Connect with us

Bitcoin

Interview with Adriaan Brink FUNToken CEO On The Future Of Online gaming

Published

on

Interview with Adriaan Brink FUNToken CEO On The Future Of Online gaming

Cryptocurrencies and blockchain technology have continued their rapid expansion throughout 2021. These assets and their underlying technology seem to have countless use cases and applications for the benefit of its users. Online gaming has benefited from the rise of this new asset class.

Funtoken.io, an online gaming platform leveraging the power of blockchain technology to offer multiple gaming products. Adriaan Brink, FunToken CEO, talked to us about the platform, its objectives, vision, and opportunities as the crypto industry is constantly has a bigger role in the mainstream. This is what he had to tell us.

Q: Can you tell us more about yourself, how did you first got involved with cryptocurrencies, and for those unfamiliar, what is FUN Token.io?

A: I have been involved in online gaming since 1995 when I launched the Liechtenstein lotteries and more recently in crypto with the ICO of BETR – Better Betting in 2017. With BETR we build a completely on-chain sports betting solution – removing the custodial elements of sports betting.  With the merger of BETR and FUN earlier this year we are now able to bring some of this technology to FUN.

Q: The Ethereum network has experienced high levels of congestions and expensive transactions fees, how does FUN Token improve the user experience? Have you considered migrating to another blockchain, such as Solana or Polkadot?

A: FUN is an Ethereum based gambling token that has also been around for the past 4 years.  Given the gas costs and latency on the Ethereum blockchain, a decision was made earlier this year to create a new “wrapped” token on the Polygon blockchain so that we could enable our visions for removing custodial elements from gambling.  The new token is branded “XFUN” and will go live later this month. It will be minted on a 1:1 basis with an escrow of FUN, so the more XFUN that exists the less FUN will be available in trading circulation.

Q: How do you envision the future of online gaming, and what role will FUNToken.io play in that context?

A: The current crypto environment is in many ways reminiscent of the early internet years (1995) where access was for geeks and the whole system was to many seen as niche.  That all changed and today the internet is a part of everyone’s lives.  I see crypto in the same light – we will work toward removing the technical challenges so that the average non-tech user can participate.  Ultimately it will be the way that things happen.  FUN is well-positioned as the leading gambling crypto to pave the way in this respect.

Q: In recent months, non-fungible tokens (NFT) led a new wave of crypto adoption, do you think there is room to integrate these assets into your platform? What is the next step for FUN Token that will contribute to the disruption of online gaming?

A: It is not clear to me at this stage how NFTs fit within our ecosystem, but of course, we keep an open mind and will be quick to adopt new technologies as they mature.  Right now our focus is on adding entertainment and betting opportunities to the FUN/XFUN ecosystem and building the user base.  Ultimately the value of any crypto ecosystem is dependent on the level of adoption.

Q: How many people hold FUN, and how do they benefit from your token burn strategy? What are the incentives to keep holding the token?

A: There are currently around 87,000 holders of FUN.  In addition to this, there are 190,000 holders in the Freebitco.in premium membership program (a custodial solution).  With the move to XFUN, these holders will be encouraged to move their tokens to non-custodial wallets and join in the fun across a network of casinos and other gaming sites.  All sites that are operated through Funtoken have pledged to contribute 50% of net profits to a token burn event to be held quarterly, the first of these burns take place at the end of September 2021.

Most importantly – the value of the token will ultimately be determined by the amount that is being used for the underlying utility – playing on casinos and other games. As this utility supply (which will be directly related to the number of XFUN on issue) increases the token value will need to increase to match demand.

Q: NFTs, gaming, real state, what do you think will trigger the final move for crypto and blockchain technology to be fully embraced by the world? Do you believe FUN Token is a platform that could onboard millions of users?

