Input-Output Hong Kong (IOHK) revealed the launch of testnet which allows tokens built on top of Ethereum to come to Cardano’s environment.
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For this purpose, Cardano collaborates with the decentralized AI protocol SingularityNET and its native crypto asset AGIX. SingularityNET allows creating, sharing and monetizing AI services on a marketplace.
On Dec. 7, IOHK unveiled that the AGIX ERC 20 converter testnet went live. It allows users to move AGIX assets to Cardano and back to Ethereum via the bridge. Thus, more DeFi products will become available on Cardano and the number of Dapps written in the coding language for smart contracts Plutus, will grow.
This unlocks the interoperability option across blockchains, thus making more DeFi products and services allowable on Cardano.
The ERC 20 converter is a tool providing Etherum token migration to Cardano. ERC 20 tokens are transformed into a native token on Cardano. They have the same value and functionalities. Then, users can move tokens to Daedalus or Yoroi wallets, and implement transactions. For now, Cardano supports ADA and other tokens built on top of it, the number of which has already reached 160.000.
In the press release, the IOHK team says that using the converter is simple and doesn’t require any technical understanding. To convert tokens, users need to open a new account or configure their Metamask accounts. The exact date of the mainnet launch isn’t known yet, however it’s expected to happen soon.
As announced, Cardano’s plans include allowing secure and seamless token migrations from other chains.
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Previously, IOHK announced increasing Cardano’s block size and Plutus script memory by 12.5%.