Cardano Launches Converter Testnet for Project by AI Pioneer Behind Robot Sophia
Cardano is one of the leading blockchain projects. The programmable blockchain is competing with the likes of Ethereum and Solana in the smart contract space and is also growing in the decentralized finance (DeFi) sector.
The AGIX ERC20 Converter Testnet Launches
IOHK, the development team behind Cardano, announced that the AGIX ERC20 converter testnet is now live. The converter will make it easier for developers to migrate their ERC20 tokens on the Ethereum blockchain to the Cardano network.
According to the group’s latest blog post, SingularityNET is its first partner in the initiative. Dr. Ben Goertzel, the CEO and Chief Scientist at SingularityNET stated that “I’m extremely excited by the emergence of the AGIX-ADA/AGIX-ETH converter onto Cardano testnet, and soon after that onto mainnet. The importance of this port for SingularityNET and the whole blockchain and AI ecosystems cannot be overestimated – it will yield not only a far faster and more economical AI network but also a massively superior foundation for adding advanced new functions to SingularityNET and moving toward realizing our vision of decentralized AGI.”
The converter will make it possible for users to move SingularityNET’s AGIX tokens to Cardano and back to Ethereum via the permissioned bridge. This latest development is a huge one because interoperability remains a key problem in the cryptocurrency space. With the AGIX converter testnet, it will become easy for users to move their ERC20 tokens to the Cardano blockchain and back to the Ethereum network whenever they wish.
IOHK said it is currently building similar bridges between Cardano and other blockchains. The ultimate goal is to achieve interoperability between Cardano and other blockchains within the crypto space.
ADA No Longer Available on eToro
ADA, the native coin of the Cardano ecosystem, is no longer available on brokerage platform eToro. Last month, eToro said it was delisting ADA due to United States regulatory concerns. The news saw ADA record massive losses, and the coin lost its third place in the market and is now the sixth-largest cryptocurrency by market cap.
The cryptocurrency also recorded a 7% growth in unique addresses in recent weeks, with the total number of wallets staking ADA now up to a million.