A: I believe it’s all about usability.  This means providing opportunities for the tokens to be used in verticals that are synergistic and leveraging partnerships such as our relationship with Freebitco.in to bring in participants.  With nearly 50M players they provide access to a substantial user base and traffic which will help FUN get to mass adoption rapidly.

Q: In the past days, the U.S. SEC Chair, and other politicians have expressed concerns about Bitcoin, stablecoins, and cryptocurrencies in general. They referred to the crypto market as “The Wild West”, as the head of a crypto project, what do you think about the possibility of new regulations coming into the industry? What do you think it’s the best approach for the regulator?

A: I am not a regulator and so would rather not comment on what they should do.  Ultimately the crypto markets are already becoming more and more regulated where they touch on the “real world” in areas such as cashiers and exchanges relating to banking.  No doubt this will continue.

Q: FUNToken has been expanding in the past months, with important partnerships with Free Bitco.in, Travala and Binance, what can your community expect in the coming months in terms of partnerships? And where do you think the platform will be in 2022?

A: We will be adding more gambling opportunities and fine-tuning the user interface for XFUN.  By creating a user-friendly, zero gas environment on the Polygon network we enable the seamless interchange of funds between our users and participating entities.  We will be launching a B2B drive later this year to substantially increase the places where XFUN can be used and drive liquidity and users into the token.  It is important to remember that XFUN=FUN – for every XFUN issued one FUN will be escrowed, so the increase in usage of XFUN will directly impact the tokenomics for FUN.

Advertisement google news
Click to comment

Bitcoin

TA: Ethereum Lacks Momentum But This Level Could Trigger Fresh Rally

Published

on

Ethereum

Ethereum extended its rally towards the $3,650 level against the US Dollar. ETH price is correcting gains, but dips are likely to remain limited below $3,500.

  • Ethereum started a fresh increase above the $3,600 resistance level.
  • The price is now trading above $3,500 and the 100 hourly simple moving average.
  • There was a break below a contracting triangle with support near $3,580 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could start a fresh increase as long as it is above the $3,500 level.

Ethereum Price Remains Supported

Ethereum remained in a positive zone above the $3,500 resistance zone. ETH was able to climb above the $3,600 level and the 100 hourly simple moving average.

The price even spiked above the $3,600 level, but there was no upside continuation. Ether traded as high as $3,652 before it started a downside correction. There was a break below the $3,600 level. The price traded below the 23.6% Fib retracement level of the upward move from the $3,343 swing low to $3,652 high.

There was also a break below a contracting triangle with support near $3,580 on the hourly chart of ETH/USD. The price is now consolidating near the $3,550 level. An immediate resistance on the upside is near the $3,580 level. The first major resistance is near the $3,600 level.

Source: ETHUSD on TradingView.com

The next major resistance is near the $3,650 level, above which the price might accelerate higher. In the stated case, the price may possibly rise towards the $3,700 level. The next key resistance could be $3,800. Any more gains could lead the price towards the $3,880 level.

Dips Limited in ETH?

If ethereum fails to continue higher above the $3,600 and $3,650 resistance levels, it could extend its decline. An initial support on the downside is near the $3,550 level.

The first key support is now forming near the $3,500 level and the 100 hourly simple moving average. It is close to the 50% Fib retracement level of the upward move from the $3,343 swing low to $3,652 high. Any more losses could lead ether price towards the $3,450 support zone.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is slowly moving in the bearish zone.

Hourly RSIThe RSI for ETH/USD is now below the 50 level.

Major Support Level – $3,500

Major Resistance Level – $3,650

Continue Reading

Bitcoin

TA: Bitcoin Starts Corrective Decrease, $53K Holds The Key

Published

on

Bitcoin

Bitcoin started a downside correction from the $55,700 zone against the US Dollar. BTC is correcting lower, but dips remain supported near $53,000 and $53,200.

  • Bitcoin started a downside correction from well above the $55,500 level.
  • The price is now trading above $53,000 and the 100 hourly simple moving average.
  • There was a break below a key bullish trend line with support near $53,100 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could correct lower, but the bulls are likely to remain active near $53,000.

