Charles Hoskinson Reacts to Cardano and NEAR Partnership

Cardano (ADA) founder Charles Hoskinson has reacted to a recent collaboration with NEAR protocol, an artificial intelligence (AI)-powered blockchain. Hoskinson’s reaction came in a post on X highlighting that the partnership aligns with the future of crypto transactions.

Partnership enables ADA swaps across 20 chains

Hoskinson emphasized that the NEAR protocol has a great team, and its “Intents” is the future of crypto. For clarity, intents are a newer approach to transactions that allow crypto users to enjoy seamless transactions without worrying about the details of the steps involved.

For instance, a user could simply express their intent to swap ADA for Bitcoin, and the system automatically determines the most efficient way to perform that task. This makes the use of crypto more user-friendly and safer, especially for new users adopting the asset class. It also enhances interoperability across multiple blockchains.

The partnership with NEAR, which Hoskinson highlighted, will allow Cardano users to swap ADA across 20 chains. It involves transactions with over 100 assets, including major ones such as Bitcoin, Ethereum, Solana and many others. It also allows swaps with stablecoins and other crypto assets.

Users do not need to worry about safety concerns as there are no bridges. NEAR intends to avoid bridges, and this makes transactions more secure. Generally, cross-chain swaps require risky bridges that lock tokens and mint a wrapped version, but with NEAR, these risks are eliminated.

Hoskinson is indicating that Cardano is a progressive ecosystem as it sets up collaborations that align with the next generation of blockchain usability. With the partnership, ADA can move freely across different chains without users worrying about safety and other issues.

This could increase adoption for Cardano as new users find its usage more seamless compared to others. Such a development might rub off on the value of ADA on the market as demand increases.

Cardano price outlook strengthens amid whale activity

As of press time, Cardano’s price was changing hands at $0.8176, which represents a 2.99% increase in the last 24 hours. 

The coin has posted a rebound as the $0.78 support held strong for the reverse move. The trading volume has also shown promise, with a 2.37% increase to $1.11 billion.

On the market, Cardano whales have been active, moving 67.8 million ADA within the last 24 hours.

The transaction has mopped up exchange liquidity, hence the price uptick. Market participants will be keen on how ADA performs and if it can retest the $1 target without profit-taking moves by investors.