Cardano Stablecoin hub Ardana partners with NEAR protocol
Cardano’s DeFi and Stableocoin hub, Ardana, has announced its partnership with the NEAR protocol, a decentralized application platform (dApp) that focuses on both developer and user experience.
The primary aim of this partnership is to build the infrastructure for a bridge that will help in asset transfer between the two networks. This cross-chain interoperability is the most important issue that every network is looking to resolve at the moment. And it becomes easier to solve if the networks decide to partner together for its resolution, as Ardano and NEAR have done in this case. But even in this case, it is only a transfer of assets between 2 networks while there are many more networks out there that are also looking to solve this problem at a larger scale. It would serve the crypto industry well if they can come out with a common resolution that will work across multiple networks rather than work on simple double-chain bridges but this technological advancement still has a long way to go.
“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,” said Erik Trautman, NEAR Foundation CEO.
By connecting Cardano and NEAR through the bridge and supporting integrations between projects on both ecosystems, Ardana will enable token transfers between the NEAR and Cardano blockchains and, later on, enable cross-chain smart contract functionality. The NEAR coin will also eventually be available as an asset on Cardano, and it will be used as collateral on Ardana to mint stablecoins. This is what most of the bridges look to achieve and as can be seen, this is made much easier if the networks decide to cooperate for the cross-chain functionality considering the value that it will bring in for both the networks.
It would also make the lives of developers much easier and the developer community in each network would be able to work together to build more applications on top of either network with the knowledge that these could be inter-operable and hence available to a much wider userbase in due course of time. Other networks are also working on such bridges but this needs to grow much further and the process also needs to become much smoother and reliable to make this transition and transfers easier.