Cardano to EVM Bridge Protocol

[GENERAL] Name and surname of main applicant

Selahadin Esmael

[GENERAL] Are you delivering this project as an individual or as an entity (whether formally incorporated or not)

Individual

[GENERAL] Please specify how many months you expect your project to last (from 2-12 months)

12

[GENERAL] Please indicate if your proposal has been auto-translated into English from another language

No

[GENERAL] Summarize your solution to the problem (200-character limit including spaces)

We will create a robust and high-performance bridge protocol through which Cardano connects to Ethereum virtual machine (EVM) compatible networks for efficient cross-chain trade and asset exchange.

[GENERAL] Does your project have any dependencies on other organizations, technical or otherwise?

No

[GENERAL] If YES, please describe what the dependency is and why you believe it is essential for your project’s delivery. If NO, please write “No dependencies.”

No dependencies.

[GENERAL] Will your project’s output/s be fully open source?

Yes

[GENERAL] Please provide here more information on the open source status of your project outputs

The entire protocol will be fully open-source, and the codebase will be available on GitHub for community review, contribution, and integration with other decentralized platforms.

[METADATA] Horizons

Interoperability

[SOLUTION] Please describe your proposed solution

The Cardano to EVM Bridge Protocol is a system that will allow interoperability between Cardano and EVM compatible blockchain networks including Ethereum, BSC and Polygon. In this prize holding platform, assets (for example, tokens and NFT) can also be transferred, and smart contracts across chains can execute Chainbridge will act as a bridge that links dApps and DeFi solutions from different blockchains to become a unified ecosystem.

Problem Identification: At the moment, the blockchain is disjointed where financial assets and dApps live and operate in their individual ecosystems. Cardano ‘‘Plutus’‘ users cannot engage with DeFi applications and smart contracts developed on EVM-compliant networks such as Ethereum, which hampers decentralization efforts and the possibility of cross-chain cooperation while shrinking the market in which ADA competes for user attention and adoption.

Solution Approach: With that bridge that will connect Cardano and EVM-compatible chains for the transfer of assets and smart contract data, we will develop a decentralized, secure, and efficient environment for cross-chain DeFi, NFT marketplaces, and applications based on interoperability.

Cross-Chain Asset Transfer:

Cardano holders can quickly swap ADA, tokens, and NFTs to Ethereum or any Ethereum Virtual Machine compatible network and vice versa.

Smart Contract Interoperability:

It will also initiate the capacity of smart contracts on Cardano to engage with contracts on EVM chains and will support cross-chain decentralized finance tools such as yield farming, staking, and liquidity pooling.

Security and Decentralization:

It will utilise decentralised oracle service and multi-signature function to address security issues arising from cross-chain exchange.

Who Will the Project Engage?

Cardano and EVM Developers:

Several dApp developers using Cardano or EVM-connected chains can increase their user base and deal with enhanced liquidity through the possibilities of cross-chain integration.

DeFi Protocols:

DeFi platforms can use the bridge to offer users asset and liquidity access across chains, thereby encouraging new yield farming, staking, as well as cross-chain lending ideas.

Token Holders and NFT Creators:

Lodged assets will be portable within both Cardano and EVM chains, thereby improving flexibility and utility.

It is clear that, to eradicate the problem, it is now necessary to not only demonstrate it but also prove it, that is to say, to prove that it can really be solved, and that it can be solved, among other things, by following the framework proposed in this paper.

Number of Transactions and Cross-Chain Transfers:

Count the number of times the bridge helped with cross-chain transactions.

Community Adoption and Feedback:

Engage users and developers to gather feedback before making the final decision about protocol optimization and users’ interests.

Cross-Chain Liquidity Metrics:

Superimpose the level of asynchronous liquidity transfer with advising pointers on the connection between Cardano and EVM chains.

Why Is Our Solution Different?

