Cardano Surges as NEAR Integration Unlocks DeFi and AI Potential

Cardano (ADA) is enjoying a daily gain of almost 8 percent, while NEAR is even up 10 percent. This is due to Cardano now being connected to more than 20 external blockchains via the NEAR protocol.

A perennial topic for the crypto industry is how to securely link different blockchains. The NEAR protocol relies on collaborations and its proprietary swapping method. The NEAR Intents platform brings together more than 20 blockchains and over 100 cryptocurrencies.

Cardano and ADA are the latest additions to NEAR Intents, and Cardano founder Charles Hoskinson celebrates this on X as the “future of crypto.” Suddenly, ADA can be easily exchanged directly for Bitcoin, Ethereum, Solana, and many other cryptocurrencies, as well as stablecoins.

The crypto markets welcomed the news. Cardano posted a daily gain of nearly 8 percent in an overall positive market, while the NEAR protocol gained 10 percent. ADA swapping with NEAR intents appears to be a way out of Cardano’s perpetual dilemma, channeling the massive $30 billion market capitalization toward use cases.

The Ethereum and Solana ecosystems, in particular, are performing well in the decentralized finance (DeFi) sector, where Cardano has had limited programmability. Now, however, ADA can be swapped for ETH or SOL in just a few seconds using NEAR intents, and then swapped back after a DeFi deployment.

NEAR Protocol expands towards AI – also exciting for Cardano

NEAR Protocol also advertises its commitment to developing infrastructure for artificial intelligence (AI) on the blockchain. Cardano CEO Hoskinson is an AI advocate and warns against censorship by centralized providers like ChatGPT.

According to NEAR, AI organized on the blockchain promises privacy and freedom from censorship – the collaboration should also allow AI projects from the Cardano ecosystem to connect to it in the future.

Conclusion: Cardano on the rise thanks to linking with NEAR

NEAR Intents promises to organize swapping of ADA and many other cryptocurrencies in such a way that users no longer have to worry about details. The protocol independently searches for the best exchange rates and low fees and then executes the swaps. It does not use bridges, which have often been a target for hacks by cybercriminals.

For Cardano , the integration with NEAR opens the door to DeFi and, in the long term, marks a point where the major topic of artificial intelligence will become practical solutions for the crypto industry. However, investors should not forget: With current prices of around $0.85, ADA is still more than 70 percent away from its all-time high from September 2021 – Cardano founder Charles Hoskinson has painted rosy pictures of the future far too often that do not materialize in reality.

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(Featured image by Kanchanara via Unsplash)

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