Ferrum Network, the directed acyclic graph-based (DAG) blockchain ecosystem designed for cross-chain interoperability and high-speed transactions, has unveiled the successful completion of the first phase of its ongoing product integration with the Algorand blockchain.
Recently, the Algorand Foundation awarded a grant to the Ferrum Network team to integrate its diverse product suite within the Algorand blockchain ecosystem. To that extent, the Ferrum team has concluded the incorporation of its Staking-as-a-Service feature into Algorand, thereby empowering all Algorand-based projects to participate in staking pools based on their preferences.
In addition to the Staking-as-a-Service feature, the Ferrum team is also working on integrating its Multi-Chain Token Bridge on Algorand, which is due to be completed by the end of the second quarter of 2022. This Multi-Chain Token Bridge will unlock new features for all projects building on the Algorand chain, allowing the seamless bridging of assets from all non-EVM-compatible chains to Algorand.
Laying The Groundwork For Algorand To Expand Its Presence
The Algorand team readily understands that in order to facilitate mass adoption and greater ease of ecosystem navigation, interoperability is imperative. More than 150 decentralized applications already leverage Ferrum’s existing suite of white label services. Accordingly, by integrating its market-ready products with Algorand, the Ferrum Network team unlocks similar opportunities for the Algorand ecosystem as it did for Ethereum.
To that extent, Ferrum Network’s suite of products will help projects building on Algorand to get their core products to the market faster. With Ferrum’s cross-chain bridge, Algorand-based projects can quickly deploy their smart contracts on other networks without any steep technical requirements, thereby expanding their market and, at the same time, driving more value toward Algorand from outside ecosystems.
Commenting on integrating Ferrum’s widely recognized suite of products and its newfound support for cross-chain interoperability, Daniel Oon, the Head of DeFi at the Algorand Foundation, notes, “We’re excited for Ferrum’s go-live on Algorand, this release allows users to select a staking pool based on their time preference and acquire juicy rewards.”
Even though Algorand ranks among the handful of blockchain projects that address the blockchain trilemma of security, scalability, and decentralization, Algorand’s ecosystem hasn’t had support from a proper Staking-as-a Service provider to date. The integration of the Staking-as-a-Service feature by Ferrum makes its widely used Blockchain-as-a-Service (BaaS) solutions available to all projects that are part of the Algorand ecosystem and use the ASA token standard.
Algorand’s pure proof-of-stake blockchain is designed for the future of finance. It is currently home to many high-performing products and services, ranging from decentralized finance (DeFi) to non-fungible token (NFT) marketplaces and much more. With Ferrum Network now supporting the network via its white label products, Algorand will become the first non-EVM-compatible chain to leverage Ferrum’s revolutionary cross-chain interoperability protocol to its fullest potential. The result presents the opportunity to unlock new interoperability use cases for the broader blockchain ecosystem.
According to Nick Odio, the Executive Vice President of Partnerships and Growth at Ferrum Network, “This integration signifies a major stepping stone in Ferrum’s quest toward Interoperability 2.0. This is the first of many integrations that Ferrum has completed with a non EVM compatible network and we’re honored to have Algorand by our side for it.”
Ferrum Network’s ongoing product integration with Algorand aims to help the Algorand ecosystem expand into new markets through the “Iron Alliance,” which represents Ferrum’s vast network of incubated and partner projects. Additionally, existing and new projects building on Algorand can use Ferrum Network’s Cross-Chain Token Bridge to achieve cross-chain compatibility and support additional token utility through its “bridge swap fee mechanism.”
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice
