Decentralized finance (DeFi) soon on Cardano?

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One of the projects linked to Cardano’s financing fund could well bring decentralized finance (DeFi) to the ecosystem. A new axis of development fully supported by Charles Hoskinson, the project manager.

A DeFi platform soon offered on Cardano?

IOHK, the company that runs Cardano, announced the new idea in a series of tweets . She takes stock of Project Catalyst , a Crypto Bank development fund, which allows blockchain to be financed in a decentralized manner . IOHK lists the ideas she thinks are the most interesting, including a DeFi project that would work with Cardano .

Called “Liqwid”, it is an open source, non-custodial DeFi loan platform. Like other DeFi projects that have exploded this year, Liqwid will allow users to borrow funds, and generate rewards on deposits made.

250,000 dollars in ADA to the key

The project therefore competes with the others to win the sesame: substantial funding. These are $ 250 000 ADA to be distributed to projects that won the support of Cardano community.

The Liqwid project will begin a development phase next week, and tests should be carried out in the first quarter of 2021. However, we will have to wait for the Goguen phase of the launch of Cardano, which unlocks smart contracts . But all this is progressing: we learned recently that Cardano intended to open its smart contracts to all programming languages .

It should also be noted that IOHK’s appeal for DeFi is not entirely a surprise. Charles Hoskinson, the creator of Cardano, had confirmed to be “obsessed” with DeFi last August.