With the Web3 market valued in excess of $3 billion USD, any major breakthrough in blockchain interoperability stands to yield massive potential value. In relation to this, Cardano has remained the most untapped network due to its incompatibility with other public networks. However, this is set to change with the launch of Cardano Bridges, from Wanchain, the creator of the first public decentralized cross-chain bridge.
The first #USDC has been bridged from #Arbitrum to #Cardano mainnet! @circle @jerallaire
Public launch #comingsoon to the industry’s most secure decentralised cross-chain bridge: https://t.co/SFaBxQwof3. #WeAreAllConnected $USDC pic.twitter.com/LRAGR7MrXS
— Wanchain (@wanchain_org) August 4, 2023
This groundbreaking solution will enable the blockchain world to harness the full combined potential of the Cardano mainnet and dozens of other networks simultaneously. This development has opened the door to large-scale upgrades for customizable Web3 services, enhanced cross-industry collaboration, and a new level of decentralization.
Cardano Bridges: We are Now Connected
Cardano Bridges are powered by decentralized, non-custodial, bi-directional cross-chain bridges which will connect to 28 other public networks for the first time ever. Now ADA, other native Cardano tokens, and all erc-20 tokens can move seamlessly between Cardano and any EVM-based network, including Bitcoin, Ethereum, Arbitrum, Astar, Avalanche, BNB Chain, Optimism, Polygon, Tron, and many more.
Interoperability to Superpower Web3
Cardano’s supercharged interoperability will now empower the Web3 and blockchain landscape in a way that has never been seen. Developers can now use ADA and other Cardano native tokens with any Web3 application on any EVM-compatible network, enabling users to access the plethora of available apps across different chains without having to leave the decentralized space.
Bridges will also benefit the entire Cardano ecosystem by paving the way for a massive influx of new assets across numerous networks and over users’ freedom of mobility while maintaining a superior level of security.
Bridging the Gap
Making Cardano interoperable with other public networks has long been an issue due to fundamental differences in smart contract environments, programming languages, transaction models, signature schemes, and more.
Wanchain, in unison with Input Output Global, Inc,(“IOG”) and MLabs, spearheaded a campaign to make Cardano 100% interoperable. To achieve this new Haskell smart contracts were developed to support cross-chain transactions & bridge nodes were updated to construct UTXO transactions. The team then enlisted Input/Output to make necessary changes to Cardano, coordinating to add native support for a Schnorr signature and Secp256k1 curve.
More Solutions
Cardano Bridges also marks the first time that fiat-backed stablecoins (USDT/USDC) are available on the Cardano mainnet. This timely achievement means that web3 applications and other businesses will benefit further from much-improved liquidity, safer storage, and better security fiat-backed stablecoins have to offer. Additionally, lower asset volatility, transaction costs, and increased access to financial services will benefit individual users.
With its bridging solutions, Wanchain helps the industry grow by giving opportunities for collaborations, frictionless movement of value, and bringing everyone and everything together – all in a permissionless and publicly open manner.
