Cardano’s stablecoin center will build a bridge that will allow users to transfer assets between the NEAR and Cardano blockchains.
Ardana, the ecosystem for the design of stablecoins built on the network of Cardano, announced on Tuesday a new partnership with the decentralized application platform (DApp) NEAR Protocol to build a bridge between chains.
As reported in a statement, the partnership with NEAR, which includes a grant, will enable Ardana build an interoperability infrastructure necessary for the transfer of assets between blockchains Cardano and NEAR. The agreement will support the integrations between projects of both ecosystems, and, later, will enable the functionality of smart contract between chains.
“NEAR’s vision always envisioned a world of multiple chains, in which each blockchain could talk and exchange data with each other seamlessly. […] iIntegrations like this help to achieve that goal ”, commented about it Erik trautman, CEO of the NEAR Foundation, in the statement.
– Ardana – DeFi Hub of Cardano (@ArdanaProject) November 23, 2021
Ardana will build a new bridge between NEAR and Cardano
The new bridge will make it easier for users of Cardano transfer digital assets from that chain to NEAR, and vice versa. Likewise, the team also reported that the native cryptocurrency of NEAR, which bears the same name, will be enabled soon as active on the network Cardano. The NEAR token will serve as collateral in Ardana to mint stable coins, the developers explained.
Speaking about the initiative, the CEO and founder of Ardana, Ryan Matovu, assured that the agreement will help the platform in its objective to “Provide the crypto community with a seamless integration between different projects and ecosystems”. Matovu also added:
The collaboration will help both organizations explore new avenues of growth in the emerging ecosystem of Blockchain technology and will prove to be a milestone in the future for Blockchain scalability.
NEAR’s partnership comes in the midst of a number of partnerships, including Alchemy Pay, Ceramic and Octopus Network. The platform, which operates a blockchain based on proof-of-stake (PoS) consensus mechanism, already works alongside prominent projects such as Ethereum, Polkadot and Cosmos, as indicated Cointelegraph.
The announcement also comes a few weeks after Ardana raised USD $ 10 million in an investment round that featured the participation of Three Arrows Capital and Ascensive Assets. This in turn comes at a time of significant growth for the Cardano network, which recently surpassed the 2 million wallet brand.
As the multiple alternatives of Ethereum gaining traction, cross-chain bridges are becoming an increasingly important infrastructure tool enabling cryptocurrency traders and yield farmers to seek opportunities in the growing panorama of decentralized finance (DeFi).
Hannah Estefanía Pérez’s version / DailyBitcoin
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