Two layer 1 smart contract platforms have joined forces in what’s being described as a “strategic partnership.”
On Tuesday morning, Ardana, a stablecoin and lending hub on Cardano, announced an agreement with NEAR protocol, a layer 1 Ethereum alternative. Per a press release provided to CoinDesk, Ardana received a grant from NEAR to build a crosschain bridge between Cardano and NEAR.
“NEAR’s vision always envisioned a multi-chain world, whereby each blockchain could seamlessly talk and exchange data between one another,” said NEAR foundation CEO Erik Trautman in the release.
As multiple Ethereum alternatives gain steam, crosschain bridges are becoming an increasingly important infrastructure tool enabling traders and yield farmers to pursue opportunities across the growing DeFi landscape.
The new bridge is also notable for connecting two blockchains poised to make a run at the total value locked (TVL) leaderboard.
In October, NEAR announced an $800 million grants program – among the largest of the mammoth incentive programs layer 1s have been offering up in a bid to attract developers. Earlier in the month, Aurora – a platform enabling the Ethereum Virtual Machine smart contract execution environment on the NEAR blockchain – raised $12 million.
Likewise, in the latter half of the year Cardano finally released smart contract functionality after years of anticipation, and Three Arrows Capital recently led a raise for Ardana.