Cardano to Launch ERC-20 Converter Next Week to Transfer Ethereum Tokens on Testnet

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Cardano to Launch ERC-20 Converter Next Week to Transfer Ethereum Tokens on Testnet
Cardano to Launch ERC-20 Converter Next Week to Transfer Ethereum Tokens on Testnet

With the platform’s ERC-20 converter close to being deployed on the testnet, the Cardano blockchain is gradually approaching the adoption of decentralized financial utilities. Francisco Landino, the project manager at IOHK and the R&D department behind the blockchain, said the new tool will be rolled out on the testnet next week.

Cardano Introduces Many New Features

At the last Cardano 360 event, Landino announced that the ERC-20 converter will be deployed on the testnet next week. The new migration tool was presented in May and is intended to enable users to transfer Ethereum-based tokens to the Cardano blockchain.

Landino stated that after deploying the migration tool, users of Ethereum-based tokens will be able to benefit from Cardano’s transaction capabilities and lower fees. The ERC-20 converter will also enable users to experience improved security, reduced costs and interoperability on the blockchain.

The converter bridge is set to take effect after Alonzo’s hard fork, which introduces smart contract functions into the network. The Alonzo Hard Fork is expected to take place on September 12th.

SingularityNET, the world’s first decentralized network for artificial intelligence, will own its native AGIX token, making it the first ERC-20 token to migrate to Cardano.

According to Cardano founder Charles Hoskinson, more than 100 companies are switching from Ethereum to Cardano.

Cardano’s ADA Ready to Soar

Cardano prices have been on an uptrend since their July 20th low and hit a higher high. An ascending parallel channel pattern appeared on the 4-hour chart as the third-largest cryptocurrency by market capitalization continued to trade within technical boundaries.

Currently, Cardano prices have rebounded from the downtrend line of the dominant technical pattern at $2.49 and the 78.6% Fibonacci expansion level at $2.55. ADA must remain above these support levels before the bulls can expect the bullish outlook to become a reality.

If the mainstream chart pattern is stable, Cardano price can mark the upper bound of the parallel channel at $3.46, which coincides with the 127.2% Fibonacci expansion level.

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ADA/USD 4H Chart. Source: TradingView

The next hurdle for ADA is at $2.96, given by the breakthrough line of the Momentum Reversal Indicator (MRI), which is the middle limit of the technical pattern.

Unless Cardano price stays above the above defense line, MRI’s support line at $2.41 will appear as further support.