Cardano’s Investment Arm, EMURGO, Commits $100 Million to Ramp Up DeFi Integration

Cardano’s Investment Arm, EMURGO, Commits $100 Million to Ramp Up DeFi Integration

The Cardano ecosystem has been making significant waves since the launch of smart contracts on the blockchain. With new functionality and demand already ramping up, the blockchain’s developers are now looking to expand into more novel spaces.

All Out for DeFi

Earlier this week, EMURGO – the commercial arm of the Cardano Foundation – announced a commitment of $100 million towards funding startups in the non-fungible token (NFT) and decentralized finance (DeFi) spaces. The company announced at the 2021 Cardano Summit, explaining that the funds will be allocated to help grow Cardano’s ecosystem and help it expand into these spaces.

Discussing the initiative, Ken Kodama – EMURGO’s founder and chief executive – explained that they are looking to support startups and growth-stage companies working on these projects in the Cardano ecosystem. The funds will also be directed towards Cardano-centric education programs to increase awareness of the blockchain and its initiatives.

Besides just talking, EMURGO is already making moves. Its African subsidiary – EMURGO Africa – plans to support at least 300 startups on the continent, offering seed funding and incubation for these companies. The entity will collaborate with Adanian Labs – a smart technology incubation engine – to expand the Cardno ecosystem in Africa.

At the same time, EMURGO Ventures will focus more on developed countries and facilitate the building of impactful solutions on the Cardano blockchain. The company’s objectives will focus primarily on DeFi, NFTs, and blockchain developer education.

Partnerships Rolling in For Cardano

The initiative is all part of Cardano’s growth strategy. The Cardano Foundation made waves following the successful Alonzo hard fork earlier this month, adding smart contract functionalities to make the blockchain more useful for building decentralized applications (dApps). Many believe that Cardano could pose serious competition to Ethereum, especially with its market position and backing from big players.

Input Output Hong Kong (IOHK) – Cardano’s developer – has been putting its money where its mouth is as well. The developers recently announced a partnership with Chainlink – the leading blockchain oracle developer – to integrate the latter into its blockchain. Chainlink’s integration means that the Cardano blockchain will get high-quality, real-time off-chain data for developers looking to build on it.

The company has also partnered with DISH Network – a top wireless and cable service provider – to offer digital identity security services to DISH customers.

All of these initiatives appear to be yielding results. This week, Cardano’s payment gateway provider Coti confirmed that it would be the official user for Djed – a new DeFi-focused stablecoin for Cardano. Djed will be based on an algorithmic design and use smart contracts to keep its price stable and enable DeFi transactions.

The asset is primarily designed to enable fee payments on the Cardano network, thus allowing users to avoid the gas fees associated with Ethereum.

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Author: Jimmy Aki

IOHK to Launch a dApp Marketplace and Fractional NFTs on Cardano (ADA) Blockchain

IOHK to Launch a dApp Marketplace and Fractional NFTs on Cardano (ADA) Blockchain

The Cardano blockchain has been on a significant expansion spree following the launch of its smart contract feature. Now that smart contracts are live, the blockchain’s developers- Input Output Hong Kong (IOHK) – are wasting no time making it more functional.

Bringing All Available dApps to One Place

On Wednesday, IOHK published a blog post announcing that they would be looking to launch a store for decentralized applications (dApps) on the Cardano blockchain. The store – called Plutus – will serve as a central repository for all dApps launched on Cardano, making it easier for community members to find them.

The blog post included a snapshot of Cardano’s “integrated approach” to the development of its ecosystem. The company is looking to make Plutus a central part of its Cardano Summit.

Shruti Appiah, Cardano’s product and smart contracts lead, pointed out that Plutus will address two issues primarily. The first problem is the lack of a formal discovery process for Cardano’s dApps, while the second is the absence of a consolidated view of the dApps. On Plutus, Cardano users will be able to run through all available apps on the chain through a single “web page.”

IOHK added that it would also add a certification program for third-party dApps on Cardano. This way, third-party developers would build their apps and launch on the blockchain, and certification will make these apps more trustworthy to users.

