Cardano Now Connected to Bitcoin, Ethereum, BNB Chain and 8 Others - ELEVENEWS
Wanchain has launched decentralized bridges for Cardano, allowing users to transfer assets between Cardano and major blockchain networks. Wanchain has announced the launch of decentralized bridges for the...
Wanchain has launched decentralized bridges for Cardano, allowing users to transfer assets between Cardano and major blockchain networks.
Wanchain has announced the launch of decentralized bridges for the Cardano network. According to an announcement yesterday, the initiative will enable Cardano to be connected to 11 major blockchain networks.
The supported networks include Bitcoin, Ethereum, Arbitrum, Astar Network, Avalanche, BNB Chain, OKT Chain, Optimism, Polygon, Tron, and Wanchain.
— Wanchain (@wanchain_org) August 13, 2023
Notably, the development comes over a year after Wanchain disclosed plans to deploy cross-chain bridges on Cardano.
Users Can Now Transfer Value Between Cardano & Other Blockchains
With the launch of Wanchain’s Cardano Bridges, transferring value between Cardano and selected networks has become easier. Interestingly, users can quickly move and transfer Cardano-based assets to the supported blockchains and vice versa.
“Wanchain’s Cardano Bridges advance interoperability, enabling numerous assets including ADA, other native Cardano tokens, all ERC-20 tokens, and several other notable assets to move seamlessly between Cardano, any EVM-based network, and select non-EVM networks,” Wanchain noted in a recent announcement.
It is worth noting that the recently-launched bridge will only allow users to transfer a handful of assets. The supported assets for each blockchain include the following:
- Bitcoin (BTC);
- Ethereum (ADA, BTC, ETH, USDC, USDT);
- Arbitrum (USDC, USDT);
- Astar (USDT);
- Avalanche (BTC, USDC, USDT);
- BNB Chain (BTC, USDC, USDT);
- OKT Network (USDT);
- Optimism (USDC, USDT);
- Polygon (USDC, USDT);
- Tron (USDC, USDT);
- Wanchain (ADA, BTC, ETH, USDC, USDT, WAN).
Interestingly, the above-mentioned assets have been brought to the Cardano network via the Wanchain bridges.
“This is the first time that fiat-backed stablecoins, in the form of USDT and USDC, are available on the Cardano mainnet,” Wanchain said.
Roles Played by Developers
Commenting on the development, the Wanchain team said the Cardano Bridges project is a milestone initiative it has been working on for years. Wanchain developers implemented a series of technical features to enable interoperability between Cardano and other heterogeneous blockchain networks.
It added Haskell smart contracts to Cardano- a feature that supports cross-chain transactions. In addition, the Wanchain team also upgraded its bridge nodes, allowing UTXO-type transactions to interact with Cardano smart contracts.
Furthermore, Wanchain enlisted Cardano’s research and development company Input Output Global (IOG), to make the necessary changes to the network. Following the partnership, IOG added native support for a Schnorr signature and Secp256k1 curve on Cardano.
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