Key Cardano Takeaways:
- Cardano collaborates with Oasis Pro Markets and expands presence in the developing countries.
- The layer-one blockhcain also struck deals with Chainlink and Dish Network.
- Nonetheless, ADA/USD exchange rate did not reflect the positive change.
YEREVAN (CoinChapter.com) – As ADA consolidated lower, its parent blockchain Cardano, an open-source network that recently (Sep. 12) introduced smart contract functionality to the blockchain, scored several key partnerships.
In detail, Cardano announced its new collaboration with the blockchain oracle network Chainlink. It also partnered with Dish Network/Boost Mobile, a TV and wireless service provider.
Meanwhile, in another announcement on Monday, Cardano entered a partnership with Oasis Pro Markets, a multi-asset alternative trading system. The company facilitates “digital cash for digital securities” transactions, and Cardano will help cut the transaction fees.
According to the announcement, Cardano will “provide a viable and secure financing alternative for governments of developing nations” and open the market participation opportunities.
Cardano enters the telecom space
Cardano CEO Charles Hoskinson and head of Boost Mobile Stephen Stokols announced the “super exciting” collaboration with Dish Network during the Cardano Summit 2021 panel.
When you look at the underlying business structure of telecommunication space, it is very ossified, it’s very ’20th century’ in its thinking[…] It reduces the amount of profit the businesses can make and ultimately hurts the consumer. The point of the blockchain space [in the partnership] is to revolutionize connectivity.commented Mr. Hoskinson.
He also added that if done right, the type of deals that include tens of millions of customers don’t just influence “a backend at a server somewhere that nobody ever sees” but rather have the capacity to transform the industry. For example, through the partnership, Cardano will provide digital identity to Dish customers, among other services.
The collaboration seems to come at an opportune time for Dish Network. The number of clients has started to decline since 2016 gradually.
The head of the telecom company was optimistic about the collaboration. He commented that the introduction of blockchain technology to the field would benefit both Dish Network and its clients.
The ability to actually take blockchain-based technologies and innovate, provide new services […] is a huge opportunity. We’re very excited about the types of [services] we’ll be rolling out shortly.said Mr. Stokols
Partnership with Chainlink
Input-Output, Cardano’s parent company, announced the “strategic” collaboration with Chainlink Labs on Saturday. The company tweeted the news and a fragment of the interview with Niki Ariyasinghe, head of Business Development at Chainlink.
The executive commented on the “tremendous amount of respect” that the oracle Network has for Cardano. He also expanded on the opportunities the collaboration will provide.
The key aspect of the partnership is that the live data derived from Chainlink will benefit Cardano developers.
For us, this is really about the right time to engage with the Cardano ecosystem and the coming together of a highly technically able platform like Cardano and also bringing together Chainlink, which is really built to enable smart contracts via the off-chain data in particular.stated Mr. Ariyasinghe
He added that collaboration is a “non-trivial matter” and a high hurdle to meet. However, the executive claimed it would bring Cardano hundreds of millions of dollars in TVL (total value locked) and propel the company in the DeFi space.
Moreover, the NFT statistics on the blockchain look optimistic. For example, Cardano tweeted that over one million NFTs were minted on Cardano.
ADA daily chart
Cardano’s native token ADA did not positively respond to the collaborations with Oasis Pro, Chainlink, and Dish Network. It registered a mere 5% uptrend, mimicking Bitcoin’s price action rather than reflecting the blockchain news. However, it formed a falling wedge, which is a bullish predictor that could send ADA up.
The formation consists of two converging trendlines that drive the price action down. However, after Cardano exhausts the formation, it could manage a bullish breakout.