The Partnership
We are thrilled to announce that we have reached a long term strategic partnership with Elrond. Their native token EGLD will become one of the first cross-chain assets to collateralize stablecoins on our platform.
Ardana will build the infrastructure required to bridge the asset transfer between Cardano and Elrond. This will allow us to connect the two ecosystems and support integrations between projects on both blockchains enabling token transfers between the Elrond mainnet and Cardano compatible chains, and later on enable cross-chain smart contract functionality.
It will be possible to move assets from Cardano to Elrond while preserving their value by making them transferable at much higher speeds and lower fees. EGLD will eventually be available as an asset on Cardano and will be usable as collateral on Ardana to mint stablecoins.
Elrond is a scalable, inexpensive and carbon-negative Layer 1 blockchain network. The smart contracts execution platform is capable of 100,000+ TPS, 6s latency and $0.001 tx cost, focused on fintech, DeFi and IoT. The Elrond economic model has a capped supply and decreasing issuance, furthering scarcity with adoption. The token is named eGold (EGLD) to convey the notion of a digital store of value for the next billion users, and is an excellent collateralization asset thanks to its intrinsic store of value properties.
“This creative exploration of collateralizing a stable coin on one chain with the native coin of another can be a great starting point for greater interoperability between two progressive global ecosystems that are anchored in performance and innovation.” said Beniamin Mincu, Elrond Network CEO.
“eGold is a scarce asset with capped supply that is very in demand right now. We’re excited to take on the challenge of making it available to the Ardana users and offer them more options to issue dUSD that is underpinned by strong assets that imply lower overcollateralization.” said Ryan Matovu, Ardana CEO and Founder.
Conclusion
We are very excited to team up with Elrond to create a bridge to the Elrond network for our users. There will be more updates on our progress as the partnership develops.
About Elrond
Elrond is a new blockchain architecture, designed from scratch to bring a 1,000-fold cumulative improvement in throughput and execution speed. To achieve this, Elrond introduces two key innovations: a novel Adaptive State Sharding mechanism, and a Secure Proof of Stake (PoS) algorithm, enabling linear scalability with a fast, efficient, and secure consensus mechanism. Thus, Elrond can process upwards of 10,000 transactions per second (TPS), with 5-second latency, and negligible cost, attempting to become the backbone of a permissionless, borderless, globally accessible internet economy.
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About Ardana
Ardana is Cardano's stablecoin hub which will bring the necessary DeFi primitives needed to bootstrap & maintain any economy to Cardano. Ardana offers an on-chain asset-backed stablecoin and a decentralized stable-asset DEX. The stablecoin is verifiably backed by an excess of on-chain collateral and will enable borrowers to take leverage on their ADA or other supported assets. The DEX is a highly capital efficient exchange enabling swaps with minimal slippage & fees while providing low-risk yield opportunities to liquidity providers.
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2021-10-07 14:11:46
