- Ferrum’s integration with Algorand enables seamless interoperability between the Ethereum Virtual Machine (EVM) and the Algorand Virtual Machine (AVM).
- The integration extends Ferrum’s staking-as-a-service solutions to the Algorand blockchain.
- Ferrum also plans to launch a multi-chain token bridge for Algorand before the end of Q2 2022.
Ferrum Network, a cryptocurrency infrastructure project focused on improving cross-chain interoperability through a suite of multi-chain tools, has announced a successful integration with the Algorand blockchain.
As a result of this integration, Ferrum’s staking-as-a-service offerings are now available to projects within the Algorand ecosystem.
Ferrum Network announced the integration in a press release shared with CoinText on Tuesday, April 26.
Staking-as-a-Service provider for Algorand
Staking-as-a-Service (STaaS) providers offer investors in proof-of-stake ecosystems, like Algorand, a trusted third-party option to participate in staking without running their own validator infrastructure.
STaaS products allow token holders to delegate or stake assets easily and securely while earning rewards through a managed, institutional-grade service.
“We are excited to see Ferrum go live on Algorand; this release lets users pick a staking pool based on their preferred time horizon and earn attractive rewards,” said Daniel Oon, Head of DeFi at the Algorand Foundation.
A milestone in the pursuit of interoperability
Making Ferrum’s staking-as-a-service available on Algorand opens the blockchain to a broader set of Blockchain-as-a-Service (BaaS) products, allowing projects to leverage a diverse range of tools and services.
Ferrum describes the integration as a significant step forward in its roadmap. Connecting to the Algorand Virtual Machine (AVM) advances Ferrum’s goal of Interoperability 2.0. Nick Odio, Executive Vice President of Partnerships and Growth at Ferrum Network, commented:
“This integration marks a major milestone in Ferrum’s pursuit of Interoperability 2.0. It is the first of many integrations Ferrum has planned with a non-EVM compatible network, and we’re honored to have Algorand alongside us for this effort,” Odio added.
Next up: the Ferrum Multi-Chain Token Bridge
Founded in 2018, Ferrum Network builds infrastructure to advance blockchain interoperability.
dApp teams using Ferrum’s technology can offer instant multi-chain capabilities, allowing applications to be created and deployed on one network while enabling access and usage on another.
As part of the Algorand integration, Ferrum’s team is working toward another major milestone: the launch of a multi-chain token bridge by the end of the second quarter of 2022.
If delivered as planned, the bridge will enable seamless interoperability between Algorand and multiple EVM-compatible chains. The technology aims to facilitate straightforward bridging and swapping of digital assets across both Algorand-compatible and non-EVM networks.
The need for smooth “communication” between blockchains has grown stronger with the rise of decentralized finance (DeFi), non-fungible tokens (NFTs), and GameFi, which increasingly depend on cross-chain asset movement and composability.
Ferrum Network (FRM) and other cross-chain and multi-chain interoperability projects are designed to help developers achieve the connectivity and compatibility that the expanding blockchain ecosystem requires.
Notable platforms addressing various aspects of interoperability include Cosmos (ATOM), Polkadot (DOT), Harmony (ONE), Wanchain (WAN), Quant (QNT), and ICON (ICX).