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Cardano Ecosystem

Tron Weekly

11/02/2022

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Cardano's First Cross-Chain Bridge With BSC Launched

You are here: Home / News / Altcoin News / Cardano’s First Cross-Chain Bridge With BSC Launched Cardano-based P2P Game Cornucopias rolled out the first-ever bridge connecting the BSC blockchain, thanks to the...

Cardano's First Cross-Chain Bridge With BSC Launched

You are here: Home / News / Altcoin News / Cardano’s First Cross-Chain Bridge With BSC Launched

Cardano's First Cross-Chain Bridge With BSC Launched

Cardano-based P2P Game Cornucopias rolled out the first-ever bridge connecting the BSC blockchain, thanks to the partnership between research and development firm IOG and ChainPort, a permissionless crypto bridge.

This collaboration has enabled users to seamlessly port their COPI tokens from BSC to Cardano. In order to be able to conduct the transfer, they are required to have at least 5k COPI coins, the announcement read.

Cornucopias is one of the biggest play-to-earn projects on the Cardano network where players can play this metaverse to earn money and acquire real estate, and other NFT-based assets.

The platform’s community is also one of the largest in the Cardano ecosystem but this is hardly a surprise because it is a community-driven blockchain gaming project.

That said, according to a survey by DappRadar, Cardano has risen to be the third-largest nonfungible token [NFT] protocol by trading volume.

Cardano’s NFT Volume Tapped Close To $200M

In the 30-day period that ended on September 30, the network’s total NFT volume hit $191 million, trailing only Solana [SOL] 3.3% and Ethereum [ETH] 1.8%.

Per data from The Block, in the same time period, Ethereum, the network that powers the most widely used NFT protocol [ERC-721], made over $338 million, whereas Solana contributed $116 million in NFT volume.

The trading volume on the largest NFT marketplace for ADA +0.6% this quarter surged by 40%, hitting $11.2 million on the platform alone. However, none of the top 10 marketplaces listed by DappRadar support Cardano NFTs, which makes them unavailable to anybody outside the network of that blockchain.

The network’s Vasil update, which went live on Sept. 22 after a series of delays and doubled the network’s operating capacity while decreasing transaction time, is mostly responsible for the spike in trading volume.

Additionally, the hard fork triggered the release of Plutus v2, the network’s smart contract language, which facilitated chain development for developers.

In accordance with a blog article by DappRadar, Cardano remains the favored option for large projects due to its “scalability, interoperability, and sustainability,” yet its $66 million Total Value locked [TVL] is meager compared to Ethereum’s $31.4 billion and Solana’s $955.5 million.

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Disclaimer: Cardano Feed is a Decentralized News Aggregator that enables journalists, influencers, editors, publishers, websites and community members to share news about the Cardano Ecosystem. User must always do their own research and none of those articles are financial advices. The content is for informational purposes only and does not necessarily reflect our opinion.


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