Ardana, a decentralized stablecoin hub built on Cardano, has partnered with NEAR protocol to build a bridge connecting the two layer 1 networks, the startup said in a blog post on 23 November.
According to the announcement, the partnership also includes a grant from NEAR protocol meant to assist Ardana in building the Cardano-NEAR crosschain bridge. The goal of the bridge is to allow for funds to flow between the two blockchains, and eventually even enable cross-chain smart contract functionality. The CEO of the NEAR Foundation, Erik Trautman, said in a statement:
“At NEAR, we’ve always believed the future of blockchain is multi-chain. A world whereby each blockchain could seamlessly talk and exchange data between one another. Ardana shares that vision, and integrations like this help realise that goal.”
Once the crosschain bridge has been launched, the NEAR token will also become available as an asset on Cardano, and eventually be usable as collateral on Ardana to mint stablecoins. By connecting Cardano and NEAR, Ardana is hoping to support integrations between projects on both ecosystems.
Last month, NEAR protocol revealed an $800 million funding initiative that was meant to accelerate the growth of its ecosystem. At the time of the announcement the program had already distributed around $45 million in funds, with a particular focus on infrastructure.
Cardano has also experienced a significant growth this year, especially after the launch of its Alonzo upgrade which brought with it the long awaited smart contract functionality to the blockchain. The Cardano Foundation also revealed a number of strategic partnerships in September, which were meant to further drive the adoption of the blockchain. The network eventually surpassed 2 million ADA wallets earlier this month.