While the Cardano (ADA) project is off the front burner for now, things are happening behind the scenes. In addition to tests that are becoming clearer on what could be the first DEX of Cardano (called SundaeSwap), the project teams have just put online the test of a future Ethereum (ETH) ERC20 token converter.
Transpose and exchange ERC20 tokens on the ADA network?
The Cardano project having made the (controversial) choice to choose security first before experimentation, it finds itself far behind Ethereum in terms of the diversity of tokens existing in its network.
On the other hand, the “ERC20” digital token standard is the most popular and common on the ETH network, and there are already thousands of different tokens (or more). No doubt to help catch up with Cardano, its founder – Charles Hoskinson – has just announced a new tool to convert Ethreum ERC20 tokens on the ADA network.
This token converter created by the decentralized AI project SingularityNET (AGIX) has now entered its operational phase. The tool has been launched on the Cardano testnet, to test both its capabilities and its proper functioning.
Users do not need any technical or computer expertise for this converter, it can be used via a web browser or via Metamask.
Cardano would love to get Ethereum’s juicy DeFi back
Behind the term converter is essentially an interoperability bridge, as already exists between Ethereum and networks such as Binance Smart Chain (BSC) or Polygon (MATIC) for example.
“Blockchain interoperability is essential to drive adoption and growth across this space. (…) We are building and collaborating on multiple bridges to connect Cardano to other blockchains, and this first converter is a vital artery in this system. As these connections grow, so will the network effect to drive the flow of liquidity within the Cardano ecosystem.”
release from IOHK, Cardano’s lead development company
ETH to ADA transfers (and vice versa) will be made in this converter through SingularityNET’s AGIX token. In addition to creating connections between blockchains, this could attract some of Ethereum’s decentralized finance (DeFi) to Cardano.
“I am very excited about the emergence of the AGIX-ADA/AGIX-ETH converter on Cardano’s testnet, and soon after on its mainnet. (…) this is the first in a series of steps that will result in the porting of SingularityNET’s complete decentralized AI platform to Cardano.”
Dr. Ben Goertzel, CEO and Chief Scientist of SingularityNET
As mentioned above, the idea of getting a piece of Ethereum’s decentralized finance projects is not new and unique to Cardano. Binance Smart Chain was among the first networks to take advantage of the saturation (and exorbitant transaction fees) on Ethereum, especially through its now popular DEX, PancakeSwap.
