Cardano, the world’s largest proof-of-stake (PoS) blockchain, has attained a new milestone in terms of interoperability as Iagon’s Ethereum to Cardano token bridge goes live in beta version.
Iagon, a Cloud Computing Platform offering access to a decentralized IAG-powered Shared Storage Economy, made this new development known in a tweet on the 25th of May 2022. The report says that the firm aims to boost the growth and development of the Cardano ecosystem.
Iagon tweeted, “Iagon Ethereum-Cardano #TokenBridge is launched. We believe that our solution powered by @Milkomeda_com & @nomadxyz_ contributes @Cardano development & growth.”
🔥Iagon Ethereum-Cardano #TokenBridge is launched 🚀
— Iagon (@IagonOfficial) May 25, 2022
Back in April 21st, Iagon announced its migration from the Ethereum to Cardano blockchain. Around that time, it also announced that it had moved 500 million IAG tokens to Cardano, representing 50% of IAG’s total supply.
According to the Iagon team, the purpose-made token bridge was built to enable the conversion of ERC-20 IAG tokens to CNT IAG tokens, to make tokens on both Cardano and Ethereum blockchains interact.
It’s also said that the new bridge will be powered by solutions provided by Milkomeda, a layer-2 protocol. The platform also plans to include support for other ERC20 projects.
In late March 2022, Cardano saw notable progress in its advancement in terms of interoperability after the Milkomeda Foundation announced the launch of Milkomeda C1.
Cardano CI is a Layer 2 Ethereum Virtual Machine (EVM) compatible sidechain that enables the deployment of Ethereum decentralized applications (DApps) to the Cardano blockchain.
After this development, the ADA-AGIX converter was also launched. This enabled SingularityNET token AGIX to become interoperable with the ADA, the native token of the Cardano blockchain.