u.today
Cardano (ADA) is pushing for new advances as its commercial partner, EMURGO, has inked a partnership with Singapore’s GSR.
More innovations for Cardano
Cardano is always building, a trend that is visible in its consistent GitHub Commits. With the EMURGO and GSR partnership, such developer innovation can further be bolstered.
As unveiled, EMURGO will seek to leverage the deep liquidity base of GSR to support many Cardano initiatives. Besides this, the platform will identify investment ventures in Cardano that GSR and its partners could back.
Cardano supports its developer ecosystem through the Project Catalyst campaign. The recently concluded Fund 10 backed about 192 projects from a total of around 400,000 votes tendered by the community. GSR onboarding might boost this initiative across the board.
Besides funding, support will also extend to developers to boost the interoperability of Cardano’s projects. At the moment, there is a subtle fight for dominance in the developer ecosystem, and Cardano is vying to displace Ethereum.
There is more than one way that the GSR onboarding is ideal for Cardano. Despite its advanced developer push, Cardano’s decentralized finance (DeFi) ecosystem still boasts a significantly lower Total Value Locked (TVL). Compared to Ethereum’s $55 billion TVL, Cardano boasts of only $277.82 million, a gap that GSR might help in bridging.
Do VCs hate Cardano?
One polarizing conversation in the Cardano ecosystem hinges on the perception of Venture Capital firms to the blockchain. There are claims that Cardano is unloved by these big money spenders as they generally new sideline projects from the blockchain's funding.
While this GSR partnership somewhat negates that notion, misinformation about the quality of projects on the blockchain has been cited as a reason behind the FUD. Cardano is advancing despite its low TVL, and the GSR partnership is set to further expand this.