Cardano marked the official launch of its ERC-20 conversion. With the help of IOG (the developer behind Cardano), the project, which was in development for some time, had reached the launch milestone. This converter allows the network to allow for the migration ERC-20 tokens of Ethereum to Cardano.
The launch of smart contract capability has seen a rapid increase in blockchain development. DeFi has begun to show its first signs in the network as developers start testing their DApps, with the support of the foundation. The community is eagerly awaiting the day when they will be able to access DeFi services via Cardano.
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AGIX ERC-20 Converter
SingularityNET has brought this capability to Cardano’s blockchain. The converter was tested using its AGIX token. The converter has been tested and is now live. Users can move AGIX tokens to Ethereum or Cardano using the AGIX ERC-20 Convertor. AGIX transactions will now be possible on networks with higher transaction capacities and lower fees.
Cardano believes in interoperability, and the converter allows it to achieve complete interoperability. Charles Hoskinson, Cardano’s founder, expressed the sentiment that one blockchain could not rule them all in the past. Instead, blockchain infrastructures will continue to compete and coexist.
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SingularityNET’s converter furthers this interoperability as it allows ERC-20 tokens to be ‘translated’ into Cardano native tokens while retaining their value and functionality. It also allows users to convert tokens to the original ERC-20 format via the integrated conversion system.
“The importance of this port for SingularityNET and the whole blockchain and AI ecosystems cannot be overestimated – it will yield not only a far faster and more economical AI network, but also a massively superior foundation for adding advanced new functions to SingularityNET and moving toward realizing our vision of decentralized AGI.” – Dr Ben Goertzel, CEO and Chief Scientist, SingularityNET
Cardano Getting Ready For DeFi
While it will be months before Cardano’s users see any tangible signs of the fully functioning DeFi platform, it is clear that Cardano is on the right track. Cardano was the site of the latest DEX launch. SundaeSwap launched on Monday with much fanfare. It allowed users to try out the project now that it is live on testnet.
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Cardano watches what appears to be an exciting move to decentralized financial services on the network. However, there is still much to do. The community was advised by the developer that bugs are to be expected as the exchange moves forward.
Featured image by Kriptokoin. Chart courtesy of TradingView.com