It has been one week since the conclusion of Cardano’s summit event. Several announcements were made during the blended event, with most of them centered on the ecosystem’s future. Elsewhere, after losing third place to Tether on Thursday, ADA’s market capital surpassed that of USDT this weekend, reclaiming third place. The retake was short-lived though as ADA’s market cap crumbled and has since been overtaken by Binance Chain’s utility token BNB.

Cardano ecosystem gets a boost in $100 million fund

The Cardano Summit was, for the most part, a success, and among the positives is an investment fund from blockchain firm EMURGO meant to advance the development of the ecosystem. EMURGO, which represents Cardano’s commercial arm, through its chief executive Ken Kodama pledged to inject $100 million into Cardano to accelerate growth in different areas, including DeFI and NFTs.

The global blockchain arm EMURGO revealed that the funding would entail two distinct parties EMURGO Africa and EMURGO Ventures. The two will adopt different investment approaches, but both are aimed at accelerating growth. While the former will direct its efforts towards regional startups by providing seed funding and incubation resources, the latter will concentrate on more advanced markets. A fraction of the sum will also go into educating the public on the blockchain.

Swiss crypto exchange lists Cardano (ADA) token

Last week, Cardano’s token got listed on Lykke Wallet, a Switzerland-based cryptocurrency exchange run by eponymous blockchain and financial product provider Lykke Corp. The FinTech firm, through a Twitter post, confirmed that the token would be available for trading with zero fees. The pairs available include ADA/USD, ADA/ETH, ADA/BTC ADA/GBP, ADA/EUR, and ADA/CHF.

Lykke Wallet users will, however, have to complete the Know-Your-Customer verification process before being allowed to access and trade the token for free on the platform as per the press release. The exchange stated that it would incur the deposit fee for users that send funds to their account using the bank transfer option.

The exchange’s chief executive Richard lauded the move as a significant development for the exchange’s users. He cited Cardano’s drive towards innovation as a source of inspiration for the company. Olsen also noted that the listing was the beginning of a solid collaboration to leverage the merits of blockchain and smart contracts technology. Cardano Foundation head Frederik Gregaard painted a similar image describing the listing as a massive milestone for the blockchain.

Cardano Market Performance

ADA token traded above $2.25 at the start of last week before taking a minor beating and sliding below $2.10 on September’s last two trading sessions. ADA/USD started strongly in October, gaining enough positive momentum to recuperate mid-week losses. The pair continued rallying over the weekend, recovering to the $2.20 – $2.30 range. The token is, as of writing, trading at $2.19 – down 3.77% in the last 24 hours.

Market Capital Outlook

Last month, amid several bumps in the road, ADA’s market capitalization fell by over $20 billion. The token started the month, threatening to cross the $100 billion before seeing a couple of plunges touching a September low of around $64 billion at the end of the third week.

Yesterday, ADA enjoyed trading in the green, for the most part, boasting of market capital of $73.7 billion ahead of both Binance Chain and Tether. Unable to maintain its momentum, though, it lost its spot to Binance Chain token after its [Cardano] market capital dipped to $69.9 billion. The question of the hour now is whether or not ADA can bounce back to occupy third place since BNB’s market capital figure of $70.4 billion is within touch.

The highly anticipated converter Cardano ERC-20 is set to start on testnet soon. In the latest episode of Cardano 360 Francisco Landino, Project Manager in IOG made the announcement.

Most people consider the ERC-20 as an indispensable component of the Ethereum outdoors. The concept was always based on the idea of offering Ethereum applications developers a viable alternative.

In view of this and the closure of the intelligent contractual rollout for Alonzo, competition between the two chains will increase over the coming weeks.

The converter Cardano ERC-20 is a changeover

The Cardano ERC-20 Converter was first reported by IOG Chief Executive Carlos Hoskinson on a live stream in July 2020.

The ERC-20 converter is intended, as its name suggests, for bridging the blockchain of Ethereum to Cardano enabling Ethereum tokens to be used over and over again by users. Landino added: “They will be able to move liquidity to use applications migrating from Ethereum to Cardano, or move their utility tokens.”

Landino said that it benefits from lower costs and using faster speeds to determine why application developers should decide to migrate. He also argued that switchers would improve security, in particular during the verification of intelligent contracts.

In May – almost four months ago – Landino had already announced that the testnet ERC-20 converter would soon be launched.

He said that the original plan was to make two versions, explaining the delay. One to the Ethereum bridge and Cardano, the other to the Cardano bridge.

“We planned for the first time the migration from Ethereum to Cardano but when we finished the test we saw that we could improve some items we already had in the Cardano to Ethereum backlog. So both releases were merged and everything was released together.”

When can we wait for the rollout of the testnet?

The big question is, when is IOG going to start the ERC-20 testnet launch?

Landino has confirmed it will start next week and will even allow users to use the SingularityNET tokens to test the conversion.

“Next week you will see everything on the testnet and users can test how their AGA tokens can migrate from Cardano to Ethereum. And then, back to Ethereum, from Cardano.”

Hoskinson claimed in March that more than 100 companies plan to sail from Ethereum. That’s mainly because Cardano saves up to 1/1000th of the price.

The highly anticipated Cardano ERC-20 convertor will soon launch on testnet. Francisco Landino, Project Manager at Input Output Global (IOG), made the announcement during the latest episode of Cardano 360.

Most view the ERC-20 convertor as an essential component in outdoing Ethereum. The thinking behind the concept was always to offer application developers on Ethereum a viable alternative.

With that in mind, and as the Alonzo smart contract rollout nears completion, the coming weeks will see competition between both chains intensify.

Cardano ERC-20 convertor is a game-changer

News of the Cardano ERC-20 convertor first broke in July 2020 when IOG CEO Charles Hoskinson mentioned it during a live stream.

As the name suggests, the purpose of the ERC-20 convertor is to bridge Ethereum’s blockchain to Cardano, enabling Ethereum tokens to port over and back again if users so choose. Giving more detail, Landino said:

“people will be able to move liquidity or be able to move their utility tokens to use the applications that are migrating from Ethereum to Cardano.”

On why application developers would choose to migrate, Landino said the benefits of doing so include lower costs and taking advantage of quicker speeds. He also claimed switchers would have improved security, specifically in the process of verifying smart contracts.

Landino had previously announced the imminent launch of the ERC-20 convertor to testnet in May – almost four months ago.

Explaining the delay, he said the original plan was to do two releases. One for the bridge from Ethereum to Cardano, and the second for the bridge to Cardano to Ethereum.

But in completing the first release, his team noted ways to improve the process that already existed as backlogged tasks in the second release. They decided to delay the first release and merge both projects for a simultaneous rollout.

“We planned first to release the Ethereum to Cardano migration process, but when we were finalizing the test we saw we could improve some things that we already had in the backlog for the Cardano to Ethereum process. So we decided to merge both releases and release everything together.”

When can we expect the testnet rollout?

The big question is, when will IOG launch the ERC-20 launch on testnet?

Landino confirmed that it will launch next week and even allow users to try the conversion process themselves using SingularityNET tokens.

“You will see everything next week on the testnet, and users will be able to test how they can migrate their AGA tokens from Ethereum to Cardano. And also, going back from Cardano to Ethereum.”

In March, Hoskinson claimed that over 100 companies are planning to jump ship from Ethereum. This, he said, is mainly because Cardano offers massive savings of up to 1/1000th the cost.

Like what you see? Subscribe for updates.