The third-generation blockchain project Cardano is signing contracts left and right. As part of the grand development program, it has entered into a partnership with crypto lending service Nexo. Nexo is a blockchain project that allows the stakeholders to borrow cryptocurrencies and trade them at their discretion.
The news of the partnership has been confirmed by the parent company IOHK. Input-Output Hong Kong has published a new block that reveals all the details about the project. This partnership is considered to be crucial since the Alonzo upgrade is underway. The completion of Alonzo will enable smart contracts capabilities for the blockchain project.
It is not wrong to say that Nexo and Cardano partnership is nothing short of a symbiotic relationship. According to the IOHK blog post, the Cardano blockchain is now fully integrated with the Nexo ecosystem. The completion of the technical fusion will allow the Cardano holders to borrow, sell, purchase, and even stake their tokens on the Nexo platform.
Antoni Trenchev, the co-founder of Nexo, emphasizes that the blockchain project has many features that make them best for the pairing. He explains that the selling pressure of ADA could be countered with the help of this new amalgamation. He also claims that Nexo will help to introduce more users and spread the existing market share.
Hoskinson is Criticized for not Meeting the Expectations
Cardano has more partnerships aligned that are set and ready to commence operations. One such project is Orion which is a DeFi liquidity aggregator. This integration will allow Cardano to increase scalability and sustainability measures. These metrics will also have a greater impact on the DeFi and NFT spaces on the blockchain.
Another partnering project with Cardano is the China-based blockchain Nervos. It will allow the ADA holders to perform transactions with both native digital assets. The stakeholders will also be able to create new tokens using ADA and CKB. After all these struggles, Charles Hoskinson, the founder of Cardano, came under fire from the investors for lagging behind the vision and landmark predictions of last year.