Cardano’s First DeFi Project Revealed as Partnership With Bondly Finance Announced

Input Output Hong Kong (IOHK), the company behind the Cardano blockchain has just announced a new partnership that would enable the first decentralized finance (DeFi) project on the network.

As part of the roll-out of Cardano’s smart contract functionality, IOHK has announced the partnership with Bondly Finance, a company aimed to bring agile and trusted DeFi to everyone. 

Bondly would become Cardano’s first DeFi project launched on the blockchain. IOHK’s announcement read:

“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.”

Bondly is a platform that enables peer to peer crypto exchange, across any blockchain, through any medium. The partnership would the duo to achieve key milestones, including moving the Bondly cryptocurrency from the Polkadot blockchain to Cardano, and enable escrow and buyer protection to run on the Cardano blockchain.

Cardano’s smart contract functionality has still yet to roll out as part of the Goguen era, and Bondly would be able to support the building of solutions with DeFi. 

Cardano’s Goguen era, which marks the next period after Shelley, will be the era of implementing smart contracts and enabling decentralized applications (Dapps) on the network. Aimed at developers, the Goguen platform caters to the cohort with the foundation and tools they need to build applications on Cardano.

The Goguen update will not prioritize ADA transactions and contracts over other tokens issued on Cardano, unlike Ethereum; where the blockchain prioritizes ETH over other ERC-20 tokens on the network. Developers would be able to use Cardano at ease, as tokens on the network will inherit all security and smart contract behaviors of Cardano’s native crypto, ADA. 

One of the major developments as part of Cardano’s transition into becoming fully decentralized is the Marlowe Project. According to Charles Hoskinson the founder of Cardano, the platform has incorporated the research and development of the last twenty years in a range of areas, and has marked an important milestone. Marlowe enables peer-to-peer loans and contracts for difference (CFDs). The Marlowe project will be completed once the Goguen era is ready.

As Cardano is in the progress of transforming into a fully decentralized network, users on the Marlowe platform will be able to launch ready made templates of DeFi contracts and digital assets and transfer the terms of the contracts on the platform.