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Cardano: First ERC-20 converter goes live on testnet

Cardano

TL;DR Breakdown

  • Cardano launched its first ERC-20 converter to enable cross-blockchain transactions.
  • The network is getting ready For DeFi on its blockchain.
  • SingularityNET handles AGIX ERC-20 Converter to the Cardano blockchain.

Cardano launched its first ERC-20 converter through IOG. IOG is the sole developer of Cardano. Besides, the upgrade is one of the most incredible moves of ADA in 2021. The ERC-20 converter enables the network to allow cross-blockchain transactions. For instance, you can move ERC-20 tokens from Ethereum to the Cardano blockchain. 

Since ADA launched its initial smart contract, they have made other development moves. So far, the network is on the brink of launching DeFi. Developers are at the testing level on DApps with help from the foundation. These latest moves have left fans excited about extra developments. Yet, the community is waiting for the official launch of DeFi services on the blockchain. 

Cardano’s AGIX ERC-20 converter

SingularityNET handles AGIX ERC-20 Converter to the Cardano blockchain. As we speak, the converter is available on the testnet. Thus, users can swap AGIX tokens from Ethereum to Cardona and vice versa. The move is beneficial to AGIX holders. They can transact at a lower fee on a high transaction capacity network.

The network has always embraced interoperability. Yet, this converter gives it the ability to complete interoperability with other blockchains. ADA founder Charles Hoskinson commented on the development. He said that no single blockchain would overrule others. He added that blockchain infrastructure would coexist, compete, and complement each other as time goes. 

SingularityNET’s converter enhances the interoperability of blockchain. It allows ERC 20 tokens to “change” into ADA tokens without changing their value or functions. Also, users can convert their tokens back to their original state using the in-built conversion system. This makes the converter more effective in all states.

“You can’t overstate the significance of this connector for SingularityNET. Or the entire network and AI ecosystems. It will result in not only a much quicker and more cheap AI network but also a superior cornerstone. Thus, adding innovative digital features to SingularityNET. And shifting forward into achieving our aspiration of blockchain-based AGI.” — Dr. Ben Goertzel, SingularityNET’s CEO and Chief Scientist

Cardano getting ready for DeFi

Cardano is on a path to implementing DeFi in their platform. The project seems to be progressing well. But, it may take a much longer time for users to experience a sign of a fully operational DeFi platform. 

Recently, Cardano launched its first DEX. The SundaeSwap launch took place on Monday. Moreover, ADA marked the event with pomp and color. The launch also saw users mingle and play around with the project. The DEX services is on testnet.

Cardano is looking forward to embracing DeFi on its network. Yet, some sections need to be worked on. For instance, the developer told the community that they might experience bugs as the exchange takes its initial steps. When Cardano launches DeFi, it will be beneficial to its token holders.

Edith Muthoni

Edith Muthoni

Edith is an investment writer, trader, and personal finance coach specializing in investments advice around the fintech niche. Her fields of expertise include stocks, cryptocurrencies, blockchain, and cryptocurrency investments.

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