EMURGO, Cardano’s business and blockchain solutions organization(DeFi), has announced has partnered with Chinese tech company BlockChain4A in Shenzhen to form Astarter, which will help develop the infrastructure for DeFi services on Cardano.
This partnership combines the technical expertise of EMURGO with the experience of Blockchain4A in the development of a DeFi-based technical infrastructure.
Cardano’s Alonzo hard fork has successfully integrated smart contract functionality into Cardano‘s blockchain, giving developers the ability to deploy a variety of decentralized applications (dApps) including NFTs, and applications.
Astarter will begin developing a decentralized token sale (IDO) launch platform that will be released on Cardano later this year along with a decentralized exchange (DEX).
DeFi on Cardano
Upon completion, Astarter will also plan to integrate credit and credit functions (decentralized money market) on Cardano. These services are aimed at making Cardano users more convenient and opening up financial services to more people in underserved countries.
“DeFi has grown in importance very quickly over the past year as it can make financial services more accessible to many people who are underserved by the current financial system. A wide range of services promote financial inclusion and social cohesion, especially in areas where traditional financial services are lacking, ”said Ken Kodama, CEO of EMURGO, in a statement.
“Decentralized finance has attracted the crypto community by improving the transparency, security, and reliability of the processing of financial transactions. The value of crypto assets managed in DeFi applications has increased dramatically, ”he added.
According to a report by the World Economic Forum (WEF), the value of digital assets locked in DeFi smart contracts rose from $ 670 million to $ 13 billion, and the interest of associated user wallets from 100,000 to 1 in 2019-2020 , Increased 2 million, which is great user interest.
The report also states that “DeFi is a stand-alone and potentially significant development, both in the context of blockchain and financial services in general.” Currently, the Total Locked Up Value (TVL) in DeFi applications is around $ 150 billion and Cardano is desperate for a piece of the pie.
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According to Cryptoslate