The spate of announcements didn’t stop there, however. The next day, dcSpark – a fast-rising blockchain startup – announced a new Cardano-based project called Fracada. The project will integrate with Cardano’s Plutus language to make it possible for non-fungible tokens (NFTs) to be broken down into “fractions.”

Using fractionalization, people will be able to purchase parts of an NFT if they don’t have the funds to buy the whole thing. It is unclear whether there will be an equally large market for fractionalized NFTs. Still, NFT functionality coming to the Cardano blockchain is another impressive feat that’s coming thanks to the introduction of smart contracts.

Good Times for Cardano

It has been an exciting two weeks for the Cardano blockchain. Much anticipation was built towards the launch of smart contracts on the chain through the Alonzo hard fork, and the successful implementation of the hard fork bright a new wave of adoption.

Data shows that over 200 smart contracts have been listed on the Cardano blockchain, showing that developers are now looking to build on it. Charles Hoskinson, the founder of IOHK, has publicly bragged that the introduction of smart contracts on Cardano now means that the decentralized finance (DeFi) space is now “up for grabs.” he pointed out that the “winning” blockchains will be those to focus on multi-chain support and liquidity, and this is what they plan to do at Cardano.

Last month, dcSpark confirmed that its sidechain project would also bring Ethereum-compatible smart contracts to the Cardano blockchain. As the market continues to grow, Cardano could be putting itself in a unique position.

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Author: Jimmy Aki

Binance To Suspend Cardano (ADA) Transactions in Support of Alonzo Implementation

Binance To Suspend Cardano (ADA) Transactions in Support of Alonzo Implementation

The Cardano upgrade to bring smart contracts on has been one of the crypto industry’s biggest stories of the week.

Despite the criticism from some early users, Cardano recently got support from the world’s largest crypto exchange.

Taking a Break

Yesterday, crypto exchange Binance announced that it would support the Cardano Foundation and Input Output Hong Kong (IOHK) as they look to integrate smart contracts into the Cardano blockchain this weekend. The upgrade – dubbed Alonzo – has been earmarked to occur on September 12, and it will be a watershed moment in the blockchain’s history.

As Binance explained in its release, it would halt all deposits and withdrawals of the blockchain’s ADA token on its exchange platform 30 minutes to the implementation of Alonzo. The exchange added that trading activities for ADA wouldn’t be affected.

As soon as the upgrade is considered to be stable, Binance will continue ADA-based transactions. The introduction of smart contracts should make Cardano a more scalable and functional blockchain, with the platform hoping to play home to decentralized finance (DeFi) protocols and other applications.

Alonzo’s Importance

Support from Binance will definitely come in handy for Cardano, with the early iteration of Alonzo having faced significant criticism. Earlier this month, IOHK launched Plutus – a smart contract functionality – on the Cardano testnet. One of the first projects to launch on the testnet was Minswap – a multi-pool decentralized crypto exchange.

Sadly, Minswap ran into concurrency issues, and it had to shut its testnet down on Sunday. Users had criticized the exchange for having slow transaction confirmation times, with the service handling about one transaction a second. Some also pointed to Cardano’s use of “unspent transaction outputs” – components that help to track user funds.

While Cardano had refrained from discussing the issue, ADA’s price took a big hit over the week. Of course, the market correction played a part. ADA had crossed $3 for the first time last week, but its price plunged back into the lower $2 range over the past few days.

The developers have so far not said anything about the concurrency issues. But, company chief executive Charles Hoskinson has tweeted that the fuss is nothing more than people trying to create unnecessary FUD.

Investors will be looking to see how Alonzo’s implementation splays out this weekend and its effect on the asset’s token.

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Author: AnTy

FUD or Facts: Concurrency Issues Plague Cardano’s Smart Contract Rollout

FUD or Facts: Concurrency Issues Plague Cardano’s Smart Contract Rollout

Cardano is currently one of the trending blockchain platforms, with the developers and users anticipating the launch of smart contracts on its network.

