Connect with us

Cardano

Cardano launches the ERC20 Converter on the testnet to connect to Ethereum

Published

on

Less than 2 weeks after the activation of smart contracts on the Cardano blockchain, numerous tools are being activated on the testnet , including the ERC20 Converter, a converter to connect the Cardano blockchain to Ethereum.

During the latest Cardano360 update , Francisco Landino , from the Arch Case sales team, explained what the ERC20 Converter is and gave an update on the project: 

“Users will be able to migrate their tokens from Ethereum to Cardano, users will also be able to move cash or move their utility tokens to use the applications that are migrating from Ethereum to Cardano. These applications are mainly looking for a cheaper and faster blockchain with also greater security regarding how smart contracts are formally verified thanks to Cardano’s best capabilities. […] This is a two-way bridge, so users can migrate from Ethereum to Cardano and from Cardano to Ethereum ”.

Several months ago we published a piece on the ongoing Ethereum to Cardano migration , mentioning some projects. One of them is SingularityNET (AGIX) which will be the first token to test this tool. Landino continues: 

Advertisement

“[The community] will see everything next week on testnets and users will be able to test the migration of their AGIX tokens from Ethereum to Cardano and also vice versa from Cardano to Ethereum.”

Is Cardano’s ERC20 Converter a Danger to Ethereum?

Cardano is currently the most capitalized Proof of Stake (PoS) blockchain and aims to be a faster, cheaper and safer alternative to Ethereum. What remains to be seen now is whether Ethereum will be able to move from Proof of Work (PoW) to PoS and maintain its network effect or whether Cardano will be attractive enough for projects to migrate to the blockchain founded by Charles Hoskinson .

It is important to note that the bridge is two-way , which means that many projects will likely use both blockchains. Charles Hoskinson has often reiterated that interoperability is very important.

Another guest on the Cardano360 show was Marcello Mari , CEO of SingularityDAO (SDAO) , another project that plans to use the Cardano blockchain.

Advertisement

SingularityDAO’s mission is to innovate the DeFi space by introducing sophisticated artificial intelligence , providing an ETF-style basket of tokens called Dynasets to their community and anyone who wants to have exposure to the crypto economy , with AI automatically rebalancing these tokens. . 

The first iteration of these Dynasets is using the Ethereum blockchain, but Marcello stated that they can’t wait for Cardano to become mature enough so that the second Dynasets interaction can also be available in the Cardano ecosystem .

It seems the market is appreciating that these projects are preparing to launch on the Cardano blockchain. AGIX and SDAO rose 34.7% and 84.8% respectively in the past 7 days according to Coingecko data.

Advertisement

News Source

Cardano

Following the latest ‘non-event,’ what next on the price front for Cardano

Published

on

It has been almost two weeks since Alonzo went live on Cardano’s network. The narrative before the hard fork was largely conformist, one that proclaimed ADA’s price would soon surge to new heights after its release.

The hard fork, however, turned out to be a ‘non-event‘ and did not impact the token’s price much. In fact, in the days that followed the release, ADA’s price dropped to as low as $1.98. Ergo, one may argue that ADA, just like the market’s other tokens, became a victim of the pessimistic broader market trend.

Well, the same holds true to a certain extent, particularly because ADA’s dependency on the market’s other cryptos has increased over the last couple of weeks. In fact, it now shares a correlation of 0.78 and 0.74 with Bitcoin and Ethereum, respectively.

Advertisement

Apart from this, the deteriorating state of on-chain metrics has created a cascading effect on the alt’s price. So, unless and until the same improves, a price trend reversal seems to be out of the question.

State of the network

Well, inspecting the state of the network would give us a fair idea about the direction in which Cardano is heading. As per data from CardanoScan, the transaction count on the network has been quite stagnant over the last couple of days, despite crossing 111k on 17 September.

This, quite obviously, indicates that not many people have been using Cardano’s network of late.

Advertisement
Source: cardanoscan.io

What’s more, the average transfer value too has been spending more time towards the lows of late. Notably, the same witnessed a massive spike during the initial few days of September but subjected itself to a freefall right after that. The active address ratio as well, for that matter, has been on the decline. The same fell from 9.17% to 2.45% over the period between 7 to 24 September.

By and large, this implies that users who have been active are merely trying and testing the network at this stage. One can argue then that the Cardano market is devoid of some solid momentum at the moment.

However, there’s a silver lining to this scenario too.

