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- Cornucopias said that they launched this bridge in partnership with ChainPort connecting BSC and Cardano blockchains.
- With this development, users will be able to seamlessly port their COPI tokens from BSC to Cardano.
On Monday, October 31, the Cardano-focused play-to-earn (P2E) game Cornucopias announced the launch of the first-ever BSC-to-Cardano bridge. Cornucopias said that they launched this bridge in partnership with ChainPort, a permissionless crypto bridge that offers custodial-level security.
With this development, users will be able to seamlessly port their COPI tokens from BSC to Cardano. However, to be able to conduct the transfer, the minimum threshold is 5,000 COPI tokens. The announcement from Cornucopias also shows that Cardano’s parent firm Input Output Global (IOG) also contributed to building this bridge solution.
Bridges have been of great use in the blockchain ecosystem as they contribute to connecting different crypto ecosystems and facilitate communication between them. This is not the first time that a Cardano blockchain has formed a bridge with some other blockchain.
Earlier this year in June, Cardano launched a cross-chain bride with the Nervos blockchain in order to ensure smooth interoperability between the two platforms. Later in September, IOG partnered with Bondly to create a Cardano-to-Ethereum bridge. In August, a Sifchain-powered bridge helped in linking Cardano and Cosmos blockchains.
However, this is the first-ever bridge that would connect Cardano to Binance Smart Chain (BSC). Cardano Outreach called it a “huge development” for the entire Cardano ecosystem.
Interestingly, the recent development also happens after a hacker drained out $500 million from Binance Smart Chain earlier in October last month.
Cardano (ADA) Price Rally
Amid the broader crypto market rally last week, Cardano’s native cryptocurrency ADA made some good gains. The ADA price is up by 14 percent on the weekly charts. As of press time, ADA is trading 2.73 percent up at a price of $0.41 with a market cap of $14 billion.
Although Cardano’s gains look good, they haven’t caught up with other altcoins in the race. For e.g. memecoin DOGE has had a phenomenal rally hitting a new 3-month high and leaving behind Cardano in the top ten crypto list. Currently, Cardano’s ADA has slipped to the ninth position on the list.
On the technical chart, ADA’s 100-day and 200-day MA, which stand at $0.41 and $0.40, respectively align with its current trading price. Earlier in August, ADA made a move to $0.60, however, has corrected by 30 percent since then. If ADA moves past $0.50, it could set the cryptocurrency for a rally to $1, and further to $2.
Cardano founder Charles Hoskinson recently announced that he is opening a restaurant and whiskey bar in Wheatland, Wyoming, where he is currently living. He also said that he would be accepting ADA as a payment at this location.
— Charles Hoskinson (@IOHK_Charles) October 30, 2022