However, with the launch date engine ever closer, there appear to be some issues under the hood.

Hype Preceding Alonzo’s Arrival

Earlier this week, Input Output Hong Kong (IOHK) – the developers of the Cardano blockchain – confirmed on social media that smart contracts would go live on the network’s mainnet on September 12. The tweet explained that a proposal for Cardano’s Alonzo upgrade had successfully been submitted, and the major upgrade would happen as scheduled.

This is a huge deal. Smart contracts have always been a major deficiency of the Cardano blockchain, and their inclusion will bring it on par with more established chains like Ethereum. The addition of smart contracts also means that Cardano can finally be home to decentralized finance (DeFi) protocols and more.

The anticipation of smart contracts has been a major driving force of growth for Cardano’s ADA token, which blitzed its previous all-time high and set a new high above the $3 mark earlier this month. It is also worth noting that the upgrade has so far gone according to schedule – timing has plagued Cardano’s main competitor, Ethereum, as it looks to move to a proof-of-stake consensus algorithm with its ETH 2.0 upgrade.

Problems and FUD Leave Cardano in a Dire Spot

Despite the excitement, however, there appears to be growing criticism for the Alonzo upgrade. Last Thursday, IOHK announced the launch of the Plutus smart contract functionality on Cardano’s testnet. Minswap, a multi-pool decentralized crypto exchange launched on the Cardano testnet, has since run into concurrency issues. The company eventually shut down its testnet on Sunday, pledging to be back after resolving its problems.

Minswap users criticized it for slow transactions, with the service reportedly only handling one transaction per block. Minswap’s difficulties were reportedly due to Cardano’s use of “unspent transaction outputs” (UXTO), which help to track user funds. Other decentralized exchanges may have to deal with the same problem, meaning that Cardano might have scalability issues.

So far, Cardano hasn’t responded to the criticism. However, the company’s chief executive Charles Hoskinson has explained that many of these critics simply don’t understand Alonzo or what Cardano is looking to do. Hoskinson said in a tweet,

“As expected, there is a massive FUD storm underway. We saw the same with Shelley last year. It’s nothing new. Just people wanting to burn down what they don’t understand or feel threatened by. September 12th is a big day, but just a day on a long journey we are all on together.”

The criticism couldn’t come at a worse time for ADA, which was also swept as the market corrected on Tuesday. After hitting an all-time high of $3.09 on September 2, ADA has continued to plunge. The asset is now trading down 10.7 percent in the past day, holding at $2.42.

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Author: Jimmy Aki

Cardano (ADA) Remains A Favorite Among Retail & Institutions Alike with Alonzo Upgrade “On Schedule”

Cardano (ADA) Remains A Favorite Among Retail & Institutions Alike with Alonzo Upgrade “On Schedule”

The upgrade is a major milestone for Cardano, which is in its “final, critical stage” that will “usher in a transformative era of smart contracts capability.” Ahead of the big day, ADA is trading near its ATH, targeting $3, as Cardano investment product saw the largest on record inflow.

Finally, after years of development, Cardano is all set to have smart contracts.

Talking about the much anticipated Alonzo upgrade in a recent vlog post, Cardano founder, who also co-founded Ethereum, Charles Hoskinson, said, “Everything’s green and go, we’re on schedule.”

The Alonzo hard fork is a major upgrade for the third-largest network with its full capabilities, including the implementation of smart contract functionality. This functionality will allow anyone to deploy their own smart contracts on the blockchain, paving the way for Cardano-native decentralized applications.

Alonzo’s activation will also mean the end of the Shelley era of Cardano and marking the beginning of the Goguen phase.

In its monthly update, IOHK shared that Cardano testnet is primed for release “for the first of September,” though “this is not without risk” as there could be “a severe unexpected issue which might push it out but with all known things that we know right now we remain on track,” it added.

This major milestone for Cardano is basically in its “final, critical stage” that will “usher in a transformative era of smart contracts capability.”

During the surprise Ask Me Anything (AMA) on Monday, Hoskinson also explained that 25 stakeholders went through a checklist of things, and everything “kept coming up green.” As such, the team is now ready to pick the mainnet candidate to begin the process of gradual upgrade.