Bitcoin Price Corrects Lower

Bitcoin price remained in a positive zone above the $52,000 resistance. BTC even broke the $55,000 resistance level and settled above the 100 hourly simple moving average.

However, the price failed to continue higher above the $55,700 zone. A high was formed near $55,770 before there was a downside correction. The price corrected lower below the $55,200 support level. The price even traded below the 23.6% Fib retracement level of the upward wave from the $50,365 swing low to $55,777 high.

There was also a break below a key bullish trend line with support near $53,100 on the hourly chart of the BTC/USD pair. An immediate support on the downside is near the $53,500 level.

Source: BTCUSD on TradingView.com

On the upside, an initial resistance is near the $54,500 level. The first major resistance is near the $55,000 level, above which the price could accelerate higher. The next major resistance sits near the $55,500 level. Any more gains could set the pace for a move towards the $58,000 level.

Dips Limited In BTC?

If bitcoin fails to clear the $55,000 resistance zone, it could continue to move down. An immediate support on the downside is near the $53,500 level. The first major support is now forming near the $53,100 level.

The next major support is near the $53,000 level. It is near the 50% Fib retracement level of the upward wave from the $50,365 swing low to $55,777 high. Any more losses could open the doors for a move towards the $52,500 level. The next key support sits near the $52,000 level.

Technical indicators:

Hourly MACD – The MACD is now moving in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $53,500, followed by $53,000.

Major Resistance Levels – $54,500, $55,000 and $55,500.

Continue Reading

Bitcoin

Meet The First Ever Polygon Ecosystem Index Token

Published

on

Meet The First Ever Polygon Ecosystem Index Token

Polygon continues to be a substantial force in DeFi. The protocol’s ease of use and lower fees have been major draws for developers, leading to a wide variety of new projects coming to life on the platform.

Meanwhile, the folks over at Amun Tokens are working on DeFi index tokens left and right. In June, the platform announced the launch of two index tokens, $DFI and $DMX, engaged in the Ethereum ecosystem. Given Polygon’s increased presence lately in DeFi, it was only a matter of time before the team at Amun unleashed a Polygon-based token as well.

That time has come, as Amun announced today their latest token headed to pre-sale: PECO. This token looks to encapsulate the best and brightest projects being built on Polygon.

Amun, PECO, & The Polygon Ecosystem

Amun released their Medium post announcing PECO today in collaboration with the Polygon Foundation and leading Polygon projects. The Foundation is providing $5M in MATIC tokens to seed the index’s launch, according to the Medium post, and many leading projects are providing seed capital for liquidity.

The token initially launches on October 19 and will start with 50% MATIC until the network matures further. Protocol tokens make up the remaining 50%; take a look at the initial PECO compensation on launch below:

 

As the Polygon network grows and develops, the PECO portfolio will be rebalanced monthly. PECO will be available on both Polygon and Ethereum, and early participants can earn up to an additional 30% bonus tokens in the pre-sale via airdrop.

1633656049 69 Meet The First Ever Polygon Ecosystem Index Token

Polygon (MATIC) has seen stable price movement in recent months, but has been slowly becoming a DeFi power player. | Source: MATIC-USD on TradingView.com

Related Reading | TA: Ethereum Is Primed For A Rally And Only One Thing Is Holding It Back

Amun & DeFi Growth

The Amun whitepaper cites the need for scalability in DeFi and looks to provide ERC-20 tokens that address an index of the top DeFi tokens available.

Earlier in the year, Amun unleashed DeFi index token $DFI, aimed to give investors exposure in “blue chip DeFi projects.” This allowed consumers to come to one token for a wide exposure of DeFi’s biggest coins, without incurring individual swap costs. Additionally, Amun released their DeFi Momentum Index, $DMX, which seeks to automate weights based price momentum calculated by a relative strength index. This index sought out momentum riders who “missed out on the last bull run.” Both indices were initially composed of eight tokens per index.

