Blockchain is rapidly evolving, and the promise of a new blockchain generation is eagerly awaited. The Cardano Summit 2021 has rendered a new image of the Cardano ecosystem. After successfully implementing the Alonzo upgrade, Cardano network capabilities grew to match those of Ethereum after transitioning to the Goguen Era.
Smart Contracts Prime
The Alonzo upgrade served to bring Cardano’s network functionalities closer to the industry standard by enabling smart contract deployment. In addition, during the summit, Cardano announced two key partnerships to kickstart the development of new smart contract integrated features.
Chainlink was one of the key partnerships announced for the Cardano ecosystem. The Oracle network will help feed quality data and help developers build accurate and feasible DeFi smart contracts. Input-Output (IOHK) noted that market price feeds will be the first ones to be accessible to developers. Moreover, developers will then have access to:
"Sports data for prediction markets, weather data for parametric insurance products, and verifiable randomness for gaming and digital collectibles such as non-fungible tokens (NFTs)."
As mentioned in a previous article about the event, COTI, which Cardano has backed up, will issue its first native stablecoin, Djed. Thus, DeFi can be a frictionless operation for users and individuals as it will mimic existing protocols on other chains.
Furthermore, EMURGO, the global blockchain solution provider, will allocate $100 million in the Cardano ecosystem to hasten DeFi and NFT education in the space. DeFi and DEXs are already being developed and perfected on Cardano as new development and updates are rolled out on the ecosystem.
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