Is a Cardano-Ethereum bridge likely to stoke their rivalry even further?

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With a new partnership between Cardano and Ethereum, the two cryptocurrencies are looking to merge their respective networks. The move is designed as a way to improve on both platforms- but it could also send them into competition.

The “cardano erc20 converter release date” is the question that many people are asking. The bridge would allow for the transfer of ADA tokens to Ethereum, which could have a huge impact on the price of Cardano.

Is a Cardano-Ethereum bridge likely to stoke their rivalry even further?

Bondly Finance has launched a cross-chain bridge that connects the Cardano and Ethereum blockchains. Furthermore, the company predicts that the bridge will be completed in early 2022.

Bridges on the blockchain are a way to connect previously separate chains. Developers may build on one other’s protocols and use the capabilities of the other chain by allowing multiple blockchains to function together.

While cross-chain bridges are normally seen as beneficial to all parties involved, given Cardano and Ethereum’s competition and philosophical differences, may the Bondly bridge help Cardano more than Ethereum?

Who is Bondly Finance, and what does he do?

Bondly is most recognized for being a decentralized swap system that focuses on NFT technology. Non-fungibles, they believe, are the best method to increase fan interaction.

“With a portfolio of products and services built to serve the whole blockchain ecosystem, we execute every step of the process to bring authorized digital-first commodities to market in music, entertainment, gaming, and collectibles.”

In December 2020, IOHK, the creators of Cardano, announced a partnership. However, bridging with Ethereum was not mentioned in the message. Instead, it mentioned using smart contract technology to allow DeFi.

As part of the rollout of our smart contract capability, we’re teaming with @BondlyFinance, which will be the first DeFi project enabled on #Cardano. Our collaboration will be a significant step forward in both firms’ efforts to deliver decentralized money to the public.

10 December 2020 — Input Output Media (@IOHKMedia)

Bondly is also extending the availability of its $BONDLY token to Cardano as part of the agreement. There is no word yet on when that will happen.

The Polkadot network was where $BONDLY first debuted. However, in July 2021, a contract compromise resulted in token redeployment to Ethereum, BSC, and Polygon, invalidating the attacker’s stolen $BONDLY tokens.

Is Ethereum doomed to fail in the face of Cardano?

Now, Bondly claims that the Cardano Ethereum bridge will let NFT developers to migrate their applications to the energy-efficient Cardano chain.

“The bridge’s development, which is the partnership’s initial project, will make it easy for NFT developers to shift their NFTs from the energy-intensive Ethereum blockchain to Cardano.”

Cardano’s price stability and steady transaction fees, according to the business, improve the entire experience for NFT producers.

“Cardano also provides transaction cost predictability and stability, allowing creators to mint or transfer NFTs without fear of lost transactions or unexpectedly high costs.”

Bondly CEO Harry Liu said the bridge “marks a key point in the transition from traditional blockchain technology to one of the most widely anticipated ‘third generation’ networks,” according to a statement.

If we take Liu’s remarks at their value, the bridge looks to be a mechanism for him to avoid the issues that come with functioning on Ethereum. This is in contrast to the common practice of using bridges to promote stronger chain integration.

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Is a Cardano-Ethereum bridge likely to stoke their rivalry even further?

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Emilia James
By Emilia James

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