Cardano will introduce an ERC-20 token that can be used to move assets from Ethereum to Cardano and vice versa. The new feature will be launched on the testnet next week.
In a new video posted by IOHK, Cardano announced that it will introduce an ERC-20 converter that will allow assets to be transferred from the Ethereum-Ethereum to the Cardano testnet. The test phase should take place next week. If the test phase is successful, the new feature could become a game changer.
Francisco Landino of the Arch Case Commercial Team provided the update. The converter is basically a bridge that connects the Ethereum network with Cardano and enables easy transfer of Ethereum-based assets. Landino also said that Cardano will be the cheaper, faster, and more secure blockchain.
The tool should be a so-called self-service tool that should be easy to use and as widely applicable as possible. Another focus will be on integrating users of (other) larger platforms in a simpler way. Landino described the functions of the tool and also mentioned that Cardano is a much more efficient network.
The start of the test network for Cardano smart contracts was recently announced, and the main network is expected to be released later this year. In addition, the ADA price reached new highs this month.
Cardano and Ada put in an excellent performance
The Cardano network and its asset ADA performed phenomenally well in 2021. ADA was one of the front runners in the market. The interest of private individuals in the cryptocurrency also increased enormously this year. The number of Google searches for Cardano and ADA reached a new record this year.
For years, Cardano’s roadmap has included a number of important basic functions that are or have been added bit by bit. As a result, trust in the network grew. The crypto community is very excited to see if the network can compete with Ethereum. What makes the Ethereum network so successful is the abundance of dApps. Cardano will therefore have to have a similarly diverse and robust ecosystem.
Translated by Maximilian M.
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