Elrond and Ardana have joined hands to promote EGLD Collateralize Stablecoins released on the Cardano blockchain.
The partnership will help EGLD to shoot to the top of the cross-chain digital assets that assist in collateralizing the stablecoins that are released on Cardano using Ardana.
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The announcement comes just a few days after Elrond announced another partnership with Composable Finance. These collaborations are throwing Elrond into the limelight and its popularity is growing exponentially
Ardana is developing a DeFi framework for Cardano
Ardana is currently working on developing a DeFi framework for the Cardano blockchain to help with the issuance of dUSD stablecoins.
The DeFi framework will also allow decentralized trading on the Danaswap DEX platform which is a DEX built on Cardano.
Elrond on the other hand aims to make EGLD the first non-native token to be used on the Cardano blockchain.
After the integration, Cardano users will be able to use EGLD as collateral for minting the dUSD stablecoins. To do so, users will require to migrate the EGLD token from Elrond to Cardano through a two-way bridge that will be deployed in collaboration with Ardana.
The partnership will also help users leverage the digital assists available for DeFi on the two blockchains (Elrond and Cardano).
Elrond Network CEO Benjamin Michu commented on the partnership and said that the ability to explore the possibilities of collateralizing a stablecoin on one blockchain through a native token for another chain is a good start for interoperability.
Founder and CEO of Ardana Ryan Matovu also commented by saying that eGold is a rare resource because of its limited supply although its demand is currently skyrocketing within the crypto space. He aired his satisfaction with Ardana efforts in addressing the issue by making the resource available to the Ardana community
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