IOHK announced the launch of the first ERC-20 converter on the Cardano testnet. A tool that can help migrate to Cardano and it is a significant step in its roadmap. The blockchain is trying to offer practical alternatives to Ethereum and other L1 blockchains. It first should support current developers and users of those platforms, and converters are among the vital tools here.
Many experts believe Cardano can become the first choice for dApp development and the DeFi sector. There are many signs of progress happening in this blockchain in terms of supporting tokens and smart contracts. It aims to offer the current dApp services with lower transaction fees and faster completion rates. Now, an ERC-20 converter can become a very useful tool for current Ethereum users who want to try the Cardano alternative.
IOHK announced the launch of the converter in a tweet yesterday. But the details about this ERC-20 converter were published in early December on the Public news feed. SingularityNET was responsible for developing and deploying this converter on the Cardano testnet. It’s considered one of the most needed tools for expanding the interoperability features on Cardano. Dr ben Goertzel, the CEO and lead scientist of SingularityNET said:
“The significance of this port for SingularityNET and the entire blockchain and AI ecosystems can’t be puffed up – it’s going to yield now not just a long way sooner and less expensive ai community, but in addition a hugely awesome basis for including complicated new purposes to SingularityNET and transferring towards knowing our imaginative and prescient of decentralized AGI.”
Interoperability is among the top goals for the Cardano community in recent progress. It aims to offer a blockchain with significant use cases for all groups of users and developers. It needs to connect and interact with other blockchains, especially major L1s like Ethereum, to offer comprehensive solutions. When people can convert their ERC-20 tokens from Ethereum to Cardano and vice versa, it can start a new era of using both blockchains’ services. You can move your tokens between various dApps in different blockchains easily.
But converters aren’t the only need for expanding the Cardano ecosystem. The blockchain still needs many other tools and services to help all kinds of users. DeFi services like swaps are launching one after another. We can expect 2022 to be a more productive year for this ecosystem if it can compete well with other L1 blockchains and also L2 solutions of Ethereum.