardano-based DeFi infrastructure hub backed by EMURGO, Shenzhen-based technology firm Blockchain. Collaborating with 4A.
“DeFi has gained momentum in the past year very quickly as it has the potential to provide more accessible financial services to many people who are underserved by the current financial system.
A wider range of services promotes financial inclusion and social cohesion, especially in areas lacking traditional financial services.
Using Cardano’s research-led blockchain as a platform, Astarter will be the first step towards creating critical and decentralized financial infrastructure that anyone can use.”
Asarter plans to launch its first decentralized exchange offering (IDO) by the end of the year, followed by decentralized borrowing and lending integration.
At the time of writing, Cardano (ADA) is trading at $2.35, down nearly 15 percent from its seven-day high of $2.76, according to data from CoinGecko.