Allbridge and Ref Finance enable asset interoperability between NEAR and Celo
Recently, the cross-chain bridge Allbridge launched on NEAR Protocol in order to provide greater ecosystem resilience across other blockchains such as Solana, Celo, Terra and a few other ones, bridging twelve networks to NEAR.
With this integration being available through the Ref Finance app, CELO and cUSD can be bridged to NEAR, therefore, the Ref team and Celo Foundation have decided to partner together for a market growth initiative between their two markets and communities.
The details of the proposed partnership compile an incentive of $2M in CELO provided by Celo Foundation for encouraging cross-bridge movements between Celo and NEAR and Ref.finance will match $2M in REF to support new market creations for cUSD and CELO on NEAR blockchain. Additionally, Allbridge has agreed to add 100,000 ABR tokens, tripling the incentive of the new markets. While creating an ABR <> wNEAR pool on Ref.finance app.
The numbers and the timeline can be viewed on the initial governance proposal which was proposed, and voted for. New farm will start on the 25th of February 2022, at 1am UTC.
Why this, why now?
The creation of new markets and new pools are intentional to provide market awareness across different ecosystems and grow each one of them through cooperation. Ref finance, which is the first and largest Dex (decentralised exchange) on NEAR, is committed to serve as the marketplace to connect assets of other blockchains with assets on NEAR, while supporting and encouraging community movement in a multi-chain market. Allbridge will remain the default solution for this collaboration and cross-chain interoperability movements. The opportunity to bridge between different blockchain ecosystems improves asset utilisation rate and velocity of assets.
Allbridge facilitates the connection between Celo and NEAR ecosystems, providing a unique bridge route for their communities.
— by Andriy Velykyy, co-founder and CEO of Allbridge.
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