Wanchain and Maestro, a Cardano-based dApp developer platform, submitted a proposal to the Cardano governance community in November 2023. The proposal sought to support compatibility between Cardano-based apps and Cardano assets with EVM wallets such as Metamask.
Thankfully, the Cardano governance community approved the proposal. This approval will simply expose Cardano dApps and native assets to millions of new users and untapped liquidity. Cardano dApps have historically been isolated from the huge opportunities in EVM chains. This is mostly due to the incompatibility between Cardano and Ethereum networks. But Wanchain is set to change all that.
Maestro, in partnership with Wanchain, will build a cross-chain solution that allows users to interact with any Cardano dApp directly from EVM wallets like Metamask, Rabby or Trust Wallet.
In addition, EVM users can also interact directly with Cardano dApps without having to create a Cardano wallet or interact with dApp front-ends. This means users can now buy Cardano Native Tokens directly from an EVM chain using Metamask.
Wanchain is not just an EVM chain.
The latest developments with Cardano prove that.
Here are 3 quick bite reminders of how @wanchain_org works with @Cardano .
I will explain quickly how they work together and how this cooperation is a step in the right direction towards… pic.twitter.com/3omHV0V3E6
— chocolave 🧱🍫 (@chocolave52) February 19, 2024
How does this solution work?
Currently, a user on an EVM chain must interact with Cardano wallets and EVM wallets like Metamask to purchase a Cardano Native Token or NFT from a Cardano NFT marketplace. Most users find the present process tedious and somewhat confusing.
What happens is EVM users stay in EVM and don’t even try Cardano.
Users would currently have to:
- Create a Cardano wallet.
- back up their wallet’s seed phrase
- get ADA to cover on-chain fees
- transfer assets to Cardano using the Wanchain’s existing Cardano Bridge and Metamask
- Decide on the Cardano dApp they need to use.
- Purchase the desired Cardano Native Token.
🔍 Looking for a decentralised protocol that offers slippage-free cross-chain transformations for blue chip asset?
💡 #Wanchain's XFlows is the safest, most efficient method to transfer native #BTC, #ETH, #USDC and #USDT between chains.
🌉 https://t.co/4kvG4ZnaE2 pic.twitter.com/VYur6c6kSe
— Wanchain (@wanchain_org) February 14, 2024
There’s also the discomfort that comes from unfamiliar UX standards, spurred on by the distinctions between account-based and UTXO infrastructures. However, the new Wanchain solution streamlines the process and eliminates complexities. Cardano uses UTXO for transactions like Bitcoin does.
Wanchain’s solution makes it easier for a user on an EVM chain such as Ethereum seeking to buy a Cardano Native Token to get it done. The user only needs to initiate one transaction in their current Metamask wallet. Here’s what the steps look like:
- Movement of funds to Cardano, powered by Wanchain’s Cardano Bridge
- Setting up a UTXO transaction sent to the Smart Beacon Router
- Purchase of the Cardano Native Token on a Cardano DEX or NFT from a Cardano NFT marketplace
- Transfer of the Cardano native asset, or NFT, to the EVM chain, powered by Wanchain’s Cardano Bridge.
We are humbled to share that our proposal with @GoMaestroOrg has been approved!
Hundreds saw the potential in letting users trigger ANY on-chain logic on Cardano from ANY #EVM network using ANY EVM wallet! Thank you for your support and votes!#Wanchain #CardanoCommunity https://t.co/fEaH6LWJRc
— Wanchain (@wanchain_org) February 17, 2024
Wanchain has already deployed several cross-chain bridges connecting Cardano to different EVM networks. In addition, Wanchain has facilitated the transfer of assets worth millions of dollars to-and-from Cardano. So, the new solution simply extends the functionality of Wanchain’s existing Cardano Bridge using Smart Beacon Scripts.
To optimize the new solution, end-to-end SDKs and Smart Beacon Routers will be deployed to drive Cardano into the EVM space. It would automatically route DEX swaps to and from the Wanchain Bridge. Meanwhile, dApps will benefit from end-to-end cross-chain integrations provided by a backend SDK.
Not only do ecosystems grow when they integrate Wanchain, they thrive! @wanchain_org is your go-to interoperability solution. There is no second best when it comes to bridging, there is only #Wanchain🌉 https://t.co/aHjsiP8dT4 pic.twitter.com/157IT3NDhW
— Liam (@Liiiam_wan) February 20, 2024
How will this solution benefit Cardano?
For a start, this solution will unlock fresh liquidity for Cardano dApps, Cardano native assets, and Cardano NFTs. Millions of people use Metamask. And these users are behind the large liquidity across different EVM chains.
The lack of interoperability between Cardano and Metamask has held Cardano back from accessing this liquidity. However, the Wanchain Bridge will serve as a bridge to link both worlds.
In addition, cross-chain interoperability will open up Cardano solutions for more adoption. So, the Cardano DeFi ecosystem could see billions pouring in. And this is all thanks to Wanchain.
Finally, developers can leverage this to build lots of incredible apps once it is released.
