ADA Records Sharp Decline Despite Cardano’s First Oracle Integration

While the rest of the crypto market might be in a bearish trend due to no significant catalyst to move it, Cardano (ADA) is currently recording a plummet, losing a few cents in the past 24 hours despite the blockchain’s first ever-Oracle integration launch.

Cardano Gets First-Ever Oracle Integration

On April 6, Charli3, an open-source decentralized Oracle launched on the Cardano blockchain via integration with Liqwid, a leading decentralized interest rate protocol for lending and borrowing on Cardano.

Viewed as the Cardano Version of Chainlink, Charlie3 would now be able to provide the ecosystem with necessary secure, safe, and accurate data. According to the Cardano ecosystem ambassador, Yevhen, this move is a “major occasion” for the blockchain.

Yevhen noted:

This is a MAJOR occasion for the Cardano ecosystem as a whole, showing that projects are following the continuous push for complete decentralization in Cardano.

So far, with the integration with Liqwid, Charlie3 can now supply Cardano with accurate on-chain feeds. Currently, the Oracle protocol only supports prices for SHEN/ADA. According to the announcement, ADA/USD will be the next price feed integrated with Oracle. 

Related Reading: Cardano Poised For 30% Uptrend, But Must Breach This Barrier First

“Using Charli3 Oracles, Liqwid is paving the way to expand decentralization and security within Cardano DeFi, setting the best example for new projects building on Cardano to focus on security, reliability, and safety,” Yevhen added.

This latest achievement from Cardano is a monumental milestone for the blockchain as it now allows several projects looking to create an oracle needed project to build on the blockchain. 

For instance, Liqwid will now be able to use the Charli3 oracle protocol for its services such as executing liquidations for under-collateralized loans, calculations to create new loans, and updating collateral values.

ADA Records Sharp Decline In the Last 24 Hours

After moving in an uptrend a few days before today’s bearish trend, ADA is currently in red down by 2% in the last 24 hours. 

The asset’s price has moved from trading as high as above $0.4 on Monday to trading below that price range at the time of writing following its bearish trend from the beginning of the day. ADA currently trades at $0.379.

Notably, ADA’s market cap has also plummeted, however, it still ranks at #7 in terms of market capitalization among other cryptocurrencies in the global crypto market. 

Related Reading: Cardano (ADA) Could Break Above $0.5 Very Soon, Here’s Why

In the past 7 days, over $1 billion has been removed from the asset’s market capitalization as its market cap currently sits at $13.2  billion compared to the value of $14.2 billion seen 7 days ago.

Meanwhile, its trading volume has also declined significantly over the past 7 days, moving from a 24-hour trading volume of around $630 million late last month to only $273 million, at the time of writing.

Featured image from Shutterstock, Chart from TradingView