Cardano (ADA) Launches New Project To Accelerate Decentralized Application Development

The Cardano Foundation is accelerating decentralized application (DApp) development on Cardano (ADA) with the help of EMURGO.

In a new announcement, the Cardano Foundation says they are teaming up with EMURGO, the commercial arm of Cardano, to develop a new set of tools to help developers support, maintain, and accelerate DApp growth within the ADA ecosystem.

Cardano Foundation CEO Frederik Gregaard says of the project,

“The development of this tool stack, in partnership with EMURGO, will further enable a vibrant, inclusive ecosystem for third-party smart contract development on Cardano. 

This is the first of a set of open-source architecture we are looking at and are excited to push this forward now. 

We want to provide tools to and support to the community and to ensure we enable the architects of the future.”

The project is set for two stages, MVP1 and MVP2, which are to be built, maintained, and implemented by the Five Binaries, a Czech Republic-based infrastructure development company focused on the Cardano ecosystem.

The first stage of the project will involve the development of a modular tool stack which includes a simple backend that will serve as a proof of concept.

For the second stage of the project, Cardano wants to open the floor to Cardano ecosystem developers.

“For the second stage, MVP2, the Cardano Foundation will reach out to different projects and partners from across the ecosystem, publicly inviting them to contribute to the project. 

At this stage, each pull request to add a new adapter or a backend will be required to follow the programming guidelines of the project, including tests.”

Cardano has “woken up” recently, defying sideways markets to gain 27% in the past week. ADA is trading for $1.45 at time of writing, down 2.75% in the last 24 hours.

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EMURGO To Invest $100 Million In Cardano To Bolster DeFi Adoption

Decentralized finance (DeFi) has become an increasingly important addition to the Cardano network following the launch of smart contracts capability. Developers have been working since the Alonzo hard fork to bring their DeFi solutions to the ecosystem. But with decentralized finance already underway on blockchains such as Ethereum and Solana, Cardano has had to play catch-up with these other networks.

This is why the recent announcement from EMURGO carries significant connotations for the future of DeFi on the network. EMURGO, which is the commercial arm of the Cardano Foundation, has made moves to help further the growth of decentralized finance solutions on the ecosystem. A $100 million investment is set to be made into the DeFi ecosystem in a big to promote the development and growth of the platform.

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Pushing DeFi To The Forefront

The $100 million investment in the ecosystem is meant to go towards promoting the network’s capabilities to developers and uses. Although NFTs are now live on the blockchain, decentralized finance is taking a long time as developers need to build and test their protocols before rolling them out to users. Thus making sure that users’ funds in said protocols are safe.

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DeFi on the network will bring things such as lending and borrowing, yield farming, and more to the ecosystem users, which are built on the smart contracts deployed on the Cardano network. The investment will hopefully help the blockchain carve out a niche for itself in the growing decentralized finance market. Also enabling it to compete with the big dogs such as Ethereum, Solana, and Algorand.

EMURGO Bolsters Cardano-Focused Projects

During the recently concluded Cardano Summit, EMURGO unveiled a number of investments made into Cardano-focused projects around the world. CEO Ken Kodama shared that the company had made strategic investments into projects being developed on the ecosystem. EMURGO participated in seed investments rounds on these projects. To bolster development on the blockchain.

Cardano price chart from

Cardano price chart from

ADA trends low at $2.04 | Source: ADAUSD on

These include Adanian, a tech incubator based in Africa that is focused on startups building on Cardano. Milkomeda, a dcSpark side chain project that bridges Cardano and other Layer 1 blockchain protocols benefitted from EMURGO’s investments. And last but not least, ADAVERSE, also focused on incurring African startups developing their offerings on the ecosystem.

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Cardano Ecosystem Receives $100M to Fund DeFi, NFTs

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Emurgo has announced it will contribute $100 million to a fund focused on DeFi, NFTs, and education for the Cardano blockchain.

Emurgo to Support Cardano Ecosystem

Emurgo, the commercial arm of Cardano, will invest $100 million to finance crypto startups on the blockchain.

