{"id":48403,"date":"2021-08-27T13:52:32","date_gmt":"2021-08-27T10:52:32","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=48403"},"modified":"2025-09-02T02:02:55","modified_gmt":"2025-09-01T23:02:55","slug":"cardano-developers-to-test-erc-20-token-converter-service","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/cardano-developers-to-test-erc-20-token-converter-service\/","title":{"rendered":"Cardano developers to test ERC-20 token converter service"},"content":{"rendered":"<p>Next week, in the Cardano testnet, an ERC-20 token converter will be deployed, which should serve as a \u201cbridge\u201d between the blockchain platform and the Ethereum network. This was disclosed by IOHK project manager Francesco Landino.<\/p>\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-ratio-16-9 wp-has-aspect-ratio\">\n<div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"Cardano360 - August 2021\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/baS9efSa2F8?start=2376&#038;feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n<\/div>\n<\/figure>\n<p>According to him, the converter will allow users to move ERC-20 tokens issued on Ethereum to Cardano. They will gain access to the transaction capabilities of the blockchain platform and lower fees. Landino noted its relevance for <span data-descr=\"decentralized finance\" class=\"old_tooltip\">DeFi<\/span> applications, which may want to deploy their services on the new network.<\/p>\n<p>The ERC-20 token converter integration was first announced by the developers in May. The tool is needed by the project to implement promised capabilities in the decentralized finance space.\u00a0<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cThe Alonzo hard fork and Plutus smart contracts are already on the way. After deployment, users will be able to transfer supported ERC-20 tokens from the congested Ethereum network,\u201d the statement said.<\/p>\n<\/blockquote>\n<p>According to the developers, token transfer will take a few clicks. During migration on the Cardano network, special native tokens will be issued that have the same value and operate in a manner similar to the standard.<\/p>\n<p>A two-way conversion is provided. If a user decides to return funds to the original network, the native tokens on the Cardano platform will be burned.<\/p>\n<p>On August 13, IOHK announced that the activation of Alonzo <a href=\"https:\/\/forklog.com\/en\/news\/cardano-becomes-the-third-largest-cryptocurrency-by-market-capitalization-2\">is scheduled for September 12, 2021<\/a>. On this backdrop Cardano price (ADA) <a href=\"https:\/\/forklog.com\/en\/news\/cardano-price-breaks-above-2-9-to-a-new-high\">hit a new high above $2.9<\/a>. This allowed the cryptocurrency to enter the top-3 by market capitalization, according to <a href=\"https:\/\/www.coingecko.com\/en\/coins\/cardano\">CoinGecko<\/a>.<\/p>\n<p>As of this writing, ADA is trading near $2.6.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"490\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/ADAUSDT_2021-08-27_13-23-46-1024x490.png\" alt=\"Cardano developers to test ERC-20 token converter service\" class=\"wp-image-147060\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/ADAUSDT_2021-08-27_13-23-46-1024x490.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/ADAUSDT_2021-08-27_13-23-46-300x144.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/ADAUSDT_2021-08-27_13-23-46-768x368.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/ADAUSDT_2021-08-27_13-23-46-1536x735.png 1536w, https:\/\/forklog.com\/wp-content\/uploads\/ADAUSDT_2021-08-27_13-23-46.png 1834w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>ADA\/USDT hourly chart on Binance. Data: <a href=\"https:\/\/ru.tradingview.com\/symbols\/ADAUSDT\/?exchange=BINANCE\">TradingView<\/a>.<\/figcaption><\/figure>\n<p>The rise in cryptocurrency prices also coincided with a period of high IOHK activity. According to data from <a href=\"https:\/\/app.santiment.net\/charts?settings=%7B%22slug%22%3A%22cardano%22%2C%22ticker%22%3A%22ADA%22%2C%22from%22%3A%222020-12-28T00%3A00%3A00.000Z%22%2C%22to%22%3A%222021-08-27T20%3A59%3A59.999Z%22%7D&#038;widgets=%5B%7B%22widget%22%3A%22ChartWidget%22%2C%22metrics%22%3A%5B%22dev_activity%22%2C%22ethereum_MC_ETH_MC_dev_activity%22%5D%2C%22axesMetrics%22%3A%5B%22dev_activity%22%2C%22ethereum_MC_ETH_MC_dev_activity%22%5D%2C%22colors%22%3A%7B%22dev_activity%22%3A%22%238358FF%22%2C%22ethereum_MC_ETH_MC_dev_activity%22%3A%22%23F47BF7%22%7D%2C%22settings%22%3A%7B%22dev_activity%22%3A%7B%22transform%22%3A%7B%22type%22%3A%22moving_average%22%2C%22movingAverageBase%22%3A21%7D%2C%22interval%22%3A%221d%22%7D%2C%22ethereum_MC_ETH_MC_dev_activity%22%3A%7B%22transform%22%3A%7B%22type%22%3A%22moving_average%22%2C%22movingAverageBase%22%3A21%7D%2C%22interval%22%3A%221d%22%7D%7D%7D%5D\">Santiment<\/a>, from May to August the Cardano team consistently contributed more changes to the GitHub repository than Ethereum developers.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"347\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Cardano-ADA-12.28.46-27-Aug-2021-1024x347.png\" alt=\"Cardano developers to test ERC-20 token converter service\" class=\"wp-image-147061\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/Cardano-ADA-12.28.46-27-Aug-2021-1024x347.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/Cardano-ADA-12.28.46-27-Aug-2021-300x102.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/Cardano-ADA-12.28.46-27-Aug-2021-768x260.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/Cardano-ADA-12.28.46-27-Aug-2021-1536x520.png 1536w, https:\/\/forklog.com\/wp-content\/uploads\/Cardano-ADA-12.28.46-27-Aug-2021-2048x693.png 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Dynamics of Cardano and Ethereum developer activity. Data: Santiment<\/figcaption><\/figure>\n<p>IOHK chief Charles Hoskinson said that many projects in the digital asset industry <a href=\"https:\/\/forklog.com\/en\/news\/charles-hoskinson-criticises-the-industrys-popular-approach-to-product-development\">suffered from embracing a &#8216;first-mover&#8217; strategy<\/a>, and Cardano does not want to repeat their mistakes.<\/p>\n<p>Subscribe to ForkLog news on <a href=\"https:\/\/vk.com\/forklogcom\" target=\"_blank\" rel=\"nofollow noopener\">VK<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Next week, in the Cardano testnet, an ERC-20 token converter will be deployed, which should serve as a bridge between the blockchain platform and the Ethereum network.<\/p>\n","protected":false},"author":1,"featured_media":48404,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1401,791],"class_list":["post-48403","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cardano-ada","tag-erc-20"],"aioseo_notices":[],"amp_enabled":true,"views":"22","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/48403","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=48403"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/48403\/revisions"}],"predecessor-version":[{"id":48405,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/48403\/revisions\/48405"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/48404"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=48403"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=48403"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=48403"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}