Decentralized Finance or DeFi applications have become immensely important after the massively popular Alonzo Hard Fork event enabled smart contracts to operate on the Cardano network. The developers have been working tirelessly in order to bring their DeFi applications to the Cardano ecosystem. But since a considerable number of DeFi applications are already up and running on blockchains such as Solana or Ethereum, Cardano will have to do a lot of catching up after these already existing applications on the other networks.
This is precisely why the announcement of this investment from EMURGO carries special significance and relevance for the future of DeFi applications on the Cardano network. EMURGO is the commercial wing of the Cardano Foundation, and they have now taken it upon themselves to expedite the process of developing decentralized finance solutions to be available in the ecosystem. A staggering amount of $100 million dollars will be pumped into the DeFi ecosystem in order to accelerate and expedite the growth and development of the platform as a whole.
Pushing DeFi at the forefront
The massive investment fund is also geared towards developing the platform’s compatibility with the users and the developers alike. Even though it is true that Non-Fungible Token or NFTs have long been made available on the platform, the developers are still reluctant on rolling out the decentralized finance applications on the platform because it is important and essential that they test the protocols thoroughly before making sure that they go live for all the users on the blockchain. It is imperative to test out these protocols in order to keep the funds of the users safe while using them.
Decentralized finance will bring on the Cardano network a host of features that include yield farming, borrowing and lending, and many other attractive features for the users of the ecosystem. EMURGO investors are hoping that this investment will bring out innovative changes so that the Cardano network carves out its own place securely in the rapidly expanding DeFi environment. In addition to that, they are also hoping that they would be able to provide solid competition to the big names in the market like Solana, Ethereum, and so on.
EMURGO provides a boost to Cardano projects
During the very recent Cardano summit, EMURGO declared that they have made several investments into projects that are entirely focused on Cardano around the world. Ken Kodama, who is the Chief Executive Officer, stated that they had made strategic investments into various different projects running on the ecosystem. They also participated in the seed investment rounds to gain funding for these projects and help bolster the Cardano network in the process.
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