The First ERC-20 Converter Goes Live on the Cardano Testnet

0
284
The First ERC-20 Converter Goes Live on the Cardano Testnet
The First ERC-20 Converter Goes Live on the Cardano Testnet

Since the introduction of the smart contract function, the development of the blockchain has accelerated. When developers began testing their DApps with the help of the foundation, the network saw the first signs of DeFi. This inspired further development and the community held their breath waiting for the day when they could finally access DeFi services on Cardano.

AGIX ERC-20 Converter Testnet is Live

According to the latest blog post on December 7, Cardano marks the launch of its first ERC-20 converter. With the help of IOHK, the developer of Cardano, the ongoing project finally reached its starting milestone. With the help of the converter, the network can support the migration of ERC-20 tokens from Ethereum to the Cardano blockchain.

SingularityNET brings this expected functionality to the Cardano blockchain. It tested the converter with AGIX tokens. Currently, the converter is online in the testnet and users can use the AGIX ERC-20 converter to move AGIX tokens from Cardano to Ethereum and vice versa. This enables AGIX transactions in networks with higher transaction capacity and lower fees.

Cardano has always been committed to interoperability, and the converter helps further its goal of full interoperability with other blockchains. Cardano founder Charles Hoskinson has expressed this view in the past, stating that there will not be one blockchain that rules all other blockchains. But the blockchain infrastructure will coexist and continue to compete with each other.

SingularityNET’s converter further enhances this interoperability by allowing ERC-20 tokens to be converted to native Cardano tokens while maintaining their value and functionality. The converter works in another way too, the user can use the built-in conversion system to convert the token back to its original ERC-20 format.

Dr. Ben Goertzel, CEO and Chief Scientist of SingularityNET stated that the importance of this port for SingularityNET and the entire blockchain and AI ecosystem cannot be overestimated – it will not only produce a faster and more economical AI network, but also add advanced new functions to SingularityNET and make our vision of decentralized AGI.

Cardano is Ready for DeFi

It may take several months for users to see the first signs of a fully functional DeFi platform on Cardano, but there is no doubt that the project is headed in that direction. First, Cardano recently saw the launch of one of the first DEXs. The release of SundaeSwap was unveiled with a roar on Monday, allowing users to play with the projects currently on the testnet.

Cardano saw the exciting start of decentralized funding on its network and it is important to remember that there are still a number of issues that remain to be addressed. The developers informed the community that they should expect errors in the first step of the exchange.