NEAR Cardano bridge

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.

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:

  1. 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.
  2. 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.

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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