Ardana will construct a bridge for asset transfer between Cardano and NEAR as part of its relationship with the Near protocol
Ardana Cooperates with Near protocol
On November 23, Ardana, Cardano’s developing stablecoin hub, announced a strategic cooperation with the Near protocol. The collaboration enables asset transfer between the two protocols, with Ardana providing the bridge infrastructure.
Ardana is a decentralized stablecoin hub built on the Cardano network. While Ardana (DANA) is its governance token, it will use dUSD as verified on-chain collateral to allow borrowers to take leverage on their Cardano (ADA) or other supported assets.
Cardano users will soon be able to transfer assets from Cardano to Near and vice versa thanks to its bridge with the Near protocol. The NEAR (NEAR) will also soon be available as a Cardano asset. NEAR will be used as collateral on Ardana to mint stablecoins.
Near protocol other cooperation
Near already works with Ethereum, Polkadot, Cosmos, and other cryptocurrencies that use proof-of-stake consensus. Adding Cardano to its portfolio of gen-three blockchains will strengthen the network and allow for more integrations between Cardano’s partners, such as Ardana. Ardana CEO and Founder Ryan Matovu stated:
“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.”
According to him, Adana chose Near because “they are a top ecosystem with excellent technology.”
The announcement comes on the heels of Cardano’s rapid acceptance. The network has achieved the 2 million wallet mark, while the previous milestone of 1 million ADA wallets was attained just six months ago, according to the Cardano Foundation.
“NEAR’s vision has always included a multi-chain world in which each blockchain could effortlessly communicate and exchange data with one another.” “We want Ardana to help create a multi-chain future, and collaborations like this help us get there,” said Erik Trautman, CEO of NEAR Foundation.
The NEAR relationship follows a number of collaborations in the last six months, including Alchemy Pay, Ceramic, and Octopus Network.
Finally, Charles Hoskinson believes that Cardano “will win, as an ecosystem, as a movement.” Partnerships, bridges, and blockchain integrations will help the Cardano Foundation achieve their goal.