Getting ready for DeFi: Cardano to launch converter bridge for ERC-20 tokens
Getting ready for DeFi: Cardano to launch converter bridge for ERC-20 tokens By Angel Di Matteo @shadowargelAlthough

there are no confirmed dates at the moment it is expected that this bridge will be launched next September 12, precisely the

day

when the Alonzo

update takes place and smart contracts arrive to

Cardano’

s network. The

project area manager for IOHK, Francisco Landino, revealed that Cardano will launch a converter bridge especially for ERC-20 tokens , with which these assets will be able to migrate to the project’s Blockchain

network

.

Cardano will launch a converter bridge for ERC-20

tokens

This was confirmed by Landino during the Cardano 360 event , where the developer explained that Ethereum-based tokens should undergo certain changes in order to take advantage of the benefits offered by the Cardano Blockchain ,

among which scalability and low transaction costs stand out.

Although Landino did not offer exact dates, enthusiasts and analysts expect this bridge to be launched on September 12, precisely in the framework of the Hard Fork Alonzo. Let’s keep in mind that it will be that event that will mark the official arrival of smart contracts to Cardano’

s network.

According to IOHK CEO and Cardano’ s lead developer Charles Hoskinson, the arrival of smart contracts to the network aims to prepare its ecosystem to enable a wider range of use cases, including making room for the decentralized finance ecosystem (DeFi), as well as for the digital collectibles sector (NFT)

.

Gearing up for Alonzo’s arrival

Ahead

of the expected upgrade on September 12, Hoskinson said that already more than 100 companies have said they intend to migrate their operations to <a href=”

https://www.diariobitcoin.com/glossary/cardano/” target=”_blank” rel=”noopener”>Cardano, which now gains more traction amid the high cost of transactions on the Ethereumnetwork.

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With the arrival of the next Hard Fork marks the arrival of “The Age of Goguen”, the third major stage in Cardano’ s roadmap , which will be followed by theBasho (Scalability) and Voltaire (Final Adjustments)Eras.

According to several media reports, it is expected that the first token to migrate to the network will be SingularityNET, which is associated with a Decentralized Artificial Intelligence network. Cardano will be SingularityNET, which is associated with a Decentralized Artificial Intelligence network.

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Source: Yahoo! Finance

Version by Angel Di Matteo / DiarioBitcoin

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