The Cudos network will be integrated with Algorand by blockchain research and cryptocurrency company Glitter Finance as part of their multichain strategy for cross-chain services.
The Cudos Network is built using a Tendermint Core and is supported by the Cosmos SDK, allowing easy cross-chain compatibility with many other blockchains.
Learn more: First mover Cudos drives NFT adoption in the Cosmos ecosystem.
Glitter Finance will build a bridge between Cudos and Algorand to improve interoperability in the DeFi blockchain space. The integration will enable users on Glitter Finance to transfer their digital currencies from Algorand to Cudos blockchain.
“The cross-bridge between the Cudos network and Algorand will allow full compossibility between the blockchains and adds more diversity to our DeFi offerings. The DeFi 2.0 components of the bridge include integration of yield pools on both sides of the bridge, redeployment of synthetic tokens created by the Glitter Bridge, wrapped coins, and wrapped NFTs. The Algorand bridge integration in Q1 2022 will be followed by bridging Cudos to Polygon, Solana, and Terra networks next year,” commented Pete Hill, Vice President of Sales at Cudos.
Learn more: Cudo is the world’s first mining software to pay out in Algo — A non-mineable token!
Glitter Finance’s cross-chain bridge functionality allows users to transfer their digital assets quickly across various blockchains. Upon moving the assets, traders gain access to the wrapped token liquidity created by the Glitter Bridge, which is then redeployed into integrated yield pools.
Secondly, Glitter Finance will collaborate with Cudo Compute, our layer 2 network, to compute proof-of-concept for their neural networks. Glitter Finance uses neural networks and AI to identify yield farms with maximum returns and the lowest risk ratio.
Glitter Finance Co-Founder and Chief Executive Officer David Dobrovitsky commented, “The core element of Glitter Finance is to build a single bridge of connectivity between progressive ecosystems including, Algorand, Cudos, Solana, Terra, and Polygon. Apart from the cross-chain bridge solution, as part of our partnership with Cudos, we will be integrating algorithmic trading and AI to create an intuitive platform and facilitate mass adoption. Cudos’ progressive technology and their collaboration with other blockchains have the potential to create a phenomenal ecosystem that will offer unique solutions for traders in the DeFi ecosystem.”
As part of the partnership, Cudos will award Glitter Finance with a grant worth $50,000 following the completion of the Cudos Foundation incorporation. Stay tuned for more information.
We at Cudos are committed to decentralisation and are continually expanding our ecosystem with the right partnerships. From the Tingo partnership helping us expand our compute network across 10 million handsets in Nigeria to our gaming partnership with LDN UTD and our most recent collaboration with fintech investment company ChainLayer, we are growing from strength to strength. In case you missed it, here are our recent partnerships.
You can be part of our expanding network too. Cudos is always keen to hear from distributed data centres and service providers, so get in touch with us.
Additionally, if you want to make the most of your CUDOS tokens, you can stake them on our platform, help secure the network, and earn rewards.
About Glitter Finance
Glitter Finance is a multinational company dedicated to developing AI solutions that enable merchants in the DeFi ecosystem to transfer their digital assets across various blockchain networks easily.
The company, led by serial entrepreneur David Dobrovitsky and his wife Gelena Dobrovitsky, Chief Strategy Officer (CSO) and co-founder of the company, has developed an advanced enterprise-class cross-chain bridge – Glitters Finance – a platform that can be creative addresses the challenges associated with traditional cross-chain platforms, particularly capital inefficiencies.
The Cudos Network is a layer 1 blockchain and layer 2 computation and oracle network designed to ensure decentralised, permissionless access to high-performance computing at scale. It enables the scaling of computing resources to hundreds of thousands of nodes. Once bridged onto Ethereum, Algorand, Polkadot, and Cosmos, Cudos will enable scalable computational and layer-two oracles on all bridged blockchains.
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