Ferrum Network, a project that aims to overcome the interoperability challenges of existing Blockchain technology, has successfully completed its integration with the Algorand network. The project's staking solutions are now available for all projects built in Algorand.
Ferrum Network has announced the launch of its staking-as-a-service product on Algorand, the first time it has been released on a non-EVM blockchain.
It has also committed to add the multi-chain token bridge to Algorand by the end of the second quarter of this year and increase blockchain interoperability.
Staking-as-a-service is finally coming to the Algorand blockchain, contributing to many improvements for the proof-of-stake blockchain network in the recent past. Ferrum Network announced the launch of the service, revealing that it is the first to launch staking-as-a-service on a non-Ethereum Virtual Machine EVM blockchain.
Launched in 2018 to usher in the era of blockchain interoperability, Ferrum has been working to integrate the service ever since it received a grant from the Algorand team to integrate their products into the PoS blockchain.
Staking as a service is a fairly new concept and, as Ferrum claimed in his press release with CNF, the Algorand network had no such service until now. With the integration, any project using the Algroand token standard can seamlessly access the Ferrum product line.
Nick Odio, Ferrum Network's vice president of partnerships and growth, said: "This integration represents a significant step forward in Ferrum's quest for Interoperability 2.0. This is the first of many integrations Ferrum has completed with a non-EVM-compatible network and we are honored to have Algorand on our side for this.
The Algorand-Ferrum partnership does not end with staking integration as a service. At the end of the second quarter of this year, Ferrum will add its multi-chain token bridge to Algorand. He touts this integration as “a groundbreaking advancement for blockchain interoperability, allowing seamless bridging and switching of assets from multiple EVM-compliant chains to Algorand and other non-EVM-compliant networks.”
Eventually, Algorand will be the first non-EVM network to fully integrate Ferrum's interoperability protocol. This will make the Algorand Virtual Machine interoperable with other blockchains and other independent blockchains compatible with the AVM Ethereum Virtual Machine, laying the foundation for the world of cross-chain interoperability.