In response to rising demand from clients keen on exploring blockchain projects on its platform, Google Cloud has forged a partnership with Web3 startup Orderly Network. This collaboration aims to design user-friendly developer tools for decentralized finance (DeFi), thus simplifying access to the decentralized realm.
The joint venture plans to craft off-chain elements of DeFi infrastructure that will address challenges related to self-custody and transparency. As part of this alliance, Orderly will function as a DeFi infrastructure provider, becoming accessible on the Google Cloud Marketplace.
Rishi Ramchandani, who spearheads Web3 initiatives for the Asia-Pacific region at Google, commented on the growing demand for specialized Web3 products. He expressed, “Collaborating with Orderly Network to establish a solid infrastructure will bridge the existing gaps in DeFi growth and adoption. This partnership will ensure scalability in this rapidly changing sector by producing secure, user-centric enterprise developer tools.”
Given the transformative potential of blockchain technology in the fintech landscape, numerous financial industry players, including the likes of JPMorgan, are delving into decentralized tech solutions, including DeFi offerings. Notably, mainstream banking systems had shown interest in blockchain technology quite early on. A 2021 report indicated that about 55% of top-tier banks had some degree of blockchain engagement.
Orderly envisions a balanced approach to managing the DeFi workload by distributing it between on-chain and off-chain components. This method would optimize operations without diminishing the core benefits of a decentralized setup. Off-chain modules will guarantee that vital interactions are executed on-chain, whereas tasks that can be efficiently managed off-chain are kept separate from the primary blockchain.
Arjun Arora, the Chief Operating Officer at Orderly Network, shed light on the significance of their partnership with Google in the broader context of bringing DeFi into the mainstream. According to Arora, for blockchain technology to gain widespread acceptance, it must deliver superior performance compared to existing solutions. Orderly’s objective is to design a “trading Lego” to facilitate fluid, decentralized application integration across multiple blockchains. This involves blending the optimal features of both decentralized and centralized exchanges.
Arora further elaborated, “Our teamwork with Google enables our matching engine to rival the centralized systems prevalent in traditional finance. However, the entirety of our infrastructure and liquidity network preserves the inherent advantages of self-custody and transparency characteristic of decentralized finance.”
A prominent hurdle facing DeFi has been the high entry barrier and persistent security concerns that have affected the ecosystem. The collaborative effort between Google Cloud and Orderly is oriented towards creating a secure space and developing tools to mitigate these challenges.