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Ardana will construct a bridge for asset transfer between Cardano and NEAR as part of its relationship with the Near protocol.
On Tuesday, Ardana, Cardano’s rapidly expanding stablecoin hub, announced a strategic alliance with Near protocol. Ardana will offer the bridging infrastructure for asset transfer between the two protocols as part of the agreement.
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 enable borrowers to take leverage on their Cardano (ADA) or other supported assets.
Cardano users will soon be able to move assets from Cardano to Near and vice versa thanks to its bridge with the Near protocol. The NEAR (NEAR) will be accessible as a Cardano asset soon. Ardana will use NEAR as collateral to create stablecoins.
Near already works with Ethereum, Polkadot, Cosmos, and other blockchains that use proof-of-stake consensus. Cardano’s addition to its gen-three blockchain portfolio will strengthen the network and allow for further interactions amongst Cardano’s partners, such as Ardana. Ardana CEO and founder Ryan Matovu said:
“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.”
He told Cointelegraph that Adana partnered with Near because “They are a top ecosystem with solid technology.”
The announcement comes on the heels of Cardano’s rapid acceptance. According to the Cardano Foundation, the network has achieved the 2 million wallet level, although the previous milestone of 1 million ADA wallets occurred only six months ago.
“NEAR’s ambition has always been for a multi-chain future in which one blockchain can smoothly communicate and exchange data with the others. “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.
NEAR joins a long list of companies that have partnered in the last six months, including Alchemy Pay, Ceramic, and Octopus Network.
Ultimately, Charles Hoskinson’s vision for the network is that Cardano “will win, as an ecosystem, as a movement.” Partnerships, bridges and blockchain integrations will further the Cardano Foundation’s progress towards that goal.