The firm announced the update at Cardano Summit 2021. Under the initiative, Emurgo will allocate capital towards growing Cardano’s ecosystem. The firm will focus on supporting startups working in DeFi and NFTs, and launch Cardano-centric education programs.

Discussing the investment, Emurgo founder and CEO Ken Kodama said that the firm was aiming to “accelerate the development of the Cardano ecosystem.”

Emurgo has already invested in several Cardano projects, including the EVM-compatible sidechain Milkomeda.

Since launching the Alonzo era, the project has made strides to focus on its ecosystem development. The Alonzo hardfork enabled smart contract functionality on the network, which paves the way for project to launch their dApps on mainnet.

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It is thought that DeFi projects will go live on the network once teams have developed scaling solutions to adapt to Cardano’s eUTXO model. Cardano is one of the most well-funded blockchains, and its followers are hoping that the ecosystem will develop over the coming months.

Emurgo’s $100 million could play a critical role in that process. Since its inception, Emurgo has been a core contributor to Cardano by engaging with developers, startups, enterprises, and governments. The firm has confirmed it will move to “dedicated operations” of funding the blockchain’s ecosystem starting next year.

Emurgo’s funding project will run in addition to Input Output’s cFund, another capital venture fund for strategic investments in the network. There’s also Project Catalyst, a community-governed decentralized fund with over $1 billion stored in an on-chain treasury.

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Emurgo Releases Beta Version of Metamask-Like App

Emurgo released yesterday a beta version of the dApp Connector of Yoroin Wallet. The dApp Connector, introduced in Ergo’s blockchain by the words “think meta mask,” is intended to be the gateway for the world of decentralized applications.

What Emurgo Means for the Cryptocurrency Space

MetaMask is one of the most significant building blocks for users within Ethereum’s DeFi Space. MetaMask enables account keys to be saved and managed, transfers and sends and receipts of Ethereum-based cryptocurrencies, and securely connects via browser or mobile apps to decentralized applications.

On the other hand, Cardano created the DeFi space to be cheaper, safer, and more accessible than Ethereum’s, according to inventor Charles Hoskinson. Emurgo, the Yoroi wallet squad, may be able to play a significant role for Yoroi.

Yoroi Wallet is a lightweight, high-definition browser-based ADA wallet. Contrary to the Daedalus wallet, it links with the Emurgo ecosystem only with a complete Cardano node. Since the copy of the whole blockchain state is unnecessary and runs as an extension on Firefox or Chrome, it can be easily installed and installed without the user requiring many system resources.

Emurgo clarified that the application is a communication bridge between crypto-currency wallets and Ergo dApps that interacts with web-based Web-based JavaScript code. 

Concerning the technical implementation of the API, GitHub also stated that it was only necessary to communicate the minimum wallet dApp instead of giving a wide array of functions (tx building, conversion of the data, etc.) or node access (for UTXO scanning). It is different from web3 because, in a separate library, this feature can be modular, and Ergo intelligent contracts need less direct node access than Ethereum for simple dApp functions.

Users should note that this means that the Ergo blockchain-based dApp connector works. Since Emurgo, along with the IOG and Cardano Foundations, is one of the Cardano ecosystem’s founding organizations, Ergo relies on the expanded UTXO (EUTXO), like Cardano.

Cardano Roadmap Eras

The Cardano roadmap describes Cardano’s five-era development: Byron, Shelley, Goguen, Basho, and Voltaire. Each era focuses on several features, which it delivers over several releases of code.

Cardano conducts the work for each era in conjunction with testing, prototyping, and growth. Often at once, through various developments as the eras of Cardano are being delivered sequentially.

Since Goguen and Cardano’s smart contract era has not yet finished, it currently makes no sense to the world of dApps – mainly since it would be an excellent way to test the technology before Goguen launches.

So far, Cardano has promised Alonzo by the end of this summer, as reported on BTCManager. It will offer companies and developers opportunities by enabling smart contracts and decentralized applications (DApps).

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