Amun is building out a wide breadth of DeFi exposure during what seems to be an ideal time. A Bank of America report this week cited DeFi’s growth and largely untapped potential, and Polygon and it’s subsequent platforms have been enormous growth drivers in DeFi.

Related Reading | Investors Expect Ethereum To Outgrow Bitcoin, According To CoinShares Survey

Featured image from Medium.com/amun-tokens, Charts from TradingView.com

Continue Reading

Bitcoin

100 Million XRP of $107M Transferred in 6 Whale Transactions!

Published

on

100 Million XRP of $107M Transferred in 6 Whale Transactions!
  • 100 million XRP transferred between various exchange accounts.
  • Value of $107 million has been so far transferred.
  • All these have been transacted in just 6 transactions.

Recently, getting a notification regarding a whale alert is nothing new or a surprise though. It has become almost an everyday event these days. In spite of this, on October 7, 100 million XRP was transferred in just 6 transactions. 

XRP Whale Alert

According to the blockchain service, the Whale Alert, on October 7, about nearly 100 million XRP has been transferred. All these transfers are as usual anonymous. 

In addition, the information received is that, all these are not from the same account or crypto wallet. Also, the transfers were between accounts of different crypto exchanges.

Moreover, the total value of the XRP transferred amounts to about $107 million approximately. On the other hand, the whale alert shows that all these XRP transfers were done through only 6 crypto transactions. 

Furthermore, recently Ripple has also transferred about 20 million XRP from its own crypto wallets to the Bitstamp crypto exchange. However, just the starting of this year, this exchange banned XRP from its stables. 

Besides, being banned by the exchange, again transferring XRP to it, is now a mystery. Also, it is evident that XRP was banned upon the exchange due to the U.S Securities and Exchange Commission (SEC) filing a case on Ripple for XRP. 

The Bitter News for Ripple

Amidst all this, Ripple also undergoes a new trauma now. Just a few hours back it was officially announced that Moneygram and Stellar (XLM) have closed a deal with each other. 

In addition, the complete project from this partnership is expected to hit roads soon by the mid of 2022.

Moreover, it’s known very well that Stellar (XLM) has been Ripple’s competitor since the beginning. Owing to the fact that Stellar was actually developed by Ripple’s former developer.

Continue Reading

Bitcoin

Investors Expect Ethereum To Outgrow Bitcoin, According To CoinShares Survey

Published

on

Picture of a gold Ethereum coin with computer code raining down behind it

Investor interest in Ethereum is no longer a novel phenomenon. The second-largest asset by market cap has seen more support with the rise of decentralized finance on its ecosystem. Applications of Ethereum have been the major drive behind the growth of the cryptocurrency and institutional and individual investors alike see the asset outgrowing number 1 coin Bitcoin in the coming years.

A recent CoinShares survey has echoed the sentiment that has been held by investors in the market for a while now. It showed that number of investors who believe Ethereum is set to outpace Bitcoin is over twice the number of investors who are bullish on the growth of bitcoin. Lately, investors have been moving out of their bitcoin positions in favor of ethereum, and the CoinShares survey shows that this might only be the beginning.

Related Reading | Umbrella Network Announces New Launch: Decentralized Oracles On Ethereum Mainnet

Investors Want Ethereum

The CoinShares survey shed light on investors’ sentiment around the top crypto projects in the market. When asked, 42% of respondents said that they saw the most compelling growth outlook for Ethereum. While 18% said that they saw a compelling growth outlook for bitcoin. The survey showed that Ethereum was regarded as the project to grow the most in the coming years.

ETH price settles at $3,600 | Source: ETHUSD on TradingView.com

This does not although take away anything from bitcoin. Blockchain structuring has allowed Ethereum to be at the forefront of one of the most important investment spaces in crypto; the DeFi market. The bitcoin blockchain is gearing up to compete in this space against the likes of Ethereum and Solana with the launch of smart contracts on the network. Expanding the crypto-asset’s utility beyond just its monetary policy.

