Cryptocurrencies have been the talk of the town for quite some months now. With meme-inspired cryptocurrencies like SHIB hitting all-time highs and Netflix’s Squid Game series inspired crypto on a massive rally, it all makes sense that decentralized finance is the future.
Another cryptocurrency by the name of Cardano has gotten a sign of futuristic success now. Cardano’s DeFi ecosystem has raised $10 Million in funding by investors led by Three Arrows Capital. Morningstar Ventures and Mechanism Capital also participated in the funding round.
How Does It Work?
“Cardano is going to follow the path we’ve seen from chains other than Ethereum,” said co-founder of Ardana Matovu. “Step by step other alternative chains pop up, and what we’ve seen is that a few teams build key protocols and then the ecosystem pops up around them.”
But how will the DeFi ecosystem work and what does it do? The DeFi ecosystem that is called ‘Ardana’ is basically a protocol that aims to give users stable coin minting and exchange services.
The users of the service can deposit a collateral and mint an asset-based stablecoin. The massive Ardana DeFi project will also include a technologically advanced Automated Market Maker (AMM) to carry out transactions with minimal slippages.
About Cardano
As per wikipedia, Cardano is a public blockchain platform. It is open-source and decentralized, with consensus achieved using proof of stake. It can facilitate peer-to-peer transactions with its internal cryptocurrency, Ada. Cardano was founded in 2015 by Ethereum co-founder Charles Hoskinson.
Investing in cryptocurrencies is not risk-free and one must conduct through research and self-analyze the risks associated with such volatile investments.
Do you think that Cardano is going to be a successful cryptocurrency in the future? Tell us your thoughts in the comments.
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