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.
“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.
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.
Denne and the Blockchain Alliance team, currently in its building phase, are laying the groundwork…
Lacy is a 21-year-old Twitch streamer who is famous for playing Fortnite and has a…
Let us see how much contribution does X make to Tristan Tate's net worth. You…
Jake Paul vs Mike Tyson fight is happening on Saturday, July 20, 2024 at the…
According to various news outlets, this has to do with the upcoming merger deal of…
In a dazzling display of elegance and youthful exuberance, Morreale Paris has introduced its latest…