“We’re going to initiate an HFC (hard fork combinator) event on the Testnet,” said Hoskinson. “Testnet will be in the Alonzo stage.”

Ahead of this upgrade, ADA is rallying. Just a week back, ADA hit a new peak at $2.95 and is currently trading at $2.80, making it worth an $89.9 bln cryptocurrency.

While retail has been piling into ADA for some time now, institutions have also taken a liking to it.

According to Coin Shares’ report, last week, Bitcoin had outflows for the 8th consecutive week totaling $3.8 mln while Cardano saw inflows totaling $10.1 million, the largest on record that brings its market share to 0.15%.

Meanwhile, the leading network with smart contracts functionality Ethereum (ETH) represents 32% of total digital asset AUM, seeing $17 mln in inflows last week.

Other competitors Polkadot (DOT) and Solana (SOL), also recorded $1.5 mln and $2.7 mln in inflows. On Monday, Hoskinson praised Solana, which continues to rally to new peaks, on its success, tweeting, “Solana you guys seem to be making waves. Congratulations. Where can I learn more?”

DOT 20.83% Polkadot / USD DOTUSD $ 31.47
$6.5620.83%
Volume 5.43 b Change $6.56 Open $31.47 Circulating 987.58 m Market Cap 31.08 b
8 h Cardano (ADA) Remains A Favorite Among Retail & Institutions Alike with Alonzo Upgrade “On Schedule” 1 d Investors Turn to Ether Competitors, Solana’s SOL Hits 3-Digits to Mark A New ATH 3 d Risky Assets Rejoice: Bitcoin & Gold Spike and Stocks Hit Record High while Dollar Weakens on Powell’s Dovish Speech
SOL -1.86% Solana / USD SOLUSD $ 108.48
-$2.02-1.86%
Volume 7.59 b Change -$2.02 Open $108.48 Circulating 291.09 m Market Cap 31.58 b
8 h Cardano (ADA) Remains A Favorite Among Retail & Institutions Alike with Alonzo Upgrade “On Schedule” 11 h OpenSea Dominates the NFT Market, Floor Price Continues Its Uptrend as Alameda Apes In, Solana Joins Too 1 d Historically September Records Losses, But Will This Time Be Any Different?
ETH 6.47% Ethereum / USD ETHUSD $ 3,433.73
$222.166.47%
Volume 27.28 b Change $222.16 Open $3,433.73 Circulating 117.34 m Market Cap 402.9 b
8 h Cardano (ADA) Remains A Favorite Among Retail & Institutions Alike with Alonzo Upgrade “On Schedule” 8 h Ripple Labs Requests Information About Possible SEC Employees’ XRP Holdings 9 h FTX to Offer Derivatives Trading to US Customers Through the Acquisition of CFTC-Regulated Exchange

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Author: AnTy

Cardano Launches Latest Version Of Alonzo Testnet, Dubbed Alonzo White

Cardano Launches Latest Version Of Alonzo Testnet, Dubbed Alonzo White

Blockchain platform Cardano is getting closer to a final release of smart contracts on its mainnet. The firm announced the launch of another upgrade in the Alonzo testnet called Alonzo White.

Cardano Expanding Support For Smart Contracts With Alonzo

The Cardano team of developers, Input Output Hong Kong (IOHK), announced the successful hard fork of the Alonzo testnet in a tweet.

“Over the past week, we have spun up a new network and onboarded our new intake ready to help us move us closer to smart contracts. Now the next stage of the journey begins,” IOHK said in part.

The Alonzo White is the upgrade that follows after Cardano’s previous testnet, Alonzo Blue, was released in May this year. The third upgrade called the Alonzo Purple is scheduled to launch in September this year.

