- Cardano will launch a converter to migrate assets between the Ethereum and Cardano blockchains in its next Testnet.
- The developer team expects it to be featured on the ADA Testnet on September 12 if there are no hiccups.
- The Cardano upgrade will offer lower costs and faster transaction times.
The good news of Cardano (ADA) does not stop arriving, which makes it less and less strange to see it in the third position of the best cryptocurrencies.
Now, Cardano will launch, over the course of the following week, a converter to migrate assets from the Ethereum network (ERC-20) to Cardano and vice versa in your next Testnet.
As announced by IOHK, the developer team behind Cardano, This new tool will serve so that the Ethereum blockchain tokens under ERC-20 technology can easily migrate to the Cardano blockchain. In addition, according to the IOHK team, projects that wish to can migrate to Ethereum in the same way.
“People will be able to move liquidity or they will be able to move their utility tokens to use the applications that are migrating from Ethereum to Cardano”Said Francisco, from the IOHK team.
On the release date side, the team of developers expects it to be presented on the ADA Testnet on September 12 “if nothing extraordinary happens”, this being one of the many new features that will include the next ADA HardFork, better known as Alonzo.
What benefits will this new converter bring?
It is no secret to anyone all the problems that the Ethereum blockchain continues to drag, between slow processing times, high transaction costs and a difficult architecture for developers. It is because of that, Each day that passes new competitors of Ethereum emerge, with more ease to build DEX, DeFi or DApps, less time of transactions and lower costs. As has been the case with Binance Smart Chain, TRON and now Cardano.
On the part of this new converter, Landino said that the benefits of migrating to the ADA blockchain include lower costs and faster transaction timesBut this is not all, as the IOHK team revealed that it will also improve the security of the Ethereum blockchain.
“More specifically the security of validators and signatures of Smart Contracts”Is heard in the video.
In addition, the tool will be “self-service”, focused on ease of use and on being broad spectrum regarding the applicability of this bridge. With this, the Cardano team hopes that it will attract more and more large users, such as crypto exchanges or NFT games to use its blockchain over that of “your competitors”.
The evolution of Cardano
Cardano has been catapulted during the last couple of weeks due to news such as the arrival of its Smart Contracts, which pushed its price from $ 0.17 dollars in early 2021, to $ 2.95, which represents an increase of 1530%. At the time of writing this article, its price is around $ 2.76 dollars.
In addition, these new updates have led ADA to rank as the third most important cryptocurrency on the market with a market capitalization close to $ 88.7 billion, still a bit far behind ETH with $ 400 billion.
More than 100 projects await the converter to leave Etheruem behind
As expressed by the founder of ADA, Charles Hoskinson, more than 100 projects await the launch of the converter both on the Testnet and on Alonzo to leave behind the limitations of Ethereum.
The first of them to migrate will be SingularityNET, a blockchain primarily focused on decentralized artificial intelligence, currently has a market where AI algorithms can be auctioned to the highest bidder.
This first migration is expected to take place on the first day that the testnet is available.
“Everything will be seen next week on Testnet. Users will be able to test how they can migrate their AGA tokens from Ethereum to Cardano. And also, going back from Cardano to Ethereum”Concluded the IOHK video.
La Ethereum Killer
The successful pursuit of its roadmap, with some natural delays, has generated not only a price increase but an increase in confidence in the network.
If not, it has also generated that experts outside and within the Ethereum and Cardano ecosystem have commented that maybe we are in the presence of the real Ethereum Killer, only if the latter is not able to finally move forward on its overdue roadmap.
Will Ethereum continue to withstand attacks from its competitors? Will we finally see Ethereum 2.0 and PoS or is it already too late?
It might interest you:
We would love to thank the author of this short article for this remarkable material
Cardano will launch its Ethereum converter on its testnet in a few days