After establishing partnerships with Huobi ECO Chain, Binance Smart Chain, Avalanche, and Elrond, Orion will work with IOHK to enable the sustainability and scalability of the DeFi and NFT ecosystems on Cardano, the company said.
IOHK’s latest partnership marks an important milestone for Cardano
After a hugely successful year that began with the much-anticipated launch of Shelley, Cardano has been picking up the pace in 2021 with a slew of new launches and announcements. The latest major news to come out of IOHK, Cardano’s parent company, marks an important milestone for the blockchain platform, as it pushes it from an abstract, more academic niche to and turns it into a blockchain platform with real-world utility.
The company has partnered with Orion Protocol, a blockchain-agnostic protocol that provides a decentralized gateway to the entire digital asset market. The partnership has made Orion the first liquidity aggregator on the Cardano blockchain.
“It’s a huge honor to partner with IOHK to become the first liquidity aggregator to the Cardano blockchain. We admire and share their focus on building a scalable, and interoperable DeFi ecosystem, and we look forward to working together to achieve a sustainable future of the industry,” Alexey Koloskov, the CEO and co-founder of Orion Protocol said in a statement.
Creating the infrastructure to boost the DeFi and NFT ecosystems on Cardano
According to the company’s official announcement, Orion will provide Cardano with a decentralized gateway to the entire crypto market, aggregating liquidity across both centralized and decentralized cryptocurrency exchanges and swap platforms in a single decentralized platform.
By integrating multiple blockchains and exchanges in one platform, Orion will give users more freedom to transact on the crypto market.
Orion will work with IOHK to ensure the sustainability and scalability of the DeFi and NFT ecosystems on Cardano. Cardano’s own blockchain infrastructure will be utilized to enable the greater performance of Orion’s protocol and interoperability solutions—from its flagship product Orion Terminal to the Orion NFT Aggregator.
The solutions will be elegantly linked to Cardano through its foundation settlement layer, connected to a control layer. The settlement layer will have a unit of account, while the control layer will run smart contracts, Orion explained in the announcement.
“Completely open source and patent-free, Cardano was built in a spirit of collaboration. And engineered for efficiency and scalability, the Cardano ecosystem is developing out into the most complete and most useful cryptocurrency ever constructed,” Orion said in its announcement.