In a major breakthrough, Cardano (a top 10 blockchain network) has become accessible on several public blockchain networks. This development is a result of the work of the team at 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 new solution, known as Cardano Bridges (via WanBridge), means that users can now tap into the potential of the Cardano network regardless of their blockchain. Decentralized applications and tools on other chains are also now accessible to the complete Cardano mainnet, and in turn, Cardano developers and users from the other side can enter other chains with ease.
Non-Custodial and Bi-Directional Bridges
The Cardano Bridges are completely decentralized, so no entity (Wanchain included) has control over them. Users can now move Cardano’s ADA and other native tokens between other EVM and non-EVM compatible chains. Since its launch, WanBridge supports 28 networks including Bitcoin, Ethereum, BNB Chain, Arbitrum, Astar, Avalanche, Polygon, Tron, and Optimism.
What Does It Mean For The Industry?
The Web3 market stands at $3.25 billion today. But with its siloed nature, each network’s value is locked within its digital borders. This effectively stifles the industry’s growth when one platform’s services and solutions are restricted to a limited number of networks. This has been the case to some extent with the Cardano network, until now.
With Cardano Bridges, two or more networks can open up the gates to the movement of dApps, tokens and create cross-chain collaborations to boost the industry. For Cardano, it releases the floodgates. Another benefit Cardano receives from the bridging technology is the introduction of stablecoins like USDT and USDC to its ecosystem for the first time.
Why Are Cardano Bridges So Important?
When it comes to Cardano, bridges have always been troublesome. Cardano is fundamentally different from the majority of public blockchains. Using little of the industry norms, Cardano is a network that is geared towards efficiency and speed but at the cost of incompatibility with other public networks due to design.
However, Wanchain, Cardano, and Input Output Global, Inc,(“IOG”) combined teams to come up with a novel solution that included I/O changes and support for Schnorr Signatures and Secp256k1 curve, to enable cross-chain bridging. Finally, the third major obstacle was overcome by the development of Haskell smart contracts to support cross-chain transactions
Future of Interoperability
WanBridge offers increased security, more liquidity, and new markets. Yet, this is just the start for Wanchain. It is working with Cardano to enable more and more bridges in the future. Wanchain is known for developing interoperability and connectivity solutions for blockchain networks. With deep expertise and close coordination with IOG and MLabs, Wanchain has introduced the launch of Cardano Bridges, bringing with it new opportunities for Web3 and the wider blockchain space.
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