Cardano Partners with Lending Protocol, Nexo Finance
With Cardano’s Alonzo testnets underway, Input Output Hong Kong has partnered with another firm to find more utility for ADA. This is one out of its many recent partnerships in 2021 as the Cardano community anticipates the Alonzo mainnet, which will introduce the smart chain functionality on Cardano blockchain. IOHK’s new partnership is with a lending protocol called Nexo Finance.
The Plutus Smart Contract on the blockchain will be fully ready by September, according to IOHK. They began testing for the new project in May and will run its course for four months until it is fully ready. With the smart contract functionality, community members will be able to perform operations like staking, liquidity farming, NFTs purchase, etc.
Cardano Community to Lend and Borrow Crypto on Nexo Finance
The latest partnership will benefit both parties. On Cardano’s end, community members will have access to the lending platform such that they can buy, sell, borrow and lend ADA and other cryptocurrencies. Cardano’s collaboration with Nexo Finance will provide more utility for the coin. To achieve this, the whole Cardano blockchain has been integrated into the lending protocol.
Antoni Trenchev, co-founder of the lending protocol, commented on the partnership, saying both parties stand to gain a lot from it. He said for Cardano, it ensures more utility for their token, reduces sell-offs by ADA investors, instigated a price pump and lastly, would suffice as a viable option for new investors. On the other hand, for Nexo Finance, it broadens its user base and creates more investment options for them.
Cardano Launches New Projects
While this is Cardano’s latest collaboration, it partnered with two separate firms in April and June. Before then, it had collaborated with Huobi, BSC, Elrond. In June, Cardano enabled cross-chain functionality on its blockchain, making it possible for ADA to be used on another blockchain. For this project, it onboarded a new partner, Nervos to create a cross-chain bridge that enables community members to access both blockchains. The partnership will promote interoperability on the blockchains using ADA and Nervos’ native token, CKB and the wrapping feature.
In April, Cardano also launched a new project with Orion protocol, a liquidity aggregator to integrate centralized and decentralized exchanges, and swapping functionality into one decentralized exchange, providing liquidity across all of these platforms.
Cardano has been taking giant strides in improving the blockchain after fully launching Shelley at the start of the year. The Shelley project enabled the blockchain to be fully decentralized such that stake pool operators were able to partake in block additions. Charles Hoskinson, CEO of Cardano also indicated interest in working with Elon Musk to channel his influence on Dogecoin into providing utility for the token.
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