The third-largest cryptocurrency by market capitalization Cardano will now enable interoperability by introducing the ERC-20 Ethereum converter bridge that will launch next week along with the awaited ‘Alonzo’ upgrade.
The upgrade is scheduled for September 12 and would introduce Smart Contracts to Cardano mainnet.
The new tool, ERC-20 Ethereum converter bridge, is set to launch on its testnet with investors awaiting new ATHs following last week’s impressive rally.
Bridge tools were mentioned by the time in May, however, introduction to the new project was offered in an event called Cardano360 held by IOHK on the 27th of this month. IOHK project manager Francisco Landino explained:
“The ERC20 Converter is a bridge to connect Ethereum’s blockchain to Cardano, so users will be able to migrate their tokens from Ethereum to Cardano, people will be able to move liquidity or to move their utility tokens to use the applications that are migrating from Ethereum to Cardano.”
He added that users would be able to enjoy high-speed transactions and low fees with the new function.
Apart from this, another converter bridge, SingularityNET (AGIX), an Ethereum-based network has been planning to test a tool that will migrate Cardano blockchain to Ethereum, moving its native AGIX token to the Cardano network.