The Alonzo hard fork is part of Cardano’s expansion plans to introduce smart contracts to the blockchain. With these smart contracts, decentralized applications (dapps) would be built on top of Cardano, allowing it to compete with blockchains like Ethereum and Polkadot. ETH -1.43% Ethereum / USD ETHUSD $ 1,877.52
-$26.85-1.43%
Volume 14.75 b Change -$26.85 Open $1,877.52 Circulating 116.72 m Market Cap 219.15 b
8 h Cardano Launches Latest Version Of Alonzo Testnet, Dubbed Alonzo White 9 h Another Win For Ripple As Judge Orders The Deposition Of Former SEC Official, William Hinman 10 h Thorchain (RUNE) Tested, Network Gets Halted After Being Attacked for 4k ETH
DOT -7.57% Polkadot / USD DOTUSD $ 12.03
-$0.91-7.57%
Volume 807.04 m Change -$0.91 Open $12.03 Circulating 975.88 m Market Cap 11.74 b
8 h Cardano Launches Latest Version Of Alonzo Testnet, Dubbed Alonzo White 3 d Energy Trading Platform Power Ledger Switches Allegiance To Solana Blockchain 4 d Investors Seeking Diversification in Crypto with Multi-Asset Products Recording Largest Inflows: CoinShares Report

While Alonzo Blue offered smart contracts to only a few sets of technical insiders, the new Alonzo White upgrade lets more people in. Now, about 500 validators, stake pool operators, and developers can test out the feature.

Meanwhile, Cardano has also announced that its Cardano 360 event slated for this month would hold on July 29th. This event would offer technical and commercial updates of Cardano within its ecosystem.

Founded in 2015 by Mathematician and co-founder of Ethereum Charles Hoskinson, Cardano is a proof-of-stake (PoS) blockchain network.

The platform, which calls itself a third-generation public blockchain was created to address scalability, sustainability and interoperability issues as seen on other blockchains like Bitcoin and Ethereum. BTC -0.72% Bitcoin / USD BTCUSD $ 31,398.03
-$226.07-0.72%
Volume 23.68 b Change -$226.07 Open $31,398.03 Circulating 18.76 m Market Cap 588.97 b
8 h Cardano Launches Latest Version Of Alonzo Testnet, Dubbed Alonzo White 8 h Bitcoin DeFi is Twitter CEO Jack Dorsey’s New Goal 9 h Another Win For Ripple As Judge Orders The Deposition Of Former SEC Official, William Hinman

Cardano Won’t Release Smart Contracts By October

As Cardano moves forward with its smart contract plans, some users do not believe that the smart contract functionality will go live on the mainnet soon.

According to a prediction market called Polymarket, 68% of bets project that smart contracts will not be live on Cardano by October 1, as stated on its roadmap.

Although tech timelines are known to be unreliable and hard to predict sometimes, the Alonzo testnet has been making steady progress so far.

The Alonzo hard fork marks the last phase under the network’s Goguen era. Cardano already launched the Allegra and Mary Hard fork under Goguen. While Allegra was executed last December as the upgrade that brings token locking to the blockchain, Mary was launched in March this year.

The Mary hard fork turned Cardano into a multi-asset network that can potentially support different crypto assets.

According to the roadmap, Cardano’s development is organized into five eras. Other phases apart from Goguen include Byron, Shelley, Basho, and Voltaire.

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Author: Jimmy Aki

US Congressman Buys Cardano (ADA), Dogecoin (DOGE), and Ethereum (ETH)

Alabama Representative Barry Moore bought Dogecoin (DOGE), Cardano (ADA), and Etherium (ETH) in the last two months, according to the trading disclosed filed with the clerk of the House of Representatives on July 2.

These filings are part of disclosure requirements mandated by the “Stop Trading on Congressional Knowledge Act,” or STOCK Act that requires reporting trades no later than 30 days and “in no case later than 45 days” receiving notification of any transaction required to be reported.

