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Cardano (ADA), Polygon (MATIC) Interoperability Milestone Reached With This Innovation

Sat, 05/27/2023 - 17:14
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Tomiwabold Olajide
This innovation enables Cardano (ADA), Polygon (MATIC) bridgeless cross-chain swaps
Cardano (ADA), Polygon (MATIC) Interoperability Milestone Reached With This Innovation
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Cardano and Polygon interoperability is now possible as the cross-chain liquidity aggregator, Blueshift's new cross-chain protocol, goes live.

The new protocol, BluesChain, will allow bridgeless cross-chain swaps between Polygon and Cardano.

Users can also swap tokens on chains Blueshift is currently connected with, including the Layer 2 protocol Milkomeda; Algorand EVM-compatible chain developed by Milkomeda, referred to as Algorand A1; Cardano EVM-compatible chain developed by Milkomeda, referred to as Cardano C1, Kava chain and Polygon.

Blueshift aims to be connected with all Ethereum L2s by the end of summer 2023 as it continues to work to push the limits of cross-chain interoperable decentralized exchanges (DEX) in the decentralized finance (DeFi) arena.

Users will be able to conduct swaps between different ecosystems using BluesChain without the necessity of a centralized authority.

The connected chains use it as a distributed ledger to record and coordinate cross-chain transactions. This means that the solution does not use wrapped assets to move assets; instead, it interacts directly with the many connected blockchains.

Messari highlights top dApps on Cardano

On-chain analytics firm Messari reflects on the information it shared in its Cardano Q1 2023 report.

According to it: "In terms of gross activity, jpgstoreNFT and MinswapDEX remain the leading NFT marketplaces and DEX on Cardano, respectively."

However, newer protocols, such as Liqwid Finance, are growing and capturing market share. Stablecoin growth was led by IUSD and Djed, which had 72% and 27% dominance, respectively.

Milkomeda C1 launched in early 2022 as Cardano's first sidechain, bringing EVM compatibility to Cardano. Milkomeda's involvement in the gaming industry seems to be growing, as evidenced by the efforts of Paima Studios.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.