Investors Reveal Reasons For Investing

When asked what the biggest motivator for investing in cryptocurrencies was, the top answer was surprisingly not the value of the assets themselves or even diversification. 35% of respondents said that they were investing in the market because the assets were speculative. Only 25% said they used cryptocurrencies as a way to diversify their portfolios. With about 15% investing for the value of the assets.

Respondents also said that regulation, restrictions, and volatility were the biggest hindrance to investing in the crypto market. Regulation also made the top when respondents were asked about the key risks associated with digital assets. A combined 58% said government bans and regulations currently pose the biggest threat to the digital assets market.

Related Reading | Last Resistance Before Ethereum At $5K? Expert Predicts Q4 In The Green

Despite growing interest from institutional investors, individual investors still dominate the cryptocurrency market. 45% of investors said they were invested in the market individually. While Europe and the Middle East possess the largest amount of domiciled funds, with about 70% saying their funds were domiciled in the region.

Featured image from Forkast, chart from TradingView.com
Continue Reading

Bitcoin

Shiba Inu (SHIB) To Soon Destroy Dogecoin (DOGE)!

Published

on

Shiba Inu (SHIB) To Soon Destroy Dogecoin (DOGE)!
  • Shiba Inu (SHIB) surges up drastically this week.
  • SHIB reached a peak of $0.000035 just a few hours before.
  • SHIB will soon destroy Dogecoin and take its place.

A new member entering into the top ten crypto rankings is something which is not common. There ought to be competitions, one place up and back upon the top ten. However, entry of a completely new altcoin into the top ten is a rather rare event. 

Accordingly, on October 7th, witnessed such a similar event. The Shiba Inu (SHIB) which is actually a meme based coin, on other terms an exact copy of the Dogecoin (DOGE) has surged up in the rankings to the 12th place, straight from the 20. All owing to its total market capitalization on October 7, 2021. 

Stupendous Surges of SHIB

The SHIB has been quite promising, to be even more abrupt, actually it was a lot more than any could expect. Ever since May 2021, after witnessing its All-time-high, SHIB remained dormant for the next couple of months. And so, it completely started to sprung up out of nowhere totally unexpectedly since the beginning of October. 

Accordingly, by the end of the week, SHIB touched $0.000035, an epic high after a long time. The surge was standard upward axis graphs since October 1, such that even those who invested just a few days back, would have made a fortune by now. 

In addition to this, the overall market capitalization raised upto $14 billion on October 7. Also, this made the headlines as SHIB became the 12th upon the crypto rankings in terms of market cap. 

Moreover, the past week alone SHIB has witnessed a surge of a whopping 300%. Also, the overall surge compared to last year amounts to a mammoth 8000%.

Killing of DOGE

Despite being launched with the sole tag line of ‘DOGEKILLER’ at the time of launch, it seems it’s soon going to be a reality. 

In spite of all the surges, the major reason is from the drastic coin burns by SHIB. Also, at such a rate throughout the week, many crypto enthusiasts predict that SHIB will destroy DOGE and take its place soon!

Continue Reading

Bitcoin

NZ Cryptopia Exchange Moves to Stage 2 of Its Claiming Process

Published

on

NZ Cryptopia Exchange Moves to Stage 2 of Its Claiming Process

Crypto hacking is one of the recent topics evolving in the town affecting the life savings of many users around the world. A lot of cryptocurrency exchanges have been caught up in this hacking losing millions of dollars in the market. However, digital currencies are gaining more popularity in the industry and are also being affected through scammers and hackers. 

Thus, Cryptopia, a well-known cryptocurrency exchange based in New Zealand was hacked in May 2019. In this case, the exchange lost multi- millions dollars and a large number of users were affected in this massive hack. Further, the Cryptopia team raised a claim in the court which is now heading to Stage 2 which is the identity verification process. 

