Charles Hoskinson says Cardano will set the industry standard for DeFi protocols with the newly announced Cardano DeFi Alliance. The alliance will be able to weed out poor-quality applications and he will attend their meeting next year. He briefly mentioned that more DEXs are coming to the mainnet imminently.
Charles Hoskinson (CEO of Cardano developer Input Output HK) live streamed today about the future of DeFi and gave an overall update on Cardano.
He claimed that many users in the DeFi space are tired of the subpar quality of dApps and even mentioned that losses from scams and hacks (mostly in the Ethereum space) were over $10.5 billion in 2021. Hoskinson is hopeful that the newly formed Cardano DeFi Alliance (CDA) will help improve the DeFi space by setting standards that weed out scams and poor-quality applications.
He added that “Q1 in 2022 will be a very busy time” and says that you can see everything coming together in the Cardano ecosystem. Check out all of the projects on the ecosystem here.
On another note, Charles mentioned that “it looks like we are going to have DEXs imminently, like in the next few weeks…launching on the mainnet.” Cardano DEXs have been long hoped for on the smart contract protocol.
Recommended: Three Upcoming DEXs On Cardano To Keep On Your Radar
The Cardano DeFi Alliance was officially introduced earlier on December 17th via a press release on medium. The alliance includes many of the big players currently developing on the Cardano blockchain.
➡️We’re proud to announce the #Cardano DeFi Alliance (CDA):@Indigo_protocol @MinswapDEX @SundaeSwap @ArdanaProject @GeroWallet @MLabs10 @OptimFi @Oraclecharli3 @liqwidfinance
Transparency, Innovation, Contribution, Collaboration, Coopetition: https://t.co/WdlpLEcH7S
— Cardano DeFi Alliance (@CardanoDeFiCDA) December 20, 2021
The overall goal of the CDA is to create a “robust and dynamic” DeFi ecosystem that will set the standard for the entire DeFi industry to emulate.
“The primary mission of the CDA is to provide collaboration among leading DeFi protocols, provide open-source libraries, craft best practices, and innovate within the Cardano DeFi ecosystem.”
The alliance brings together a group of DeFi developers, infrastructure providers, and Plutus software development organizations to pursue their mission both internally and with a public-facing component. Essentially, the alliance will create open-source development libraries with an abundance of documentation and will use internal developers and entrepreneurs to support DeFi protocols.
The overarching tone of Hoskinson throughout his stream was that the industry needs to come together and cooperatively compete when it comes to DeFi ecosystems. The CDA is the first step to that. Charles was adamant about developers being openly competitive in the DeFi space, driving the industry forward together, and the CDA aims to achieve that:
“Members are committed to participating in the CDA with a spirit of openness, collaboration, and cooperative competitiveness. Meaning that communications between members should not be utilized to disrupt, interfere, and/or create conflict in projects that potentially may compete. The ability to connect through clear, honest and collaborative communications is essential to the viability of the CDA.”
The main goals of the CDA are to set the industry standard for DeFi protocols, and Charles will be at their first meeting next year.
Recommended: Charles Hoskinson Says Hell Has Frozen Over
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