According to CoinGecko, the Cardano and NEAR ecosystems are growing by leaps and bounds, with a current marketcap of USD 54 and 31 billion, respectively. However, nowadays, both ecosystems act like separated islands that can be unified if a bridge is developed.
Therefore, Ardana has recently announced a strategic partnership with Near protocol. This alliance will provide the bridging infrastructure for asset transfer between the two protocols.
— Ardana – DeFi Hub of Cardano (@ArdanaProject) November 23, 2021
The main goal of this collaboration is to create the infrastructure that will allow transferring assets between both networks. This cross-chain interoperability is the major challenge for every network at the moment.
Benefits of the Cardano-NEAR Bridge
Ardana will enable token transfers across the NEAR and Cardano blockchains. In other words, this cross-chain bridge will provide the following benefits:
- Enable cross-chain smart contract capability: Ardana will enable this feature by connecting Cardano and NEAR over their bridge. This will make developers’ jobs much more accessible, allowing communities to collaborate to build more apps.
- The NEAR token will later be available as a Cardano asset: It will be used as collateral to issue stablecoins on Ardana.
According to the annoucement, Erik Trautman, the CEO of NEAR Foundation, said, “NEAR’s vision always envisioned a multi-chain world, whereby each blockchain could seamlessly talk and exchange data between one another. Ardana to aid in the creation of a multi-chain world, and integrations like this help realize that goal.”
On the other hand, Ryan Matovu, founder and CEO of Ardana, said: “The collaboration will help both organizations explore new avenues of growth in the emerging ecosystem of blockchain technology and will prove to be a landmark in the future. For blockchain scalability.”
Ardana is Cardano’s stablecoin hub which brings different DeFi initiatives required to launch and support any economy to Cardano. The platform is a highly capital-efficient exchange that allows swaps with minimal slippage and fees. Finally, it provides low-risk yield opportunities for investors.
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— Ardana – DeFi Hub of Cardano (@ArdanaProject) November 21, 2021
About NEAR Protocol
Moreover, NEAR is a high-performance blockchain that is intended to be fast, safe, and scalable. Therefore, NEAR’s goal is to build a network that will serve as a gateway for billions of users to access the next generation of the internet.
On the other hand, an award-winning team of engineers and entrepreneurs built NEAR to be easy to use, inclusive, and environmentally friendly.
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