IOHK and BONDLY Partner to Launch First DeFi Project on Cardano Blockchain
- IOHK is making in-roads to introduce DeFi to Cardano blockchain.
- Bondly, a decentralized exchange, becomes the first DeFi protocol on the blockchain.
Announced on Dec.10, Bondly became the first decentralized finance, or DeFi, to launch and run on the Cardano blockchain. This follows the successful launch of the Goguen testnet, a smart contract functionality that allows developers to build their decentralized apps atop the blockchain.
In a tweet, the Input-Output Hong Kong (IOHK) team confirmed the partnership with Bondly, a decentralized peer-to-peer exchange, further stating,
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
Following Shelley's successful completion, an upgrade targeting more decentralization on the Cardano network, the community is awaiting the Goguen upgrade. According to the official statement, the Goguen upgrade, expected to launch in 2021 fully, introduces smart contracts and the ability to build decentralized apps on Cardano.
Bondly is a peer-to-peer e-commerce system and decentralized exchange that aims to bring the qualities of DeFi to the traditional finance world. The latest partnership with IOHK sees the two companies share visions and joint roadmaps entering 2021, including the addition of the BONDLY cryptocurrency to Cardano – a switch from the Polkadot ecosystem. Charles Hoskinson, Founder of Cardano, said,
“IOHK’s core mission is to widen and democratize access to financial services, which is why Bondly is a perfect partner for us.”
Once the Goguen upgrade is complete, BONDLY plans to integrate its e-commerce platform, BONDProtect, and BSwap, its over-the-counter (OTC) exchange, Cardano too. BONDProtect is a peer to peer marketplace designed to protect buyers and sellers using smart contract-based escrows that will run on Cardano’s fast and secure network.
Hoskinson further believes BONDLY’s capabilities are essential in further pushing Cardano-based DeFi ecosystems once the Goguen update is launched. DeFi solutions built on Cardano allows the blockchain to “live up its potential” and “replace the global digital financial system,” he further said confidently.