Cardano’s acquisition of its first oracle integrator, Charli3, caused ADA price drop.
The drop was short-lived, however, as the price of ADA surged once again.
Cardano’s recent acquisition of its first oracle integrator, Charli3, caused a brief drop in the price of ADA. However, the market quickly recovered and the cryptocurrency surged again.
Charli3 was formally introduced as the first Oracle integrator for Cardano, this April. The Oracle integrator is, however, identified as an open-source blockchain platform. Moreover, it is known for supporting a wide range of decentralized applications (dapps) This is an exciting development for the platform and one that could have a major impact on its potential applications.
The Charli3 node network provides a framework for projects to securely access accurate and reliable data. Thus allowing them to effectively offer robust services to their users. Liqwid, a leading DeFi project on Cardano, was one of the first to integrate the Charli3 oracles into their platform.
The Oracle Integrator will provide Cardano with the ability to securely connect its platform with external data sources. This will enable real-time updates on the blockchain. This integration will also help create a more robust security framework for all parties involved in the network, as well as facilitate faster, more reliable transactions and services.
ADA Price Drops and Surges as Cardano Acquires First Oracle Integrator
However, despite this news, ADA (the native token of Cardano) experienced a 1.7% drop in its price. This down movement has marked a notable downward trend compared to its previous performance.
This significant dip in price has caused many investors to take caution and wait for the market to stabilize before making any further decisions. Analysts have speculated that the drop is likely caused by an overall decrease in demand.
ADA/USDT Price Chart (Source: TradingView)
The drop was short-lived, however, as the price of ADA surged once again. The acquisition is expected to enhance Cardano’s capabilities in the development of smart contracts and decentralized applications. The move is seen as a step forward in Cardano’s mission to become a leading blockchain platform.