ErgoDEX team recently published Plutus Port proposal on Cardano’s Project Catalyst platform. It offers a cross-chain exchange built on top of Ergo Blockchain for Cardano Ecosystem. WrapAssets is a service provider for wrapped assets (like waBTC, waETH, waDOT) on top of Cardano Ecosystem. This integration will help ErgoDEX to achieve high liquidity and ADA holders can benefit from a secure cross-chain DEX with a variety of ready-to-use assets.
As Cardano marching towards the Goguen Era, cross-chain integrations will be available across Cardano Ecosystem. Cross-chain operations will bring integrated assets from other platforms such as Ethereum, Bitcoin, Litecoin, Polkadot blockchains. So in this way, holders of ETH, BTC, UNI can use the Cardano ecosystem without giving up the custody of funds. In Ethereum, users of wrapped assets must hold a certain amount of ETH to pay the transaction fees. Babel fees proposal by IOHK solves this problem and makes transaction payments in any asset of the user’s choice. The extended UTXO design of Cardano and Ergo can process interactions in any denominated asset. This will bring freedom of choice for the users of these ecosystems.
WrapAssets is a Delaware C-corp in the United States of America. The USA provides a robust legal framework and consumer protections to provide a level of trust to those doing business with USA-based entities. Wrapped coins will be secured in collaboration with institutional custodians like Coinbase and Kraken. All data will be on-chain and visible. Later on, when users want to take back their coins to another blockchain, unwrapped coins will be burned from the Cardano ecosystem.
Project Catalyst is a community funding platform for the development of dApps on Cardano Blockchain. Its vision is the sustainable growth of Cardano Ecosystem for benefitting the users in the long term. An initial 250K ADA will be used for funding the winner projects. ADA holders can vote on the platform via the voting app and decide which dApps can bring more value to Cardano Ecosystem in the next 6 months. On the platform, users can comment about dApps and provide feedback on improvements.
ErgoDEX Plutus Port is proposed last week by ErgoDEX protocol developers Ilya Oskin and Dmitry Usov. Cardano shares a similar eUTXO model with Ergo Blockchain, so the implementation can be easily ported. ErgoDEX offers a decentralized cross-chain exchange with shared liquidity protocols. In traditional AMM DEXes like Uniswap, only instant swaps are possible. ErgoDEX platform offers atomic swaps, limit orders, partial filling, and buy-back support besides the AMM liquidity. Most of the contracts from the protocol are already tested on Ergo Mainnet and the dev team is now focusing on the user interface, software development kit, and security audit of the protocol. The developer team is small, so they are currently looking for new developers to collaborate with. Additional funding will help for the faster delivery of the protocol.
It’s not the first protocol on top of Ergo Platform that is ready to use in Cardano Blockchain. AgeUSD stable coin protocol is developed on Ergo and it’s up and running on Cardano Platform. Cardano light wallet Yoroi, provided by EMURGO, is already supporting ERG and SigUSD and it’s developing further for a Web3 experience on Cardano. Ergo team is continuing to produce a sustainable DeFi ecosystem with its secure and scalable design.
More updates are on the way, stay tuned Ergonauts!