ADAmatic name change — Akamon
ADAmatic expands — and so does the name 🚀
Initially — ADAmatic was going to be a two-way bridge to bridge your Polygon-based assets to Cardano, and back and that’s it. During the creation process, we’ve seen that ADAmatic will end up becoming a much bigger bridge than anticipated, so the name ADAmatic is not all-encompassing of what the bridge will offer. (It won’t just be Cardano and Polygon — ADA, Matic)
Read below for more details on the initial scope of the bridge 👇
MELD, VENT, and Polygon Present ADAmatic
Akamon (previously ADAmatic) will be a decentralized bridge to multiple blockchains starting with Polygon and then adding others in the future.
Akamon means red gate in Japanese (赤門). A gate or mon in Japanese Shinto means a gate to a different world. This is why they have them at the entrance of shrines because they are to symbolize going into another world. We like the idea of the gate and going from one world to another. Red also happens to be MELD’s favorite color!
Akamon will initially be operated by MELD and partners that have been working with us on Akamon. Eventually, it will be fully decentralized and other wallets and protocols will have GUIs to the bridge
We have been working on two different versions of the bridge. An alpha without smart contracts and a beta with them. We also aim to support native wrapping for more networks by then. Although design work has started, we need to be more patient for better Plutus v2 tooling for prototyping and verification.
We expect to launch:
- Alpha on testnet on May 5th
- Beta on testnet on June 5th
- After two months of both security and UX testing on the testnet, we will launch the first version of the bridge on mainnet on July 5th
- In December, we will launch a second version with superior designs built on top of the Vasil hard fork to testnet
🔐 Akamon Security
Another critical line of work is to do security research with Hachi on both Cardano and blockchain bridges. Most brutal hacks in crypto thus far are on bridges, so we cannot take this lightly. A network’s on-chain is another network’s off-chain. It is non-trivial to have tight consensus and scalability when dealing with multiple networks. For now, we are surveying common bridges exploits and vulnerabilities to define security standards and checks for Akamon. The goal is to specify the bridge formally and write machine proofs for as many properties as possible.
The goal is to improve capital efficiency and token choices from different networks for the MELD protocol and the broader DeFi ecosystem. Our core product aims to bridge crypto and fiat and decentralize the process as much as possible. As such, It makes much sense to extend the reach in the crypto world while making sure tight standards are met throughout the whole flow.
More information will be covered in the first public white paper and teaser video to be released this April 30th. Stay tuned! 🚀
MELD — Be Your Own Bank
We think it’s essential for everyone to gain control of their financial lives and have equal access to financial instruments used by professionals, not just centralized institutions, governments, or the 1%. We want to provide financial freedom and control to the masses, including the unbanked.
We have a long-term goal to enable the $15 trillion that is currently locked out of the global economy, including 2 billion individuals worldwide that are either underbanked or have no access to banking services whatsoever, access to these tools. These are the people that are paying the highest fees, getting the worst customer service, and they are the ones that are having the most problems.
Our vision is to create an ecosystem that empowers individuals to regain financial control by providing them with the tools and services they need to manage their money on their terms. Whether that be creating a collateralized debt position (CDP) with cryptocurrency, earning an interest return for lending fiat to borrowers, or even participating in reward incentive programs, we strive to provide our users with the functions they need to manage their own financial lives.