Based on the latest development, Cardano’s ERC20 converter testnet will soon be released.
During a recent event, the project manager at Input Output Global (IOG), Francisco Landino, shared some vital updates regarding Cardano’s ERC-20 converter, stating that its testnet will be released next week.
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The ERC-20 converter, which was brought to the notice of the Cardano community in May, will allow users to bring Ethereum-based tokens to Cardano, the world’s largest proof-of-stake (PoS) blockchain.
According to the IOG product manager, the new tool is specially designed for both end-users and token issuers. He further stated that any ERC-20 token could be issued on Cardano as a native token.
It can be recalled that IOG CEO, Charles Hoskinson had once stated that over 100 companies were ready to move from Ethereum, the world’s largest smart contracts platform, to Cardano, its stern rival.
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Francisco Landino also presented a demo of how to convert SingularityNET’s AGIX token to Cardano using the ERC-20 token converter designed by IOG.
Dimitris Poulopoulos, the delivery lead at IOG revealed that the internal team is currently looking for anything that could raise alarm on the network ahead of the Alonzo mainnet deployment. He stated that the team is currently monitoring the network to confirm stability.
Also, the head of technical integrations at the Cardano Foundation, Mel McCann, claimed that the team has started to track 140 exchanges and over 100 third parties within the crypto ecosystem.
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Mel McCann noted:
“We have a lot of different components that we offer to exchanges, and not every exchange business is the same.”
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