Etherium (ETH) was Moore’s first purchase on May 5, above $3,300, and near the $4,380 top on May 12. ETH -0.23% Ethereum / USD ETHUSD $ 2,317.95
-$5.33-0.23%
Volume 22.41 b Change -$5.33 Open $2,317.95 Circulating 116.6 m Market Cap 270.28 b
4 h Auction House Sotheby to Accept Bitcoin and Ether for the Sale of An Over 100-Carat Diamond 6 h Ethereum Fees And Daily Transactions Spike Thanks to Shiba Inu (SHIB), Tether & Uniswap 7 h NFT Mania Peaked in March But Play-to-Earn Games Leading the Market Now; Accelerating Mainstream Mass Adoption

Moore made three purchases of ADA on May 10, 11, and 13 when its price was just above $1.70, just days before the $2.45 peak on May 16. Since then, ADA’s price is down 41.3%, currently at $1.43. ADA -1.05% Cardano / USD ADAUSD $ 1.40
-$0.01-1.05%
Volume 1.35 b Change -$0.01 Open $1.40 Circulating 31.95 b Market Cap 44.82 b
8 h US Congressman Buys Cardano (ADA), Dogecoin (DOGE), and Ethereum (ETH) 10 h Cardano Beats Bitcoin and Ethereum as the Most HODL’d Crypto Asset on eToro in Q2 2021 2 d Inflows Recorded Across Digital Assets for the First Time in 9 Weeks: CoinShares Report

His most recent purchase was of DOGE on June 13 at around 3 cents. Unlike the other crypto purchases, this has been towards the decline. Still, the coin is trading around $0.2355, as of writing, down 62% from the $0.73 peak on May 8, according to Coingecko. DOGE -4.39% Dogecoin / USD DOGEUSD $ 0.22
-$0.01-4.39%
Volume 1.15 b Change -$0.01 Open $0.22 Circulating 130.35 b Market Cap 29.21 b
8 h US Congressman Buys Cardano (ADA), Dogecoin (DOGE), and Ethereum (ETH) 10 h Cardano Beats Bitcoin and Ethereum as the Most HODL’d Crypto Asset on eToro in Q2 2021 3 d Jack Dorsey says “No” to ETH, but Twitter Shows Interest With its Free NFTs Displayed on Rarible

Moore is not alone in buying the meme coin; in early April, US Rep. Mark Green (R-Tenn.) made two purchases of Dogecoin at around 6 cents.

The disclosure does not clear just how much of each coin was bought but rather mentioned a range of $1,000-$15,000 for each purchase. This puts his total crypto investment between $5,000 and $75,000.

However, there is no way to know if the congressman is still holding these crypto-assets or sold them over these last two months.

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Author: AnTy

Cardano (ADA) Gains 3rd Largest Weightage in Grayscale’s Rebalanced Large Cap Fund

Cardano (ADA) Gains 3rd Largest Weightage in Grayscale’s Rebalanced Large Cap Fund

As part of its quarterly composition of Digital Large Cap Fund, Grayscale, the largest digital asset manager, has added Cardano (ADA) to it.

The Fund now comprises of 67.47% Bitcoin (BTC), 25.39% Ethereum (ETH), 4.26% Cardano (ADA), 1.03% Bitcoin Cash (BCH), 0.99% Litecoin (LTC), and 0.86% Chainlink (LINK).

“We are excited to welcome Cardano to our Digital Large Cap Fund’s portfolio as we work to ensure that our diversified Fund can safely hold assets that collectively comprise 70% of the entire digital asset market,” said Edward McGee, Vice President of Finance at Grayscale.

ADA is currently the 4th largest cryptocurrency with a market cap of $45.5 billion. Trading at $1.43, ADA’s price is up more than 11% in the past week but down 42% from its all-time high of $2.45 in mid-May.

In the meantime, the daily average volume of Grayscale Bitcoin Trust (GBTC) has dropped by 34.6% to $274 million, down 64.8% YTD. GBTC shares are currently trading at $28.58.

GBTC, which has $21.57 billion assets under management, is currently fast approaching the end of its 6-month unlocks that has its discount shrinking to 8.84%, which went as much as 21.23% high in mid-May.

