The pNetwork (PNT) ecosystem will address the problems of interaction between Algorand (ALGO) and other blockchains.
pNetworks (PNT) receives Algorand Foundation grant for new releases
According to the official joint announcement by the pNetwork (PNT) and Algorand (ALGO), pNetwork is going to deliver an external bridge between Algorand (ALGO) and crypto behemoths, including Bitcoin (BTC) and Ethereum (ETH). This phase of its progress is fueled by an Algorand Foundation grant.
pNetwork's PNT-powered pTokens bridges will facilitate the transfer of assets between networks in a decentralized, safe and speedy manner.
Through new bridges, Algorand (ALGO) will support synthetic assets 1:1 pegged to their “natural” blockchains. These synths will be seamlessly moved between different blockchains.
As a result, pNetwork’s ecosystem of cross-chain bridges powers the highest number of connections between different blockchains in the entire history of the cryptocurrencies segment.
By Q2, 2021, it integrated Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), Litecoin (LTC), Binance Smart Chain (BSC), Polygon (MATIC), xDAI (STAKE), EOS (EOS), Telos (TLOS) and Ravencoin (RVN).
Cross-platform bridges will go live this summer
Sean Lee, CEO of the Algorand Foundation, highlights the importance of these bridges for the progress of the entire cross-chain segment:
The Algorand Foundation is excited to partner with pNetwork to bring easy cross-chain
interoperability one step closer. Enabling assets and tokens from other chains to move freely on the Algorand network is an exciting step in facilitating a new model of finance that merges historic finance, decentralized finance and personally managed finance in our vision of a new Future of Finance: FutureFi.
The joint roadmap for this collaboration schedules the mainnet release of cross-chain bridges between Algorand (ALGO) and top blockchains in summer 2021.
Thomas Bertani, project lead at pNetwork (PNT), outlines that the main focus of this cross-chain system will be on decentralized finances (DeFi):
We aim to advance the blockchain industry by connecting innovative dApps with the entire
Market. Via pNetwork, financial applications building on Algorand can access the larger crypto market and open up to the flourishing DeFi ecosystem.
pNetwork (PNT) bridges powered by PNT will serve as a technological framework for decentralized financial protocols including lending/borrowing instruments, decentralized exchanges (DEXs), minting ecosystems, stablecoin platforms and more.