The Algorand blockchain now has its first staking-as-a-service solutions provider.
Ferrum Network, the blockchain project aimed at addressing interoperability issues of existing blockchain technology, announced earlier today that it had launched its staking-as-a-service solutions on the Algorand blockchain.
In a press release shared with Coinjournal, Ferrum said its staking-as-a-service solution is the first on the Algorand network.
This latest development comes after the Algorand Foundation awarded the Ferrum Network a grant to launch its suite of products on the Algorand blockchain.
Prior to today, the Algorand ecosystem didn’t have a true Staking-as-a-Service provider. The Executive Vice President of Partnerships and Growth at Ferrum Network, Nick Odio, said this latest development is a huge step forward for the firm. He said;
“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.”
Following the launch of the staking-as-a-service solution, the Ferrum Network team will turn its attention to adding its multi-chain token bridge to Algorand by the end of the second quarter of 2022.
The integration of the multi-chain token bridge will boost the interoperability of the Algorand blockchain,, allowing seamless bridging and swapping of assets from a multitude of Ethereum Virtual Machine (EVM)-compatible chains to Algorand and other non-EVM compatible networks.
According to the Ferrum team, the launch of the multi-chain token bridge will position Algorand as the first non-EVM compatible network to be fully integrated with Ferrum’s interoperability protocol.
Furthermore, the Algorand Virtual Machine (AVM) will become fully interoperable with not only the diverse network of Ethereum Virtual Machine (EVM)-compatible chains but also with other individual blockchains.
Daniel Oon, Head of DeFi at the Algorand Foundation, commented that
“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.”