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Author: AnTy

Cardano Partners with Multi-Billion Blockchain, Nervos to Launch First Interoperability Feature

Cardano Partners with Multi-Billion Blockchain, Nervos to Launch First Interoperability Feature

Cardano partners with Nervos to create the first multi-billion cross chain between the two blockchains. Released this Tuesday, the partnership marks the first-ever cross-chain feature on Cardano, the sixth-largest blockchain in market capitalization.

After a successful launch of its smart contracts, Cardano is adding interoperability features to its blockchain to enhance seamless transactions across different blockchains. IOHK, the main development arm of Cardano, is partnering with Nervos network, a multi-billion dollar blockchain, to introduce cross-chain bridges connecting the two platforms labeled the “Force Bridge” in the coming two months.

The partnership with Nervos opens up Cardano to billions of dollars in transactions on Nervos, pushing closer the goal of having a wide network of blockchain interoperability across the industry. Additionally, the partnership allows users to transfer native tokens (CKB and ADA) across the chains seamlessly – further enhancing the DeFi ecosystems.

Apart from interchangeably transferring assets across the two blockchains, users will also be able to create new “user-defined” tokens that connect across the blockchains. Romain Pellerin, CTO at the IOHK, believes interoperable blockchains present the channel to future innovations that allow users to “seamlessly access value and utility, regardless of which blockchain they are using,” he said in a statement.

“As a result, bridges like this are an absolute necessity in order to ensure that users have a seamless experience.”

“By connecting our communities and finding innovative new ways to work together, as we have been doing with Nervos, we can ensure that blockchain lives up to its promises of creating a fairer and more efficient global financial operating system.”

Furthermore, developers across both chains will be able to interact with dApps across the blockchains, improving the services and features available to users.

The statement further confirms Mousebelt, a full-service blockchain accelerator, will build the bridge. Mousebelt will receive monetary grants from Nervos and the IOHK and gain mentorship from the IOHK team.

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Author: Lujan Odera

IOHK Unveils ERC-20 Converter Tool for Testnet, Allowing Ethereum Tokens to Migrate to Cardano

IOHK Unveils ERC-20 Converter Tool for Testnet, Allowing Ethereum Tokens to Migrate to Cardano

Popular ‘Ethereum killer’ Cardano is on the march again, and this time it is focusing on creating a token bridge between Ethereum and its network.

Cardano Releases ERC-20 Converter

In a Monday release by project manager Francisco Landino of Input-Output Hong Kong (IOHK), the development arm of the Cardano project, said that the forthcoming Alonzo upgrade will come with an ERC-20 token converter, leading to interoperability between blockchains and enabling ample business opportunities.

Landino noted that the ERC-20 converter would easily enable developers and companies to move their tokens to the Cardano network.

The IOHK executive notes that this process is almost seamless as users can move their tokens with just a few clicks. The migrated tokens would then be ‘translated’ to a native token on the Cardano network with the same value and operate just like the ERC-20 token.

Also, the ERC-20 converter will allow users to reconvert their special tokens to an ERC-20 token and send them back to the source network by burning them on the Cardano network through the two-way convertibility functionality.

Landino then announced that the ERC-20 converter tool is currently under development and will be launched on a dedicated testnet soon.

The new upgrade would quickly position Cardano as a likely substitute for the Ethereum network and encourage more DeFi participation given Cardano’s cost-effective technology.

Landino also mentioned the obvious—which is that Ethereum’s challenges were slowing down the decentralized finance (DeFi) space. According to Landino, high gas fees force many developers and organizations to look elsewhere to build DeFi services.

Accordingly, Cardano is looking to solve this problem through its technologically advanced blockchain solution. Cardano, which operates on a proof-of-stake (PoS) protocol called Ouroboros, uses a consensus mechanism that selects a validator based on the number of digital tokens they hold and for a select period called epochs.

