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Cardano-Based Ardana Will Build a Cross-Chain Bridge Between Cardano and NEAR. Who Has Built the First-Ever Cardano- NEAR Bridge ?

Cardano-Based Ardana Will Build a Cross-Chain Bridge Between Cardano and NEAR

Cardano-based Ardana will build a cross-chain bridge between Cardano and NEAR protocol as per the terms of a new strategic partnership between the two teams.

Ardana, which calls itself the DeFi hub of Cardano, announced on Tuesday, November 23, that it had joined forces with the NEAR protocol in a strategic partnership to build a bridge that will allow assets to flow freely between Cardano and NEAR.

The bridge will connect both these layer-1 blockchains and also support the integration of projects built on these chains. Initially, the bridge will enable “token transfers between the NEAR and Cardano blockchains and, later on, enable cross-chain smart contract functionality.”

Ardana is an all-in-one decentralized stablecoin ecosystem built on Cardano. The platform will allow users to mint stablecoins against locked collateral. The platform itself is powered by its native utility and governance token DANA. As a DeFi hub of Cardano, it is also building an automated market maker (AMM) decentralized exchange, Danaswap, to support the trade of stablecoins and stable assets. It’s coming soon stablecoin dUSD will be backed on-chain collateral and will enable borrowers to take leverage on their ADA or other supported assets.

This means the bridge will make NEAR’s native coin available as an asset on Cardano. This will allow NEAR holders to use their assets as collateral on Ardana to mint stablecoins.

To build the bridge, Ardana has received a grant from NEAR protocol. In October 2021, NEAR announced an $800 million fund to fuel the DeFi growth in its ecosystem. Although it is not mentioned in the announcement, it seems that Ardana has received a grant from this fund.

Who Has Built the First-Ever Cardano- NEAR Bridge ?

Ardana – a Cardano based decentralised stablecoin solution – has partnered with Ethereum rival NEAR protocol

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.

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.”
About Ardana

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.

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.

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Likewise, it also happened back in September 2021. During that time, haters implied that Cardano only has a limited utility. Back then, Hoskinson bought a Ghostbusters uniform to make fun of the Cardano haters and have some fun.

I truly enjoy that the narrative about Cardano is changing from Ghostchain with no use and utility to “how will Cardano handle all this congestion? Blocks are full!!!! DApps are turning on!!! “

Now, the ADA Founder took to Twitter to imply that from “Ghostchain” issues, the haters are now moving onto network congestion issues. Now, they are asking how Cardano will handle congestion, saying that blocks are full, and saying that DApps are turning on.
Despite all the FUD centering around Cardano, the platform has done a lot of upgrades. Recently, IOHK, the Cardano developers, announced they will soon create the first network adjustments to support future growth.

Likewise, Ardana, the DeFi and stablecoin hub developed on the Cardano ecosystem stated that it started a strategic partnership with the dApp platform, NEAR.

Cardano CEO: Answering Questions On The Future of ADA 

Cardano ADA will reach the $700 mark

In this video Charles Hoskinson will discuss the price of Cardano, Cardano ADA, Bitcoin, Ethereum and the rest of the altcoin and cryptocurrency markets.

who is Charles Hoskinson ?

Charles Hoskinson is an American Software Developer, Businessman, Entrepreneur and Technician,

who is the founder of Cardano and co-founder of Ethereum, which are both blockchain platforms.

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Charles Hoskinson Clarifies Cardano’s Regulatory Status As ADA Takes Hit From eToro’s Delisting

  • Social trading platform eToro announces delisting of Cardano (ADA) due to regulatory concerns.
  • Charles Hoskinson clarifies that there is no regulatory event at Cardano to be bothered about.
  • Almost simultaneously, Bitstamp has announced the listing of ADA with trading to go live tomorrow.

Social trading platform eToro has announced that it would be delisting Cardano (ADA) and TRON (TRX) from its platform due to “business-related considerations in the evolving regulatory environment.”

The delisting will affect the platform’s users based in the U.S. According to the platform’s announcement, the delisting will be carried out in phases that will be fully implemented by early next year. U.S. users will no longer be able to open new positions by December 26. Staking rewards for the two cryptocurrencies will also end by December 31, while final reward payouts will happen on January 15, 2022. eToro was notably one of the first platforms to list Cardano, having listed it back in 2018.