Source: Messari

All’s not lost

As far as Q4 is concerned, a host of launches are already lined up for Cardano. The introduction of Cardax DEX would allow users to trade ADA for other native tokens. Notably, the exchange would have its own utility token – CDX. Further, GREED is also set to launch as one of the blockchain’s first tokens.

Additionally, right from Liqwid, an open-source and non-custodial liquidity protocol, to SingularityNET, a platform that lets users create and monetize AI services at scale, several noteworthy projects are set to make use of Cardano’s ecosystem in the coming weeks. In effect, a new set of users would be using the blockchain.

Advertisement

Thus, unless and until Cardano’s adoption hastens up, a prominent trend reversal seems to be unlikely. In effect, only if the aforementioned future events actually end up contributing to the network’s growth, it would make sense to anticipate a direct impact on the altcoin’s price.

Thus, it’d be interesting to see if the ‘non-event’ tradition continues or Cardano successfully frees itself from the shackles of the same.

News Source

Advertisement
Continue Reading

Cardano

Cardano Partners with Chainlink to Integrate Oracles for Advanced Smart Contracts

Published

on

Cardano joins forces with Chainlink to provide extra support for developers building smart contracts by integrating oracles

The Cardano team has just published a blog post, announcing a partnership with Chainlink that will result in integrating Chainlink’s oracles. These will help developers build smart contracts for Cardano DeFi apps.

The collaboration was announced during the Cardano Summit today, on September 25.

Advertisement

Cardano teams up with Chainlink

Chainlink’s oracle networks supply data to blockchain networks and allow smart contracts to work with results of elections, sports statistics, crypto rates, etc. They can also operate weather data (Chainlink is now working with some fintech companies that are bringing parametric insurance to South Africa) and other types of data as well.

Chainlink oracles help run hybrid smart contracts on any DLT network. Presently, Chainlink secures billions of USD in DeFi apps, gaming apps, platforms related to insurance and other top industries.

Advertisement

Chainlink to power Cardano smart contracts

The integration of these oracles in the Cardano DLT will allow dev teams to supply institutional-grade data provided by Chainlink into their smart contracts. The oracles will support prediction apps that deal with sports data, weather data necessary for parametric insurance apps; they will be applied in the sphere of gaming and digital collectibles, like NFTs, etc, via multiple partnerships.

Founder of IOHK Charles Hoskinson stated that Chainlink oracles are necessary for advanced smart contracts and they will provide real-world data to the Cardano blockchain. He emphasized that Cardano intends to provide developers with best tools for creating solutions that will be of actual use.

Hoskinson believes that Chainlink oracle integration will also provide a perfect foundation for the DeFi ecosystem on Cardano.

Advertisement

News Source

Continue Reading

Bitcoin

Top Analyst Maps Bitcoin and Cardano Price Trajectories, Warns Best Entry Point for ADA May Be Gone

Published

on

Top Analyst Maps Bitcoin and Cardano Price Trajectories, Warns Best Entry Point for ADA May Be Gone

Crypto trader Michaël van de Poppe is looking at what’s ahead for Bitcoin (BTC) and the smart contract platform Cardano (ADA).

The analyst tells his 420,000 Twitter followers that the best entry point for Cardano may be gone after the asset bounced off a key support level at $1.86.

Advertisement

“If you want to get into Cardano, this was the region where you would want to get into it, and the higher low that might be created.

So based on the daily timeframe, the best entry might be gone, but you’re still getting a better entry than the ones who have been buying around $2.80.”

Van de Poppe is now looking to see if ADA can turn resistance at the $2.37 level into support.

Advertisement

If the markets correct further, he is keeping an eye on the $2.15 level as a potential buy zone.

“When you’re looking at the four-hour time frame, I think you’re getting the exact same view as what you have right now on Bitcoin and [Ethereum], actually. So you’re going to look for an entry point which is around the fact of $2.15, so anything in this region might be a good entry point if we get a corrective move.”

Looking at the Bitcoin pair, van de Poppe thinks that ADA will most likely consolidate briefly after retesting support at its previous all-time high.

Advertisement

“We can see that we’ve had a beautiful retest of the previous high here too, and therefore some consolidation is most likely going to take place before we’re going to have new impulse waves.

So both the USDT and BTC pair are looking for continuation, and I think that’s just great, and I think that’s just what we want to see with the markets right now.”

News Source

Advertisement
Continue Reading

Trending