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Cardano Teams Up With Chainlink To Advance Development of Smart Contracts and DeFi Applications

Cardano Teams Up With Chainlink To Advance Development of Smart Contracts and DeFi Applications


Input Output Hong Kong (IOHK) is teaming up with Chainlink (LINK) to advance the development of smart contracts for decentralized finance (DeFi) applications on Cardano.

One goal of the collaboration is to help developers integrate real-world data, such as stock and crypto market price feeds, directly into Cardano (ADA) applications, according to a blog post by IOHK.

 

“Access to real-world databases will be supplied through Chainlink’s decentralized ‘oracle’ networks… Enabling ‘smart contracts’ to execute around datasets such as election results, sports stats, and cryptocurrency rates

After-market price feeds, support for other Chainlink decentralized services will follow: sports data for prediction markets, weather data for parametric insurance products, and verifiable randomness for gaming and digital collectables such as non-fungible tokens (NFTs).”

Blockchain oracles are third-party services that provide and authenticate information coming from external sources for smart contracts.

The partnership’s longer-term goals include interchain networking, according to Niki Ariyasinghe, head of blockchain partnerships at Chainlink Labs.

“Cross-chain interoperability is another longer-term goal. This is really a framework for enabling bridges between different chains and enabling a multi-chain world. So this is something that we hope to collaborate on with the Cardano ecosystem as well.”

ADA is trading at $2.26 at time of writing, while Chainlink is trading at $24.76, according to CoinGecko.

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