1. Please describe your project. What is it doing to improve Cardano?
Wanchain’s wide area network of blockchains is a decentralised system of direct, non-custodial cross-chain bridges that connect both EVM and non-EVM networks without requiring any centralised intermediaries. Wanchain recently deployed several bridges to Cardano, connecting the Cardano mainnet to Bitcoin, Ethereum, Arbitrum, Astar, Avalanche, BNB Chain, OKT Chain, Optimism, Polygon, and Tron. Users can now access ADA on Ethereum, and BTC, ETH, USDC, USDT and WAN on Cardano.
Wanchain’s goal is to increase interoperability between Cardano and other networks (both EVM and non-EVM).
2. What does the Token do? How many holders does it currently have?
USDC token (Policy ID: 25c5de5f5b286073c593edfd77b48abc7a48e5a4f3d4cd9d428ff935)
USDC on Cardano is a wrapped token backed 1:1 with real USDC issued by Circle. There is currently ~20 USDC holders.
3. Why do you want a MIN Farm? How does the Minswap community benefit from offering a MIN Farm for your Token? Apart from the MIN Farm, will you add your own Token as incentives as well? If yes, how much?
Wanchain’s Cardano Bridges enable greater interoperability between networks and offer a huge influx of new assets and liquidity. Notably, this is the first time that fiat-backed stablecoins are available on the Cardano mainnet. Fiat-backed stablecoins have proven to be a powerful catalyst for the growth of DeFi ecosystems. Wanchain will provide additional liquidity incentives in the form of USDC.
As the first DEX on Cardano to collaborate with Wanchain to provide farming rewards on a USDC/ADA pair, Minswap is poised to strengthen it’s position as a leading DEX on Cardano.
4. How much circulating supply is there of your token? Please inform us briefly of your tokenomics, including the distribution and vesting schedule of the token (investors, team, yield farming, etc.)
There is currently a little more than 4000 USDC minted on Cardano. New USDC is minted on Cardano only when users bridge USDC to Cardano from other networks. Today, users can bridge USDC to Cardano from Ethereum, Arbitrum, Avalanche, BNB Chain (Binance-pegged USDC), Optimism, Polygon, Tron and Wanchain.
The bridge can be accessed here: https://bridge.wanchain.org/
5. Is your Project audited? By whom?
Wanchain is the one of the oldest, if not the oldest, cross-chain bridge. This particular project involved Wanchain, IOG and MLabs. Wanchain has been audited several times. Most recently, the Cardano Bridge was audited by Anastasia Labs.