Cardano to Host First Decentralized Finance Project

Cardano, a decentralised public blockchain network, is hosting its first DeFi project. The project, named Bondly is coming to Cardano after leaving the Polkadot blockchain.

First DeFi on Cardano

The partnership was announced by IOHK, the owners of the Cardano network. In a tweet yesterday, IOHK expressed excitement on the partnership. Bondly will be part of the Goguen smart contract projects IOHK intends to launch. “Our partnership will be a huge step in continuing both companies’ mission to bring decentralized finance to the masses.”

We're partnering with @BondlyFinance, which will be the first DeFi project enabled on #Cardano as a part of the roll-out of our smart contract functionality. Our partnership will be a huge step in continuing both companies’ mission to bring decentralized finance to the masses.

— Input Output Media (@IOHKMedia) December 10, 2020

Bondly is a peer-to-peer (P2P) platform that allows cross-platform trading through a wide range of options. The platform’s native token, BONDLY, will be gradually transferred from Polkadot to the Cardano network. Bondly’s main products BSwap, an OTC trading platform and BONDProtect a decentralized escrow platform will also be making the switch.

Cardano Network More Flexible Than Before

The Goguen smart contracts, which is expected to be launched early next year, is a new Cardano upgrade. This upgrade will enable dApps to be created in the Cardano network. The Goguen upgrade will increase the functionality of the network, as it will bring DeFi to it.  The difference between this new upgrade and other networks is simple.

 Here, Cardano transactions will be treated equally as with other transactions. This means that non-Cardano transactions go through faster without hassle. Non-Cardano tokens will be more like Cardano’s native token, ADA, on-chain. They will take on the security and smart-contract nature of ADA.

When this upgrade is finally ready, a new project would be born from it. Known as the Marlowe project, the project would give users access to DeFi loans and contracts on the Cardano network. Since Goguen is about DeFi, it will enable developers and users to get ready-to-use smart contracts and assets.

The Cardano network was established in 2017 by Ethereum co-founder Charles Hoskinson. The network was created to overcome some of the challenges of other crypto networks, such as scalability, security and speed. It is currently run by the Cardano Foundation which is based in Zurich, Switzerland.