Cryptopia’s Massive Hack

Honestly, the Cryptopia exchange did not expect such a huge loss affecting the lives of its valuable users. Surprisingly, the total users strength of Cryptopia trading platform is almost 900,000 connected around the globe. As the users were not ready to accept their assets’ loss, they directly fought in court for their properties. So on behalf of the users’ concern, the court announced a 4 stage process for this case to move forward. 

In regards to supporting the team, there were official updates given about the current status of the case plans. Notably the last notice was released in June 2021 stating the claim process is at stage 1. Thus, a solid number of users are following up the registration process successfully. And nearly, 55,000 users have been guided to the 4 stage process through our customer service team. 

Claims Four-Stage Plans

Initially, the clients have to claim their registration disclosing the account holder details and to raise a claim for their balance. The second step is the identity verification process where the submitted documents will be verified for quality work. Thirdly, it reflects the claim acceptance notice which agrees that Cryptopia will represent the due amount. Finally, after all these verifications, the assets will be transferred to the appropriate accounts. 

Hence the entire Cryptopia team was strongly supporting its users and guiding them through the efficient process. Further to enhance more crypto projects, Cryptopia community is planning to secure the cryptopia wallets to assist the transfer process of the assets. 

Cryptopia faced a worst time in the marketplace by going through many challenges. Besides, million dollar hack, the former employee of Cryptopia cheated nearly $250K of digital assets. The employee smartly made duplicate keys of the customer’s wallets and stole this huge amount. Now this is also an additional case filed in the court which will be commencing by the end of this month. 

Continue Reading

Bitcoin

Cryptocurrency Market Hits a Monthly High of $2.3 Trillion in Capitalization

Published

on

Cryptocurrency Market Hits a Monthly High of $2.3 Trillion in Capitalization
  •  The total value locked (TVL) in the Bitcoin Lightning Network grows.
  •  The global economic situation remains unpredictable.

The cryptocurrency market hit a monthly high of $2.3 trillion thus stayed in green on Thursday morning. The crypto market is now worth $2.28 trillion, up 4.57 percent from yesterday.

Furthermore, the total crypto market volume rose by 13.67 percent to $144.33 billion in the last 24 hours. Moreover, DeFi volume for the last 24 hours was 12.72% of the entire crypto market volume. Whereas all stablecoins combined volume totals $113.40 billion or 78.5%

Compared to this, the price of Bitcoin (BTC) has steadied below $55,000. Thus, extending advances from Tuesday and Wednesday to a new high. The main digital asset is now selling at $54,119. Its up 5.35 percent in the past day and 25.98 percent in the last week. If BTC continues to rise at the same rate as it did this week. It may soon be trading around its all-time high of $64,863 set on April 14, 2021.

The total value locked (TVL) in the Bitcoin Lightning Network rises as BTC grows. The network has expanded over 1,000% in a year, reaching $165 million in locked BTC, with 2,998 TVL as of October 7, 2021. The second-largest crypto by market value, Ethereum (ETH), is also up 5.56 percent in the last 24 hours and 21.02 percent in the last week.

Global Level Adoption and Rejections

On October 7, 2021, it was revealed that Auto1 FT, a German financial partner in the automotive industry, is utilizing Ethereum smart contracts to facilitate vehicle purchase financing.

While the global economic situation remains unpredictable, with rising interest rates and more fragmented financial systems, Bitcoin continues to show its resilience.

Millennials and younger generations understand the importance of Bitcoin and other cryptocurrencies, but recent failures on Instagram and Facebook demonstrate the world’s reliance on centralized systems.

Continue Reading

Bitcoin

Can Small Businesses Benefit From NFT Implementation?

Published

on

Can Small Businesses Benefit From NFT Implementation?
  • Small company may benefit from the growing popularity of NFT.
  • NFTs aren’t only for superstars and billion-dollar companies.

