Cardano expects the release of its ERC-20 converter
Cardano expects the release of its ERC-20 converter
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The migration tool will allow Ethereum tokens to move to the Cardano blockchain. SingularityNET will have its native token as the first ERC-20 coin migrated to Cardano. The Cardano blockchain is inching closer to the introduction of decentralized financial services, as the platform’s is close to being deployed on the testnet. IOHK project manager Francisco Landino, the research and development arm behind blockchain, stated that the new tool will hit the testnet next week.

Cardano will introduce multiple new functionalities

During the latest Cardano 360 event, Landino announced that the ERC-20 converter would be deployed to the testnet the following week. The new migration tool was first revealed in May, with the aim of allowing users to bring Ethereum-based tokens onto the Cardano blockchain.

According to Landino, users of Ethereum-based tokens will be able to benefit from Cardano’s transaction capacity and lower fees once the migration tool is implemented. The ERC-20 converter would also allow users to experience improved security, reduced costs, and interoperability on the blockchain.

The converter bridge was planned to come into effect after Alonzo’s hard fork, which will introduce smart contract functionality to the network. Alonzo’s hard fork is expected to take place on September 12. The world’s first decentralized AI network, SingularityNET, will have its native AGIX token to be the first ERC-20 token migrated to Cardano. According to Cardano founder Charles Hoskinson, more than 100 companies are moving from Ethereum to Cardano.

Cardano price set for a 35% hike

Cardano price has been trending higher since the low of July 20, setting higher highs. An ascending parallel channel pattern has emerged on the 4-hour chart as the third largest cryptocurrency by market cap continues to trade within technical limits.

Cardano price is currently bouncing off the downtrend line of the ruling technical pattern at $2.49 and the 78.6% Fibonacci retracement at $2.55. ADA must continue to hold above these support levels for the bulls to look for an optimistic outlook to materialize.

If the chart pattern is robust, Cardano price could aim to test the upper limit of the parallel channel at $3.46, coinciding with the 127.2% Fibonacci extension.

Cardano The next hurdle for ADA is at $2.96, given by the breakout line of the Momentum Inversion Indicator (MRI), corresponding to the middle limit of the technical pattern. Should the Cardano price fail to hold above the aforementioned defense lines, further support will emerge at the $2.41 MRI support line.

The Cardano network and its native asset ADA have shown phenomenal behavior so far in 2021 and have become one of the best performing cryptos in the market, to the point of having aroused the interest of individual investors who have grown Notably, so it can be said that Cardano and ADA have reached their peak, to date, this 2021.

The roadmap or development that Cardano advances has shown that very significant foundational features have been added gradually and this may result in trust in the network also growing and, now, the community is anxiously awaiting how to compete with Ethereum. It is made effective by its wide wealth of dApps, so Cardano will have to offer an ecosystem that is also robust and diverse.

The funding comes shortly after Liquid suffered a major hacking incident last Thursday, when the exchange’s hot wallets were compromised .

Japanese cryptocurrency exchange Liquid has raised $120 million in debt financing from FTX Trading after suffering a nearly $100 million hack last week. Announcing the news on Thursday, Liquid Group and FTX Trading (the owner and operator of cryptocurrency exchange FTX ) said the new funds will help Liquid improve its balance sheet and contribute to the exchange’s licensing opportunities in key jurisdictions. from Japan and Singapore .