Via a recent press release, Wanchain, developers of multiple premier blockchain interoperability solutions, have recently announced the addition of Cardano to their flagship product, WanBridge. This marks a world-first in the Cardano ecosystem – the ability to bridge directly to-and-from the Cardano mainnet and other public blockchains.
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
As one of the most highly anticipated features on any chain, interoperability is a major milestone in the development of infrastructure and promotion of innovation. WanBridge represents a big opportunity for anyone inside or outside the Cardano space, with any EVM network and some non-EVM networks now able to move ADA, Cardano tokens, and ERC20 tokens seamlessly.
Stables on Cardano – Now a Reality
Following the introduction of Cardano Bridges, Stablecoin users inside and outside of the ecosystem will now be able to use stables on Cardano. As a key component of the blockchain space, stables make up a large proportion of daily transaction volume in the market. And with the recent news from Input Output of Cardano’s transaction volume rise this quarter, the ability to bring some of that stablecoin activity to the ADA chain using WanBridge may well boost on-chain activity further.
Haskell-Powered Contracts
Cardano Bridges launched with a connection to 28 chains, (including Bitcoin, Ethereum, Arbitrum, Astar, Avalanche, BNB Chain, Optimism, Polygon, and Tron) and functions using Haskell smart contracts, Schnorr signature, and Secp256k1 curve, keeping them well up-to-date with current security and cryptography benchmarks. Additionally, WanBridge utilizes UTXO transactions to communicate with Cardano-based smart contracts from outside of the ecosystem. Neat.
Who is Wanchain?
Wanchain has been developing blockchain interoperability solutions since 2017, and they are driving progress in direct bridging, layer 2 bridges, NFT bridges, and cross-chain messaging. They have a number of notable projects launched on-chain such as Xstake, Wanswap, Wanlend, RexDex, and ZooKeeper.
With $175M USD locked in smart contracts as of Monday 7th December and a reduction in epochs, the tide seems to be turning for Cardano, and the introduction of Wanchain Bridges to the ecosystem looks likely to turn the tides back to the highs of 2022.