Cardano to Partner with Chainlink for Better Smart Contract Functionality

27 September 2021 | Updated: 27 September 2021

IOHK has announced a partnership with decentralized blockchain oracle network Chainlink in its ongoing Cardano (ADA) Summit 2021.

Based on the announcement, the partnership will allow Cardano to integrate Chainlink’s oracles in supporting developers as they begin building Smart Contracts (SC) for decentralized finance (DeFi) applications. This comes after the Alonzo Mainnet upgrade on September 12.

Commenting on the new development, Head of Blockchain Partnerships at Chainlink Labs Niki Ariyasinghe noted that the oracle network possesses a “tremendous amount of respect for the Cardano ecosystem,” especially the project’s technical team and the collaborative nature of the ADA community.

The Chainlink executive added that he believes the partnership is perfectly timed considering the recent launch of Smart Contracts compatibility, while Chainlink facilitates the movement of tamper-proof data from off-chain sources to on-chain SC. Ariyasinghe stated that:

“A lot of this comes down to timing. Cardano obviously has had an extended period where it had different drops of upgrades, and the most recent is Alonzo – really about enabling smart contracts. So for us, this is really like the right time to engage with the Cardano ecosystem.”

Finally, Ariyasinghe asserted that the integration could allow hundreds of billions of dollars of value to get secured on the Cardano Protocol, especially regarding the DeFi industry.

Key Cardano Levels to Watch — September 27

ADA continues to trade on a sideways bias despite the renewed upbeat sentiment across the broader market. The third-largest cryptocurrency remains restrained under the $2.300 resistance line amid mild inflows of trading volume (both bullish and bearish).

ADAUSD – 4-Hour Chart

This sideways action probably comes as a result of the ongoing battle between bears and bulls, with the former wanting to keep the cryptocurrency along the descending tripwire and the latter striving to climb back above the critical $2.470 mark.

Until we see a break into the $2.400 — $2.350 pivot zone, ADA will likely remain in its range-bound status between $2.300 — $2.200.

Meanwhile, our resistance levels are $2.300, $2350, and $2.400, and our support levels are $2.200, $2.100, and $2.000.

Total Market Capitalization: $1.95 trillion

Cardano Market Capitalization: $71.6 billion

Cardano Dominance: 3.67%

Market Rank: #3

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.