NFTs are omnipresent. All major brands from across the globe coming from diversified sectors appear to be hopping on the NFT bandwagon. But here’s the thing: NFTs aren’t only for superstars and billion-dollar companies; they’re also ideal for startups and small enterprises.

Moreover, the second quarter witnessed a new high for active wallets (> 175,000), indicating a significant interest increase. Also, the number of buyers and sellers continues to grow. Specifically, buyers (+ 38%) outnumber sellers (+ 25%), indicating that NFTs are gaining ground faster.

Furthermore, humans want to accumulate things, and NFTs are designed to be rare. According to basic economic theory, scarcity drives higher demand. This indicates that small companies may profit from the current NFT craze of the crypto world. The NFT technology may help expand the company and keep clients.

Low-Cost Alternative

Developing a new NFT loyalty card program. Customers join up and download it on their phones. Furthermore, they scan the loyalty NFT code every time they visit your store to earn points. Tokens may be used in-store and can be pushed at specific thresholds.

As a result of the recent U.S. migration, NFTs, utilized to collect funds to empower Afghan women. Moreover, a similar program, implemented in a neighbourhood, town, city, or state can promote a local charity.

An NFT campaign may be a low-cost alternative to a conventional bank loan if your company is contemplating expanding or establishing new locations. The idea is that contributors know and monitor that money is only given if milestones are achieved as defined by smart contracts set up at the outset of the campaign.

Inexpensive marketing initiatives like sweepstakes or gamification are typically reserved for big corporations like McDonald’s that engage in Monopoly game pieces or Publishers Clearinghouse that still utilizes sweepstakes marketing. Small companies may use NFTs to create extremely engaging gamification marketing campaigns.

Your creativity is the only limit to what your Chamber of Commerce can do to promote companies. Regardless of how you start, it would help if you gave NFTs a try. With nothing to lose, your small company may benefit from the growing popularity of NFT.

Continue Reading

Bitcoin

Ardana Collaborates With Elrond Network’s EGLD Native Token for First Cross-Chain Stablecoins

Published

on

Ardana Collaborates With Elrond Network's EGLD Native Token for First Cross-Chain Stablecoins

The Collaboration

Ardana announced a long-term strategic collaboration with Elrond. Their native currency, EGLD, will be one of the platform’s first cross-chain collateralized stablecoins.

Ardana will create the infrastructure to allow Cardano and Elrond to exchange assets. This will enable token transfers between Elrond mainnet and Cardano compatible networks and eventually cross-chain smart contract capabilities.

It will be possible to shift assets from Cardano to Elrond at significantly faster rates and cheaper costs. EGLD will ultimately be a Cardano asset and can be used to manufacture stablecoins on Ardana.

Elrond is a scalable, low-cost, carbon-neutral Layer 1 blockchain. The platform supports 100,000+ TPS, 6s latency, and $0.001 transaction cost for fintech, DeFi, and IoT. The Elrond economic model limits supply and reduces issuance, increasing scarcity. The coin is called eGold (EGLD), representing a digital store of value for the next billion users and is an ideal collateralization asset.

Beniamin Mincu, Elrond Network CEO said:

“This creative exploration of collateralizing a stable coin on one chain with the native coin of another can be a great starting point for greater interoperability between two progressive global ecosystems that are anchored in performance and innovation.”

Ryan Matovu, Ardana CEO and Founder said:

“eGold is a scarce asset with capped supply that is very in demand right now. We’re excited to take on the challenge of making it available to the Ardana users and offer them more options to issue dUSD that is underpinned by strong assets that imply lower over-collateralization.”

Conclusion

This partnership with Elrond will allow connecting the Cardano users to the Elrond network. More frequent updates are expected as the collaboration progresses, thus allowing cross-chain smart contract capabilities at even cheaper costs and faster rates.

Continue Reading

Trending