"Cardano Midnight & OpenZeppelin Team Up for Privacy-Focused DeFi Framework"

The Cardano Midnight Network has inked a strategic deal with OpenZeppelin, a global blockchain security and development startup. These entities plan to introduce a new privacy-focused and compliant framework for Decentralized Finance (DeFi).

The Midnight Network and OpenZeppelin have joined forces to improve the blockchain ecosystem. They aim to achieve this by providing new smart contract development frameworks that support both emerging and existing applications. OpenZeppelin will focus on designing a dedicated smart contract library for this initiative.

This solution is customized to help developers interested in utilizing Midnight’s programmable data protection features. The smart contract library features the complete equivalents of ERC token standards, including ERC20, ERC721, ERC1155, and ERC3643.

The Cardano Midnight Network and OpenZeppelin’s partnership will also usher in a range of starter applications designed to streamline development. This move could trigger a massive boost in the Decentralized Finance ecosystem, strengthening smart contract development and security.

The Cardano ecosystem has been focusing on enhancing interoperability across other networks over the past few months. The Chang hard fork upgrade last year handed over its governance to the community members, establishing decentralized governance. The Plomin hardfork earlier this year complemented the decentralization push, setting an example for its core rivals.

Ask Aime: What impact will the strategic deal between Cardano Midnight Network and OpenZeppelin have on the DeFi ecosystem?

Scalability is mainly at the core of most solutions and upgrades Cardano introduces into its ecosystem. Technologies like Lace wallet, Hydra, Layer-2 rollups, Ouroboros Leios and Peras, Mithril certificates, data API services, and other core node improvements are all designed to help the network achieve its scalability goals this year.

Asset managers like Grayscale Investments have filed for an ADA ETF with the US SEC as part of the growing efforts to create a Cardano ecosystem for everyone. The push for core technology advancement via Midnight Network will make the protocol more attractive to institutional investors. If approved, the Cardano ETF product may complement the onchain enhancements developers bring to the network.