Cardano
Bridge Linking Cardano And Cosmos Coming In A Push Towards Interoperability
Cardano will soon be connected to Cosmos.
On Wednesday, a tweet from Cardano Daily, a dedicated Twitter handle for Cardano news, reveals that Cardano will soon have a bridge with Cosmos.
“Coincidentally, I have mentioned in a tweet that Cardano needs a bridge to another ecosystem, and the cosmos – Cardano bridge supported by Sifchain was released right after,” Cardano Daily tweeted.
COSMOS CARDANO BRIDGE
Coincidentally, I have mentioned in a tweet that @Cardano needs a bridge to another ecosystem, and the @cosmos – Cardano bridge supported by @sifchain was released right after. Let’s discuss about this bridge.🎉
#bridge #cardano #cosmos pic.twitter.com/pqTwIIzRvE— Cardano Daily (@cardano_daily) August 3, 2022
Sifchain, Omni-Chain Dex on Cosmo providing Swapping, staking, and bridging between Ethereum & Cosmos responded quickly to launch a proposal for voting to proceed on Cosmos Cardano Bridge.
The snapshot on the Cardano Mainnet to be eligible to vote in #ProjectCatalyst Fund 9 is TODAY, August 4. Make sure your ADA is delegated to be eligible!
Sifchain’s proposal for a #CosmosCardano bridge: https://t.co/O2h1b8VrqD https://t.co/vGXfT2JXdU
— Sifchain (@sifchain) August 4, 2022
Notably, the bridge will give both chains access to new liquidity markets and token-based economies while allowing Cardano users access to an ecosystem of blockchains, dApps, assets, and utilities through Cosmos, popularly called the “internet of blockchains.” The Cosmos ecosystem currently boasts $4.2 billion in staked crypto assets, $200 million in monthly cross-chain transactions, 40 chains, and thousands of dApps.
However, it is worth noting that the bridge has not been well received by several members of the Cardano community who feel it is poorly timed. One user noted that it is too early to focus on interoperability as it could not be determined which chains would thrive in the long run, saying that the focus now should be on security, scalability, and governance.
What if focusing on interoperability is putting the cart before the horse since it’s nearly impossible to determine which (of the 1000s) of chains are worth interoperating with at such an early stage? The focus should first be on security, scalability & governance. In that order.
— Pleas Lucian (@pleaslucian) August 3, 2022
It is not surprising that the Cardano community is skeptical about the launch of a bridge, as network bridges are often targeted by hackers leading to several users losing their assets. The Ronin bridge hack in March is a clear example, as hackers made away with over $550 million in Ethereum and USDC.
It is worth noting that the Cardano community is currently focused on the long-anticipated Vasil hard fork, which was expected in July but had to be delayed after new bugs were observed in testing. Notably, Input Output Global (IOG) chief Charles Hoskinson has assured users that he does not expect further delays, noting that developers are in the final stages of testing.
The upgrade is expected in a matter of weeks and promises to improve the network’s scalability and usher in over 1000 dApps. At the time of writing, Cardano’s native token ADA is trading at the $0.5051 price point, with a positive 0.04% change in price in the last 24 hours and 0.84% change in the last seven days.
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Popular Cardano-based decentralized exchange WingRiders has lost its position as the most valuable DEX on Cardano.
WingRiders slumped from the first position to third after losing more than 59% of the total value locked (TVL) on the platform in the past 30 days.
At the time of writing this line, WingRiders is now the third-largest DEX by total value locked, with a TVL of $19.66 million. It is noteworthy that WingRiders maintained the top spot for more than two months, claiming 42% of TVL On Cardano. However, the DEX has fallen from glory ever since.
Minswap Is Now Cardano’s Most Valuable DEX
The development also affected the total value locked on Cardano. The total value locked on Cardano has fallen below $100 million in the last 30 days after the WingRiders TVL slumped.
Interestingly, Minswap has taken the lead to become the most valuable decentralized exchange on Cardano after the massive decline of WingRiders’ TVL.
At press time, Minswap is leading, with a $49.09 million total value locked on the platform. The DEX hit the milestone after recording a massive growth of 30.9% in its TVL in the past 30 days. Minswap accounts for 51.82% of the total value locked on Cardano.
SundaeSwap, the first decentralized exchange on Cardano, is now the second most valuable DEX in the ecosystem. SundaeSwap is second in the ranking, with $19.72 million in TVL.
Like WingRiders, SundaeSwap has also lost a significant amount of its TVL over the past 30 days. In the past month, SundaeSwap has lost nearly 10% of the funds locked on the platform.
Commenting on the development, Cardano Daily, a platform that shares new developments about Cardano, said:
“After the major decline of @wingriderscom, the TVL scenario of the Cardano ecosystem has stabilized back to normal as we have seen in the past few weeks. @MinswapDEX still led the ecosystem with $51M TVL, contributing 50% of the ecosystem.”
CARDANO TVL STATUS
After the major decline of @wingriderscom, the TVL scenario of the @Cardano ecosystem has stabilized back to normal as we have seen in the past few weeks. @MinswapDEX still led the ecosystem with $51M TVL, contributing 50% of the ecosystem#tvl #cardano $ADA pic.twitter.com/xjZ6cHo8jX
— Cardano Daily (@cardano_daily) August 9, 2022
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Tulip Protocol Officially Integrates Chainlink on Solana Mainnet
