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Cardano introduced its first ERC-20 converter. The project, which was in development, has finally reached its launch milestone with the help of IOG, the developer of Cardano. With the help of the converter, the network will be able to support the migration of ERC-20 tokens from Ethereum to the Cardano blockchain.
Blockchain development has been gaining momentum since the launch of smart contracts. The web saw the first signs of DeFi when developers started testing their DApps with the very foundation. This has inspired further community development as they await the day they can finally access DeFi services on Cardano.
AGIX ERC-20 Converter
SingularityNET brings this anticipated capability to the Cardano blockchain. He tested the converter with his AGIX token. Currently, the converter is running on the testnet, and users can move AGIX tokens from Cardano to Ethereum and vice versa using the AGIX ERC-20 converter. This will enable AGIX transactions on the network with much higher transaction capacity and lower fees.
Cardano has always stood for interoperability, and this converter helps it achieve its goal of being fully interoperable with other blockchains. The founder, Charles Hoskinson, has expressed this opinion in the past when he explained that there won’t be one blockchain to run all the others. But rather, blockchain infrastructures will coexist and continue to compete with each other.
The SingularityNET Converter facilitates this interoperability by allowing ERC-20 tokens to be “translated” into native Cardano tokens while maintaining their value and functionality. The converter also works in the opposite direction: users can convert the token back to its original ERC-20 format using the built-in conversion system.
“The importance of this port to SingularityNET, the entire blockchain ecosystem and the AI ecosystem cannot be overemphasized – it will not only provide a much faster and more cost-effective AI network, but will also significantly improve the foundation for adding cutting-edge new features to SingularityNET and moving towards realizing our vision of a decentralized AGI. “- says Ben Gertzel, CEO and Chief Scientist of SingularityNET
Cardano prepares for DeFi
It may be months before users start to see the first signs of a fully functional DeFi platform on Cardano, but there is no doubt that the project is heading in that direction. First, one of the first DEXs was recently launched at Cardano. Launch SundaeSwap was made public on Monday with a lot of shine and allowed users to play around with the project, which is now on testnet.
As Cardano sees an exciting start for decentralized finance within its own network forming, it’s important to remember that there are still some issues to work on. The developer has reached out to the community that they should expect bugs as the exchange takes its first steps.
Author: Anton Zaitsev, analyst Freedman Сlub Crypto News
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