Ardana, the asset-backed stablecoin protocol and decentralized exchange (DEX) built on Cardano, has announced its partnership with Metadams, the first-of-its-kind play-to-stake game. As part of this partnership, Metadams will construct a building for Ardana on its own Mainstreet, thereby establishing Ardana’s first digital branch.
In the coming months, the partnership will expand well beyond a social gathering platform for the Ardana community. Eventually, the partnership will gradually enable the broader crypto community to seamlessly interact with the Ardana protocol from within Metadam’s ecosystem, granting users the type of experience they would ordinarily receive if they visited an actual bank.
While Ardana is developing Cardano’s first DEX-based stable asset liquidity pool in tandem with an asset-backed decentralized stablecoin protocol to help bootstrap and maintain all forms of economies on Cardano, Metadams has sparked immense enthusiasm. Already the platform is ranked among the most ambitious, innovative, and one-of-a-kind projects built atop Cardano. Accordingly, the strategic partnership between these two platforms will go a long way in positioning Cardano as one of the frontrunners in the race to dethrone Ethereum.
Unlocking Value For The Cardano Ecosystem
Founded in early 2021 by tech veterans from renowned organizations, including Microsoft, Barclays, Apple, and Cardano, Ardana aims to unlock DeFi primitives on the Cardano network. Since its launch, Ardana has received significant support from both crypto users and investors alike.
The Ardana team has already raised $10 million from its most recent funding round. Led by prominent investment firms Three Arrows Capital and Ascensive Assets, this highly successful fundraising drive experienced participation from industry heavyweights like FMFW.io, Kronos Research, Morningstar Ventures, Portico Ventures, Skynet Trading, and several more.
Ardana’s ecosystem is powered by the platform’s native stablecoin Ardana Dollar (dUSD). By design, dUSD is over-collateralized with other on-chain Cardano assets, thus enabling seamless borrowing. At the same time, Ardana’s DEX empowers users, especially liquidity providers, to trade stablecoins and identical assets with high capital efficiency and lower risks.
To further expand its offerings, Ardana has also partnered with NEAR Protocol. As part of this expansion, the dUSD stablecoin will provide expanded utility across multiple chains, positioning Ardana as the first collateralized stablecoin to offer loans for ADA and EGLD.
Although not a pure decentralized finance application, Metadams is a play-to-stake metaverse built on Cardano. The Metadams game is designed to redistribute ecosystem staking rewards based on individual players’ performance. In Metadams, players own ‘power sources,’ which are represented by the staked ADA tokens. Players can easily connect to the Metadams metaverse using their web wallet extension. Once connected, players can own virtual lands as NFTs and delegate their staked ADA to the platform’s staking pool partners.
Through this mechanism, players can delegate their voting rights while still owning the underlying ADA. Metadams offers in-game rewards corresponding to the amount of ADA staked by each individual who delegates their staked ADA. Depending on the staking pools, a player’s gaming strategy, and the total time spent, Metadams players can earn higher staking rewards than the regular 4.8% offered by classic Cardano pools.
All of the staking rewards are redistributed among players. On top of it, Metadams doesn’t generate any revenue from staking. The company’s primary goal is to strengthen and catalyze further expansion for the Cardano community by adding gamification to the existing staking process. To date, the Metadams team has partnered with several Cardano-based platforms to offer a variety of rewards, including Ardana, Muesli Swap, Cardax, Epoch Art, Liquid, Rats DAO, Cardanians, Ledgity, and Chilled Kongs alongside several other up-and-coming applications.
Source link: https://coincodex.com/article/13871/stablecoin-hub-ardana-partners-with-cardano-based-play-to-stake-game-metadams/