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Cardano announces the first DeFi Project with Bondly Finance

The company behind the Cardano blockchain, IOHK, has just announced a new collaboration with Bondly Finance. It further reveals the first DeFi (decentralized finance) project on the network. Today, Cardano declared that Bondly would be the first DeFi project to be approved on Cardano. It will act as a component of the roll-out of the platform’s highly awaited smart contract functionality that will enable the development of decentralized apps on the network. 

BONDLY to shift from Polkadot to Cardano

Bondly is a crypto-based e-commerce platform. It functions as a portable peer to peer exchange. Thus, it allows trading over any chain, via any medium. Bondly intends to introduce DeFi (decentralized finance) to the masses, blending conventional banking services with blockchain technology. Via this collaboration, IOHK will perform an essential role in the growth and combination of Bondly’s technology into the next generation of DeFi products. Moreover, BONDLY, the native token of the protocol, will relocate to Cardano from the existing Polkadot.  

The collaboration would allow both of them to accomplish prominent milestones. This involves migrating the Bondly cryptocurrency from the Polkadot blockchain to Cardano, thus allowing escrow and buyer protection to work on the Cardano blockchain. However, its smart contract functionality has still to come out as part of the Goguen era. Bondly will be capable of supporting the building of solutions with DeFi. Additionally, Cardano’s Goguen era, which indicates the next period after Shelley, will be the era of executing smart contracts and allowing decentralized applications (Dapps) on the network. Moreover, the Goguen platform provides the cohort with the support and tools they require to develop Cardano applications.

One of the prominent developments as a component of Cardano’s development into transforming complete decentralization is the Marlowe Project. According to Cardano Blockchain, Charles Hoskinson, the platform has incorporated the research and development of the last twenty years in a series of areas and has listed a significant milestone. Marlowe allows peer-to-peer loans and contracts for difference (CFDs). Further, Cardano is in the process of converting into a fully decentralized network. Moreover, users on the Marlowe platform will be capable of launching ready-made templates of DeFi contracts and digital assets.

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