Ardana Collaborates With Elrond Network’s EGLD Native Token for First Cross-Chain Stablecoins
The Collaboration
Ardana announced a long-term strategic collaboration with Elrond. Their native currency, EGLD, will be one of the platform’s first cross-chain collateralized stablecoins.
Ardana will create the infrastructure to allow Cardano and Elrond to exchange assets. This will enable token transfers between Elrond mainnet and Cardano compatible networks and eventually cross-chain smart contract capabilities.
It will be possible to shift assets from Cardano to Elrond at significantly faster rates and cheaper costs. EGLD will ultimately be a Cardano asset and can be used to manufacture stablecoins on Ardana.
Elrond is a scalable, low-cost, carbon-neutral Layer 1 blockchain. The platform supports 100,000+ TPS, 6s latency, and $0.001 transaction cost for fintech, DeFi, and IoT. The Elrond economic model limits supply and reduces issuance, increasing scarcity. The coin is called eGold (EGLD), representing a digital store of value for the next billion users and is an ideal collateralization asset.
Beniamin Mincu, Elrond Network CEO said:
“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.”
Ryan Matovu, Ardana CEO and Founder said:
“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 over-collateralization.”
Conclusion
This partnership with Elrond will allow connecting the Cardano users to the Elrond network. More frequent updates are expected as the collaboration progresses, thus allowing cross-chain smart contract capabilities at even cheaper costs and faster rates.
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Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
