Cardano (ADA) to Have Its Own DeFi Hub with Launchpad and DEX

With the launch of Alonzo hard fork last Sunday, Cardano will now compete with Ethereum in the world of Decentralized finance (DeFi). The commercial arm of Cardano, Emurgo, announced the launch of the network’s own DeFi hub named Astarter. It will feature a decentralized exchange, money market, launchpad, and decentralized application for technological service.

This venture came about from the partnership of Emurgo and a China-based technology firm called Blockchain4A. This collaboration will help develop the DeFi technical infrastructure. According to the Astater team’s official announcement, this launch will meet the needs of 130+ companies that are planning to utilize Cardano.

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EMURGO CEO Ken Kodama, in a statement, said this collaboration would provide a wider range of services that will promote financial inclusion and social cohesion. He said this would be important in areas lacking traditional financial services. He added, ”Decentralized finance has appealed to the crypto-community through its improved transparency, security, and credibility of processing financial transactions. The value of crypto assets under management in DeFi apps has risen sharply.”

Astarter Projects On Board

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The DeFi venture will introduce several projects, including decentralized exchange, launchpad, and money market. Cardano introduced the first DEX, Minswap, shortly after Alonzo’s release. The first plan of Astarter is to develop an initial decentralized exchange offering (IDO) launchpad. This DEX will be the pioneer project for Cardano with indirect input from the platform itself.

Astarter launchpad focuses on backing up projects in their infancy through financing. Listing on the launchpad is fully decentralized and permissionless. The money market feature will have a section of borrowing/lending from which users can lend and borrow ADA. That will bring more utilities to the users of the Cardano network.

The team also proposed a tech service toolkit. It will provide solutions to errors developers are likely to encounter.

Developers can deploy dApps on the network through the integration of Plutus smart contract functionality. Reports suggest that after 24h hours of its launch, projects deployed 100 smart contracts on Cardano. According to the BlockData report, the Cardano network is looking bullish with the upcoming projects within the DeFi hub and the rising institutional and regulatory interest.

Charles Hoskinson Warns Investors About Scammers

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Many companies and projects are looking to join the Cardano network after the launch of the smart contract feature. The event has led to scammers impersonating the founder of Cardano, Charles Hoskinson. Contextually, scammers plan to lure developers, investors, and Cardano community members to fake projects.

Hoskinson warned the followers and said that he does not own an Instagram account or a LinkedIn page in a tweet. He added that if any investor contacts these scammers on any of these platforms, they are reaching out to fake accounts.