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Ardana has announced a strategic partnership with Near Protocol. The partnership allows for the transfer of assets between the two protocols where Ardana will provide the bridging infrastructure.
Ardana is a decentralized stablecoin hub built on the Cardano network. Ardana (DANA) will use dUSD as verified on-chain collateral to allow borrowers to leverage leverage on their ADA or other backed assets.
Thanks to the transfer bottleneck established by Ardana and NEAR, Cardano users will soon be able to transfer assets from Cardano to NEAR and vice versa. NEAR will also soon be available as an asset on Cardano and serve as collateral on Ardana to create stablecoins.
— Ardana – DeFi Hub of Cardano (@ArdanaProject) November 23, 2021
By using the Proof-of-Stake (PoS) consensus mechanism, NEAR has operated efficiently and can compete fairly with other powerful blockchains like Ethereum (ETH), Polkadot (DOT) or Cosmos (ATOM). The addition of Cardano to the NEAR blockchain portfolio will strengthen the network and bring about further integration among ADA partners. Ryan Matovu, CEO and Founder of Ardana, said:
“The partnership will help both organizations explore new avenues of development in the emerging ecosystem of blockchain technology and will be a turning point in the future for blockchain scalability.”
The news became even more “hot” after Cardano’s strong growth in mass adoption. The ADA network recently passed the 2 million wallet mark, with preparation for extensive scaling with a layer 2 Hydra upgrade. According to the Cardano Foundation, the previous achievement of 1 million ADA wallets was achieved just six months ago. Erik Trautman, Executive Director of the NEAR Foundation commented:
“NEAR’s vision has always been to envision a multi-chain world. In it, each blockchain can seamlessly chat and exchange data between each other. Ardana can assist NEAR in realizing that goal.”
The new partnership has further extended NEAR’s chain of partnerships over the past six months, including many prominent representatives such as Alchemy Pay, Ceramic and Octopus Network. In October, NEAR also raised the value of the ecosystem development package to $800 million, with huge ambitions on the way to come.
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