There have been some notable developments in the Cardano ecosystem. To keep followers informed, Altcoin Buzz takes a look at essential Cardano (ADA) updates.
During the week, IOHK and Bondly Finance revealed plans to launch a bridge between Cardano and the Ethereum blockchain in 2022. In addition, the COTI network will be partnering with CardWallet. Let’s take an in-depth look at these Cardano Updates.
1 – IOHK and Bondly Align to Create Ethereum-Cardano Bridge
During the week, IOHK announced plans to collaborate with Bondly Finance to set up a Cardano-Ethereum bridge. The plan is to finalize the development of the bridge in 2022, which will serve as a medium for transferring NFTs.
ICYMI: “The creation of a cross-chain NFT bridge between Ethereum and #Cardano marks a pivotal moment in the transition from legacy blockchain technology to one of the most hotly anticipated ‘third generation’ networks.”
— Input Output (@InputOutputHK) October 24, 2021
This collaboration also seeks to achieve goals like:
- NFT creators will have a cost-efficient platform to work with. This is a significant advantage considering the energy inefficiencies.
- Bondly finance plans to create a unique set of non-fungible tokens.
- Cardano blockchain gives low-cost transaction fees and a chance to predict prices. This multiplier effect as NFT creators won’t have to bother about possible issues like a surge in fees or lost transactions.
2 – COTI Network Partners with Cardwallet
COTI announced its partnership with CardWallet, a DeFi and wallet system for Cardano. It’s important to note that COTI is a financial system that facilitates companies’ payment measures and converts FIAT currencies to cryptocurrencies.
Also, both companies share the vision of increasing exposure in the DeFi ecosystem by improving user interactions with DeFi protocols.
We are happy to share that we have partnered with CardWallet to bring the advantages of a non-custodial wallet and an easy-to-use payment platform to the CardWallet community.
— COTI (@COTInetwork) October 25, 2021
On the other hand, this partnership will give CardWallet users access to a fully-equipped payment platform to carry out payments efficiently.
Tiago Serodio, the CEO of CardWallet, stated: “…Looking forward to this collaboration with COTI, which is going to open up exciting opportunities for our community members.”
3 – Occam.fi Announce Collaboration with Matrixswap
Occam. fi, a decentralized finance ecosystem creator on a Cardano blockchain, has announced a partnership with Matrixswap. Matrixswap is a decentralized trading protocol that allows users to trade futures on Cardano and Polygon.
Also, both companies are working together to get the best of the Cardano DeFi ecosystem following the launch of Cardano smart contracts. It’s important to note that Occam. fi has three subsets:
- OccamX (Occam’s AMM-based decentralized exchange)
- OccamRazer (Occam’s Launchpad)
- OccamDAO (A community governed mechanism).
— TOP 7 ICO (@top7ico) October 21, 2021
On the other hand, MatrixSwap will give OccamX the advantage of having AMM-based services with this partnership.
$ADA Price Information
As of publication, the $ADA price was USD 2.13 with a 24-hour trading volume of USD 1,9 billion. Also, the $ADA price dropped by 2.2% over the last 24 hours. Besides, it has a circulating supply of 32 Billion and a total supply of 45 Billion tokens.
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