Cross-chain bridge connecting Cardano and Ethereum is now open
Input Output Global – developer of the Cardano blockchain – has created a cross-chain ‘bridge’ with NFT solutions provider Bondly to connect the Cardano and Ethereum networks.
Development of the bridge, which marks the first project of the partnership, will allow NFT creators to easily move their NFTs from the energy-intensive Ethereum blockchain to Cardano.
IO Global and Bondly anticipate releasing the new bridge in early 2022, following the launch of smart contract functionality on the Cardano mainnet last month.
The bridge will provide NFT creators with an eco-friendly solution for their NFTs to combat the energy inefficiency of Ethereum’s Proof of Work solution. While Bitcoin and Ethereum currently use an amount of energy similar to Oman and Columbia respectively, Cardano uses the energy equivalent of a family home. Cardano also offers price predictability and stability for transaction costs, which allows creators to mint or transfer NFTs without risking lost transactions or unexpectedly high costs.
Bondly will produce a special series of eco-friendly NFTs celebrating the launch of smart contracts on Cardano, which gives developers the ability to create apps that will utilise the capabilities of the world’s most advanced green blockchain, as well as NFTs marking the launch of the cross-chain bridge.
Charles Hoskinson, CEO of IO Global, said Bondly’s green credentials had been key to a successful collaboration.
“We built Cardano with energy efficiency in mind, which is why this partnership with Bondly is so crucial, as it will allow NFT creators access to a leading solution for token creation which doesn’t compromise on environmental credentials,” he said.
“Bondly also shares our commitment to interoperability. We believe that blockchain will only achieve mass adoption when end users have a seamless experience, regardless of which blockchain they are using, which is what bridges like this will achieve.
Bondly CEO Harry Liu suggested the move could herald the next NFT evolution.
“The creation of a cross-chain NFT bridge between Ethereum and Cardano marks a pivotal moment in the transition from legacy blockchain technology to one of the most hotly anticipated ‘third generation’ networks,” he said.
“As one of the pioneers of the NFT movement, we continue to play a key role in building the infrastructure that will herald the next phase of NFT evolution.”