Decentralized financing (DFI) has become an increasingly important addition to the Cardano network since the introduction of the smart contract capability. Developers from Elonzo Hard Fork are working to bring define solutions to their ecosystem. But with blockchain already decentralized in blockchains like Ethereum and Solana, Cardano has had to play catch-up with these other networks.
This is why recent Announcement EMURGO carries significant significance for the future of DFI in the network. EMURGO, the commercial arm of the Cardano Foundation, has taken steps to further support the growth of decentralized money solutions in the ecosystem. A large ড 100 million investment will be made in the DFI ecosystem to promote the development and growth of the platform.
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Ust has just announced to invest 🎉 EMURGO $ 100M – Cardano Ecosystem to accelerate # Defy, #Nft Solution and # Blockchain Education! – EMURGO CEO, Kencodama_biz emurgo_io# CardanoSummit2021 ADA pic.twitter.com/Gx4fbw556x
– EMURGO (@emurgo_io) September 26, 2021
Pushing Defy forward
The 100 million investment in the ecosystem is aimed at advancing the capabilities of the network to developers and users. Although NFTs are now live on blockchain, decentralized financing is taking a lot of time because developers need users to create and test their protocols before creating their own. Thus ensuring that users’ funds are secure in the protocol.
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DFI on the network will bring eco and orrow, crop cultivation and much more for ecosystem users, built on smart contracts employed in the Cardano network. Investing in a growing decentralized finance market will help blockchain create a niche for itself. This enables it to compete with larger dogs such as Etherium, Solana and Algorand.
EMURGO Bolsters Cardano-Focused Project
During the recently concluded Cardano Summit, Emurgo unveiled several investments made in Cardano-centric projects around the world. CEO Ken Kodama shared that the company has made strategic investments in projects developed in the ecosystem. EMURGO participated in the seed investment round in these projects. For development in blockchain.
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This includes Adanian, an Africa-based technology incubator that focuses on startup building in Cardano. Milcommeda, a discursive side chain project that has benefited from EMURGO’s investment in bridging the Cardano and other Layer 1 blockchain protocols. And last but not least, Adverse has focused on African startups to develop their offers in the ecosystem.
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