- Cardano and Chainlink Partnership aims to build a versatile Oracle framework that is not limited to a single ecosystem, potentially increasing distributed finance capabilities.
- Cardano founder Charles Hoskinson emphasized that the framework needs to support multiple chains to ensure cost-effectiveness and wider adoption.
There is a potential partnership between Cardano (ADA) and chain links (links) in the pipeline. Both blockchain ecosystems are considering how UTXO-based distributed financial (DEFI) space can be increased. Cardano founder Charles Hoskinson spoke about these developments in a recent interview with the David Gokhshtein Podcast.
Will Cardano & Chainlink enter into a partnership?
According to Hoskinson, negotiations between the Cardano and Chain Link teams are working to establish a defi oracle solution beyond a single blockchain. The project is attempting to connect a wide range of UTXO-based networks, including Bitcoin, Litecoin, Dogecoin, and more. “It should happen. It’s only a matter of time,” Hoskinson said when asked about the possibility of collaboration.
The purpose of this partnership is not limited to one ecosystem, but to create versatile Oracle frameworks across various blockchain networks. “What they’re working on now is like a more universal platform,” he revealed. He also pointed out that the aim is to create a system of other UTXO blockchains that explore not only Cardano but also defi.
As the decentralized financial world expands, there is also the need for reliable Oracles. A system that provides external data to smart contracts. Already a prominent figure in the Oracle world, ChainLink is trying to spread his wings and gain traction with a UTXO-based network. “Obviously, ChainLink wants a foothold in this area and is hoping to attract users from these ecosystems,” Hoskinson I explained it.
This collaboration requires careful planning to be easily incorporated. “Their framework cannot be designed exclusively for Cardano,” he pointed out. Rather, this method should support the entire UTXO space so that multiple chains can utilize Oracle networks cost-effectively.
Although both sides are enthusiastic about the initiative, agreeing to details such as timelines and commercial terminology remains a challenge. “We have teams on both sides who are engaged in discussions, but we’re not yet trapped in exact dates or conditions,” Hoskinson stabbed. Despite these challenges, the ongoing partnership between Cardano and ChainLink represents a major milestone for improving the functionality of various UTXO-based blockchains, as reported by the CNF.
Cardano’s bearish pattern is preserved, and chain links drop by more than 7%
Despite these potential positive developments, Cardano continues to struggle as it is under pressure following a sharp decline in March 1st’s highest view, above a dollar. After a short recovery attempt, the ADA slid into $0.67 before stabilizing about $0.70. However, market metrics suggest that a return to previous highs is unlikely.
Source: TradingView
As highlighted in our previous stories, weak flag patterns appear in the ADA’s daily charts, further indicating the potential for downside movement. A sharp drop followed the pattern that occurred after the first meeting of $1.13, entering the consolidation phase of $0.65 to $0.74.
Meanwhile, the moving average convergence divergence (MACD) and its exponential moving average (EMA) hover around the zero line, reflecting market uncertainty and resistance of $0.81. Meanwhile, with wider market declines, chain links also recorded significant losses and fell 7.47From % to $14.33.