This greatly reduces the need for high energy consumption like the proof-of-work (PoW) protocol Ethereum and Bitcoin uses. Cardano also boasts of a faster transaction process and lower fees for users. ETH 3.59% Ethereum / USD ETHUSD $ 3,362.95
$120.733.59%
Volume 40.08 b Change $120.73 Open $3,362.95 Circulating 115.93 m Market Cap 389.87 b
3 h Polkadot to Roll Out Parachains on Kusama Canary Network, the Final Phase Before Full Launch 4 h IOHK Unveils ERC-20 Converter Tool for Testnet, Allowing Ethereum Tokens to Migrate to Cardano 6 h Crypto Investment Firm Valour Unveils Cardano (ADA) and Polkadot (DOT) Exchange-Traded Products (ETPs)
BTC -1.43% Bitcoin / USD BTCUSD $ 42,635.41
-$609.69-1.43%
Volume 55.57 b Change -$609.69 Open $42,635.41 Circulating 18.71 m Market Cap 797.85 b
4 h IOHK Unveils ERC-20 Converter Tool for Testnet, Allowing Ethereum Tokens to Migrate to Cardano 6 h FTC Data Reveals Big Jump In Crypto Investment Scams, Losses Totaling $80M 6 h Crypto Investment Firm Valour Unveils Cardano (ADA) and Polkadot (DOT) Exchange-Traded Products (ETPs)

ADA Outpacing Other DeFi Platforms

Cardano has quickly established itself as a frontrunner for the DeFi space left open by the Ethereum network. The project, which commenced in 2017, also faces stiff competition from mega DeFi facilitators– Polkadot, NEO, EOS, and Solana. DOT 5.30% Polkadot / USD DOTUSD $ 40.39
$2.145.30%
Volume 3.9 b Change $2.14 Open $40.39 Circulating 938.99 m Market Cap 37.92 b
3 h Polkadot to Roll Out Parachains on Kusama Canary Network, the Final Phase Before Full Launch 4 h IOHK Unveils ERC-20 Converter Tool for Testnet, Allowing Ethereum Tokens to Migrate to Cardano 6 h Crypto Investment Firm Valour Unveils Cardano (ADA) and Polkadot (DOT) Exchange-Traded Products (ETPs)
NEO 2.23% Neo / USD NEOUSD $ 86.93
$1.942.23%
Volume 941.09 m Change $1.94 Open $86.93 Circulating 70.54 m Market Cap 6.13 b
3 h Polkadot to Roll Out Parachains on Kusama Canary Network, the Final Phase Before Full Launch 4 h IOHK Unveils ERC-20 Converter Tool for Testnet, Allowing Ethereum Tokens to Migrate to Cardano 2 w Due to Increased Demand, Social Trading Platform Firm eToro Now Supports DOGE
EOS 2.90% EOS / USD EOSUSD $ 9.27
$0.272.90%
Volume 4.44 b Change $0.27 Open $9.27 Circulating 953.49 m Market Cap 8.84 b
3 h Polkadot to Roll Out Parachains on Kusama Canary Network, the Final Phase Before Full Launch 4 h IOHK Unveils ERC-20 Converter Tool for Testnet, Allowing Ethereum Tokens to Migrate to Cardano 1 d Tether (USDT) Launches on Avalanche Which is Burning Fees at Increasing Speed
SOL 20.97% Solana / USD SOLUSD $ 55.93
$11.7320.97%
Volume 2.03 b Change $11.73 Open $55.93 Circulating 272.64 m Market Cap 15.25 b
3 h Polkadot to Roll Out Parachains on Kusama Canary Network, the Final Phase Before Full Launch 4 h IOHK Unveils ERC-20 Converter Tool for Testnet, Allowing Ethereum Tokens to Migrate to Cardano 1 d Tether (USDT) Launches on Avalanche Which is Burning Fees at Increasing Speed

Nevertheless, Cardano has continued to thrive, given the consistency in the release of its upgrades. Presently on the fourth stage of its roadmap, the Cardano network is transitioning to a decentralized platform, and its Alonzo hard fork combinatory is expected to complete this process.

Its native token ADA has also been performing well when the broader crypto market slumped, surging to a new all-time high (ATH) of $2.43 two days prior. It is currently the fourth most valuable crypto asset.

In speaking of the first digital token to move to the Cardano network from Ethereum, Landino said that SingularityNET’s AGI token would make the first attempt.

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Author: Jimmy Aki