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Cardano (ADA) DeFi ecosystem gets a $100 million boost via EMURGO

The developer wants to bolster Cardanoโ€™s nascent DeFi ecosystem with a mammoth fund.

Cardano (ADA) DeFi ecosystem gets a $100 million boost via EMURGO
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EMURGO, a blockchain solutions company and the commercial arm of Cardano, said it would invest over $100 million in the nascent Cardano DeFi ecosystem to help bolster user adoption and usecases. The announcement was made Sunday at the Cardano Summit 2021.

โ€œEMURGO to invest $100M in @Cardano ecosystem to accelerate #DeFi, #NFT solutions and #blockchain education!,โ€ the company quoted CEO Ken Kodama as saying.ย 

Kodama further stated, โ€œPlease contact us if you would like to receive investment funds, our network, information, and management support,โ€ adding:

โ€œWe will create a dedicated operation from 2022.โ€

Cardano, and everyone, wants DeFi

DeFiโ€”short for decentralized financeโ€”is a financial ecosystem that relies on smart contracts and sophisticated code to provide peer-to-peer financial services to users. Early usecases included decentralized lending and trading, but these have since grown to include fractional asset investments and self-paying loans.

Most of todayโ€™s DeFi activity takes place on the Ethereum blockchain, followed by Solana, Avalanche, Binance Smart Chain, and others. But Cardanoโ€”which recently saw its first-ever smart contract rollout this monthโ€”is coming for a piece of that pie.

As such, the announcement comes on the back of similar moves made by Algorand, Fantom, and Kava in recent timesโ€”all arguably wanting to grow and popularize their own DeFi protocols over current market favorites.

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