As blockchain technology matures, demand for interoperability across the fragmented blockchain universe is accelerating. Over the last few years, several interoperability solutions have emerged. However, most of them are extremely limited in scope and usually work on similar networks. True cross-chain interoperability – the foundation to the much-hyped “multichain future” – is yet to be achieved.
Enter Ferrum Network, the next-generation blockchain ecosystem designed to deliver functional interoperability to every existing blockchain network. Powered by the Quantum Portal, Ferrum’s infrastructure supports multi-chain smart contracts, which means that decentralized application (dApp) developers can build a smart contract on one network and then deploy it on any other network. Ferrum Network connects all existing blockchain networks, unlocking endless possibilities for developers and users alike.
Furthering its mission to offer end-to-end interoperability, the Ferrum Network team has successfully completed the first milestone of its ongoing product integration with the Algorand blockchain. Recently, the Algorand Foundation awarded a grant to the Ferrum team to integrate its diverse range of products onto the Algorand chain. As part of this effort, the Ferrum team has successfully integrated its Staking-as-a-Service feature in Algorand, thereby enabling all Algorand-based products to leverage one of its most popular and widely used Blockchain-as-a-Service (BaaS) products.
A Significant Boost Towards Cross-Chain Interoperability
The Algorand blockchain is among the world’s most decentralized, scalable, and secure blockchain infrastructures. However, until this point, there has been no Staking as a Service provider supporting the Algorand ecosystem. With the ongoing integration with Ferrum Network, one of the most widely used Blockchain-as-a-Service (BaaS) products, all projects that are a part of Algorand’s ecosystem and use the ASA token standard will be able to leverage Ferrum Network’s diverse array of services.
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.”
Since its launch, Ferrum Network has registered promising growth, with total value locked (TVL) in the ecosystem surging past half a billion dollars alongside an impeccable track record of smart contract security. Ferrum’s integration brings unique products to the Algorand ecosystem and enables Algorand-based projects to leverage the growing reputation of Ferrum Network as a Blockchain-as-a-Service provider. At the same time, Algorand is home to several high-value projects and Layer-1 solutions, all of which can now expand their offerings to other chains without any steep technical requirements.
Daniel Oon, the Head of DeFi at the Algorand Foundation, adds,
“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.”
By the end of the second quarter of 2022, the Ferrum team will also integrate its Multi-Chain Token Bridge to Algorand. This upcoming integration is expected to be transformative and serves as a breakthrough advancement in terms of cross-chain interoperability.
Once live, the Ferrum Multi-Chain Token Bridge will enable seamless bridging and swapping of assets from many EVM-compatible chains to Algorand and other non-EVM compatible networks, benefiting not only Algorand but also the broader blockchain universe.