Cardano (ADA) blockchain platform will be welcoming its first-ever DeFi project on the platform, which will be moving from Polkadot (DOT). The project is part of Cardano’s reform in Smart Contract functionality recently launched. As a result of the new functionality, decentralized apps (DApps) are now possible to be built on the Cardano network.
IOHK, the firm behind the Cardano blockchain, announced on Twitter that the partnership is “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.
— IOHK Media (@IOHKMedia) December 10, 2020
Defi Project Set To Go Live In February
The project will be ready in February 2021 and will integrate the DeFi project to the Cardano blockchain ecosystem. Charles Hoskinson, chief executive officer of Cardano, pointed out that Bondly’s integration into the Cardano platform will offer more opportunities and positive results towards massive DeFi adoption.
According to Hoskinson, the introduction of DApps will enable the DeFi protocol to scale up to become the perfect replacement of the global digital financial system.
The integration will be taking some time because it requires Bondly to move all its protocols from the Polkadot (DOT) network into the Cardano network. The company already has two products, including eCommerce BONDProject and over the counter trading platform BSwap.
Merging traditional banking service with blockchain technology
Bondly is a crypto-based e-commerce platform that acts as a peer-to-peer exchange, which enables trading across multiple chains. It merges blockchain technology and traditional banking services.
According to the announcement, the initial partnership involves products from both the IOHK ecosystem and the Bondly protocol. It will share important milestones and joint roadmaps towards the launch of the project.
On the other hand, Bondly’s eCommerce system, BONDProject, is set up to offer buyer protection and decentralized escrow by using the Cardno’s smart contract technology. Based on the integration, the project will use API and entirely smart contract-driven products on the Cardano network.