Cardano launched testnet network that will allow ethereum-based tokens to easily migrate to the Cardano blockchain according to the Input-Output Hong Kong announcement that we have in our Cardano ADA news.
IOHK said that it is initially partnering with decentralized artificial intelligence network SingularityNET in the initaitive and in this testnet version, the users can move SingularityNET’s AGIX tokens to Cardano and to the Ethereum blockchain via the permissioned bridge. This marks a huge step ahead in driving interoperability between the blockchains to establish the functional environment for Defi.
Cardano launched a testnet that is a working prototype and will pave the way for the mainnet that is ready to be used as a real product. The mainnet converted will be launched after the testnet phase according to the SingularityNET CEO and Chief scientist Ben Goertzel. According to IOHK, the testnet converter transforms the ETH ERC-20 tokens into native tokens on the Cardano blockchain while the ERC-20 tokens are a standard that is used to create and issue smart contracts on the Ethereum blockchain.
The Cardano developer said that the sixth biggest blockcahin by market cap works on connecting other decentralized protocols:
“We are currently building out and collaborating on multiple bridges to connect Cardano to other blockchains, and this first converter is a vital artery in this system.
The more these connections grow, the higher the network effect to boost the flow of liquidity within the Cardano ecosystem.”
As recently reported, Input-Output Hong Kong or IOHK announced that SundaeSwap DEX was launching imminently as a testnet and added that it anticipates a growing interest in Cardano’s major DEX ambitions. There have already been some issues at the start with a few bugs that delayed the launch from Sunday to Monday.
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The launch is a testnet but there are a few steps to take in order to participate. Using a third-party wallet like Nami is required to connect to the faucet and obtain testnet tokens to experiment with. The announcement didn’t mention how long the testing will be running or the mainnet launch date. Cardano’s SundaeSwap is a scalable DEX and automated liquidity provision protocol that enabled native token and ADA exchanges having a whitepaper released in June.
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