Cardano to EVM Bridge Protocol seeks to advance actualization of the cross-chain solution without sacrificing decentralization or security. Unlike other current centralized bridges, this protocol shall use decentralized validation mechanisms so that no authority regulates the transfer of assets between chains. It is trustless and more secure, adhering to the concepts and implementations of the blockchain realm, therefore.

[IMPACT] Please define the positive impact your project will have on the wider Cardano community

Unlocking DeFi Potential:

The bridge will enable Cardano to connect with the other worlds of decentralized finance to offer more opportunities in dApps for its users.

Boosting liquidity and adoption:

This integration of interoperability will improve the liquidity of assets across Cardano and EVM chains, including attracting more users and developers to the Cardano space.

Strengthening Cardano's Position as an Interoperable Blockchain:

This project will show how Cardano can integrate with the largest blockchain (Ethereum) and its affiliate chains through a bridge, by implementing it for real interoperability.

[CAPABILITY & FEASIBILITY] What is your capability to deliver your project with high levels of trust and accountability? How do you intend to validate if your approach is feasible?

Blockchain Development and Interoperability:

We know that we have an experienced team that can work in the blockchain development and protocol design field. We have been able to create cross-chain capabilities in solutions and applications.

Smart Contract Expertise:

The team counts smart contract developers knowledgeable in both Plutus, which is Cardano’s language, and Solidity, the language used by Ethereum and compatible chains.

Security and Auditing Experience:

Security will be ensured through third party audits, which our team has experience conducting security audits for blockchain applications.

Validation Process:

Proof of Concept (PoC):

Build a PoC for the cross-chain asset transfer and perform a test on the Cardano’s testnet and an EVM compatible testnet.

Pilot Testing with Developers:

Collaborate with Cardano and EVM-based developers to participate in the bridge protocol, with the intent of giving feedback on how the bridge protocol performs, is user-friendly, and has been designed to perform the tasks for which it was intended.

[PROJECT MILESTONES] What are the key milestones you need to achieve in order to complete your project successfully?

UI/UX Design and Initial Prototype

Deliverables: UI/UX designs for the user interface and technical architecture for the bridge.

Duration: 3 month

 Frontend and Backend Development

Deliverables: Functional frontend interface and backend for asset management and transaction validation.

Duration: 3 months

Smart Contract Development and Testnet Deployment

Deliverables: Smart contracts for cross-chain asset transfer and interactions, deployed on Cardano and Ethereum testnets.

Duration: 3 months

Mainnet Deployment and Testing

Deliverables: Full deployment of the bridge on the Cardano and Ethereum mainnets, followed by testing and community feedback.

Duration: 3 month

[RESOURCES] Who is in the project team and what are their roles?

• Lead Blockchain Developer: Shmels Keleme
• Responsible for developing the bridge protocol and smart contracts.
• Smart Contract Developer (Cardano/EVM): Maramawit Getahun
• Expert in Solidity and Plutus for smart contract development and deployment.
• UI/UX Designer:Amar Hussen
• Designs the user interface and ensures seamless user experience.
• Project Manager: Selahadin Esmael
• Oversees the project’s development and ensures all milestones are met on time.

[BUDGET & COSTS] Please provide a cost breakdown of the proposed work and resources

• UI/UX Design: 20,000 ADA
• Frontend Development: 20,000 ADA
• Backend Development: 25,000 ADA
• Smart Contract Development: 30,000 ADA
• Mainnet Deployment and Testing: 20,000 ADA

Total 115000 ADA ($46000) in the exchange rate of 1 ADA = 0.4$

[VALUE FOR MONEY] How does the cost of the project represent value for money for the Cardano ecosystem?

From this point of view, this project can be considered the most valuable one for the Cardano ecosystem because it will connect Cardano with Ethereum and other EVM-based chains, which will enlage the Cardano DeFi space and, thus, the total demand for ADA. The bridge will encourage cross-chain interaction and consequently encourage the use of Cardano dApps, hence supporting the use of the Cardano chain and improving centralized transactions and efficient asset transfers.