Ferrum Network Integrates Its Staking-as-a-Service Solution With Algorand

Ushering in a new era of blockchain interoperability, Ferrum Network, the DAG-based blockchain ecosystem, has unveiled the successful completion of the integration of its diverse range of products with the Algorand blockchain. As a part of this integration, Ferrum’s Staking-as-a-Service solutions can now be used by all projects being built on Algorand.

Recently, Ferrum received a grant from the Algorand Foundation to incorporate its products within the Algorand chain, including the Staking-as-a-Service solutions and the Ferrum Multi-Chain Token Bridge. For now, the Staking-as-a-Service feature has been successfully implemented, with other features in the pipeline set for rollout.

On partnering with Ferrum Network, Algorand Foundation’s Head of DeFi Daniel Oon notes, “We’re excited about Ferrum’s go-live on Algorand, this release allows users to select a staking pool based on their time preference and acquire juicy rewards.”

Unlocking Limitless Potential For The Algorand Ecosystem

Any blockchain developer or project can build and deploy solutions on one blockchain and instantly enable multi-chain functionality using Ferrum’s infrastructure. All of Ferrum’s nodes and related infrastructure are powered by the Quantum Portal, delivering value, data, and functional interoperability across every blockchain network.

On the other hand, Algorand’s Pure Proof-of-Stake (PPos) consensus mechanism presents a promising solution to the blockchain trilemma (security, scalability, and decentralization). Other than the myriad of projects building atop it, the Algorand chain also powers several high-performing Layer-1 blockchains and advanced smart contracts.

Ferrum has already made a name for itself in the emerging Blockchain-as-a-Service (BaaS) sector. As a company with 150 clients, a lifetime total value locked (TVL) of half a billion dollars, and an impeccable track record for smart contract security, Ferrum aims to duplicate its success in the Algorand ecosystem and establish its presence across emerging markets. 

To date, the Algorand ecosystem didn’t have a “true” Staking-as-a-Service solution. However, the ongoing integration with Ferrum has unlocked the ability for any Algorand-based project to tap into Ferrum’s diverse ecosystem of Blockchain-as-a-Service products. 

By integrating Ferrum Network’s diverse range of Blockchain-as-a-Service solutions into its ecosystem, Algorand will be able to further expand its ecosystem. Ferrum’s interoperability and efficiency, paired with Algorand’s security and scalability, is setting the foundation for the next wave of decentralized financial services.

As the next stage of this ongoing integration process, Ferrum will add its Multi-Chain Token Bridge to the Algorand chain by the end of the second quarter. This integration represents a significant advance in terms of blockchain interoperability because it enables seamless asset swaps and bridging between the EVM-compatible chains and Algorand and other non-EVM chains.

Nick Odio, Ferrum Network’s Executive Vice President of Partnerships and Growth, stresses, “This integration signifies a major stepping stone in Ferrum’s quest toward Interoperability 2.0. This is the first of many integrations that Ferrum has completed with a non EVM compatible network and we’re honored to have Algorand by our side for it.”