After yesterday’s post about the Mainnet integration of Polygon on Binance, the news about adoption become even more interesting today.
MELD and Vent Finance partnered up to create the first bridge between Cardano and Polygon. In simple words that means you can send (bridge) your assets from Polygon to Cardano, and back.
Everyone will be able to use ADAmatic, independently of the ecosystems of MELD or Vent. This is a major step to enable cross-chain functionality for many dApps with the upcoming release of Cardano’s smart contracts.
What is a bridge?
No – don’t jump! A bridge allows interoperability between different blockchain networks, such as Bitcoin & Ethereum or Cardano & Polygon. It provides a compatible way to interoperate securely on both sides, even if the bridged chains have different rules, protocols and governance models.
This allows the transfer of tokens, data and smart contract instructions between independent platforms.
What ADAmatic plans to do
- Decentralized and Secure porting of assets and smart contract interactions
- Cross-chain business opportunities — for project creators
- Cross-chain yield generation opportunities — for community
- Cross-chain liquidity — for everyone!
ADAmatic intends to bring all of Polygon’s functionality and projects to Cardano. You will not only be able to use your $MATIC but also any other Polygon and Ethereum-based asset.
Once you bridge an asset, ADAmatic locks it on Polygon and mints a wrapped version of it on the Cardano blockchain. The wrapped asset is called a “MELDed Asset” and is aligned to the original asset's price via their oracle.
The MELDed Asset can be bridged back any time. Since transaction fees are low on both networks, this could open a lot of perspectives even for small cap investors.
About MELD
MELD is the first DeFi, non-custodial, banking protocol launching on Cardano. They are planning to provide a secure and easy way to lend and borrow both fiat and crypto on the Cardano Ecosystem and offer ways to stake MELD tokens for APY.
Right now they have an ISPO running where you can stake your ADA and get rewarded with MELD token on Cardano.
Website: meld.com
Twitter: @Meld_Labs
About Vent Finance
Vent is building a decentralized and interoperable protocol to create a simple and accessible way of funding startups. The focus lies on financial inclusion and an economy, where innovation can benefit the whole society.
Their launchpad Ventup will be powered by Polygon and Cardano and has the intention to help evolve the reputation and maturity of the DeFi and Crypto space.
Website: vent.finance
Twitter: @VentFinance
Final Thoughts
Polygon and its DeFi projects are growing and even without smart contracts on Mainnet, Cardano already has a huge ecosystem testing their coming services on Testnet. As soon as smart contracts are live there is a chance that Cardano could become a DeFi powerhouse, due to their focus on financial inclusion and security.
I think ADAmatic could really accelerate the takeoff of Cardano’s smart contract functionality and adoption and it’s worth to keep an eye on the project.
Thanks for reading. As I'm still in my first week as a writer on Publish0x, I'm happy for any comments, feedback and follows!
Enjoy your day,
Tjark
Check out my previous post about Polygon: Binance finally supports Matic on Polygon PoS mainnet (+2 Faucet Links)
