The Alonzo hype is yet to fizzle away and the largest proof-of-stake blockchain, Cardano is set to capitalize on this to marshall out other projects. According to reports, Cardano will be launching a DeFi hub that will feature a decentralized exchange, launchpad, money market as well as decentralized applications for tech service. The DeFi hub has been named Astarter and is backed by Emurgo, a global blockchain technology firm that is also the official commercial arm of Cardano.
The proposed DeFi infrastructure is a joint venture between Emurgo and Blockchain 4A, another firm that provides basic blockchain facilities. As per an official announcement from Astarter, the DeFi infrastructure will satisfy the varying needs of the over 130 firms which were onboarded during the early phase of Cardano’s smart contract development.
Astarter Project Will Introduce Pioneer DEX for Cardano
As revealed, the DeFi hub will parade a handful of projects including a decentralized exchange, launchpad and money market. Although this will not be the first DEX to launch on Cardano since Alonzo was introduced, it is a pioneer project for the network with indirect input from Cardano itself. The first DEX to launch on Cardano is Minswap, which was shortly after Alonzo mainnet release.
Meanwhile, the Astarter launchpad is geared toward speeding up financing for projects in their infancy. Also, listing on the launchpad will be 100% decentralized and permissionless. The proposed money market will feature a lending/borrowing section from which users can borrow or lend ADA and new tokens on Cardano.
Astarter’s proposed tech service toolkit will serve as a toolbox for developers providing them with viable solutions to errors they are likely to encounter.
Scammers Impersonating Charles Hoskinson to Defraud Investors
Following Alonzo launch and the subsequent integration of over 100 smart contracts within the first 24 hours, there have been reports of attempted scams with bad actors impersonating founder Charles Hoskinson in a bid to lure investors, developers and Cardano community members to spurious projects.
Hoskinson has dissociated himself from the scammers, cautioning that he doesn’t have a LinkedIn page and an Instagram account. He added that if investors get contacted by these scammers with a supposed account on any of these platforms, then it’s not real.
Despite Alonzo launch, ADA’s price remained non-committal to the momentum generated by the launch, evening pulling back by on whopping 13% few hours after the hard fork combinator event (HFC). Still, in the days that led to the launch, $ADA peaked at $3 for the first time in the token’s history. Now at $2.45, ADA is more than 12% short of its $3 all-time high. With more projects lined up for Cardano, a price rally is expected for $ADA.