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DeFi Project Ardana Partners With NEAR to Bridge Cardano and NEAR Blockchains

source-logo  coincodex.com 23 November 2021 11:00, UTC

Key highlights:

  • Ardana and NEAR have announced a partnership to help bridge tokens between the Cardano and NEAR blockchain platforms
  • Ardana is a hub for DeFi and stablecoins on the Cardano blockchain
  • The two projects will also be exploring cross-chain smart contract functionality

Ardana and NEAR partner to provide bridge between the Cardano and NEAR blockchains

Ardana, a decentralized finance hub for the Cardano blockchain, has announced a partnership with NEAR. The goal of the partnership is to establish a bridging infrastructure for transferring assets between the Cardano and NEAR blockchains. As part of the partnership, Ardana also plans to support the NEAR token on its DeFi protocol at a future point in time. 

Ardana is building a DeFi hub that will feature a decentralized stablecoin pegged to the US dollar, as well as DEX and lending features. Through the Danaswap DEX, users will be able to swap between assets with minimal slippage. 

NEAR is a blockchain platform for decentralized applications that uses sharding to ensure that it meets the scalability requirements for the mass adoption of Web 3. The NEAR blockchain is climate-neutral and was built with an emphasis on developer-friendliness. 

With both Cardano and NEAR poised to become important players in a multi-chain world, providing a bridge between the two platforms is likely to open up new opportunities for users. The Ardana says they will first work on enabling token transfers between Cardano and NEAR, and will later also explore cross-chain smart contract functionality. 

Ryan Matovu, the CEO and founder of Ardana, commented on how the partnership with NEAR aligns with the project’s mission: 

“Ardana is on a mission to provide the crypto community with seamless integration between different projects and ecosystems. With that in mind, we are thrilled to announce a partnership with NEAR that will bring Ardana closer to this goal. 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.”

As we’ve covered previously, smart contract functionality was enabled on the Cardano mainnet in September. While this represented an important step in Cardano’s roadmap, the project’s chief developers IOHK have taken a methodical approach to rolling out smart contracts on Cardano and the functionality is not yet fully-featured. Over the coming months, we can expect the Cardano blockchain and the suite of tools available to Cardano developers to enable more ambitious ambitious projects like Ardana. 

coincodex.com