- Cardano Starts Developing Plan to Launch Cross-Chain-Communication and ERC20 Converter
- Cardano ADA Continues to Hover Above $0.1200 But Higher Levels Remain Elusive Near-term
Cardano News Today – As July 29th draws closer and the Cardano community awaits the final Shelley upgrade, Charles Hoskinson has announced that Cardano is working on an ERC20 converter that will allow users to move ERC20 tokens from the Ethereum blockchain to the Cardano blockchain. This is the kind of interoperability that makes a blockchain versatile so we expect that it will only make the Cardano blockchain more useful and popular. The converter isn’t just going to make Cardano interoperable with Ethereum, it will also make it interoperable with Litecoin.
Cardano News Today – What to Expect From Cardano’s ERC20 Converter
The ERC20 converter isn’t just going to allow one-way interoperability. People will be able to interact with the Cardano blockchain from Litecoin and Ethereum. Hoskinson also said that after the successful Shelley mainnet launch on the 29th of July, Cardano pioneers and stake pool operators will not be able to migrate to the mainnet until August 18th. From August 18th, they will be able to produce blocks on the Shelley mainnet. This is an important step according to Hoskinson and it will be an important milestone in the Cardano community. The ERC20 token will be programmed by an external company, not by Cardano.
Right after staking operators start building blocks in August, exchanges will be able to list the new and improved ADA tokens. This will lead to a flow of fresh capital into the market. Analysts have anticipated that it will also lead to a surge in the price of ADA. It will start with a migration to the Cardano testnet. After they have confirmed that it works well and meets the native asset standard, they will kick-start mass development. Hoskinson will oversee the development of the Cardano blockchain and he will ensure that the network is fully decentralized before he considers leaving the blockchain.
Cardano (ADA) Price Today – ADA / USD
In other news, the price of Cardano ADA has been hovering above the $0.1200 level for the last five days. At the time of writing, the price of the Cardano ADA token was $0.122312. It is up by 1.17% against the USD and up by 1.61% against Bitcoin BTC. The trading volume over a 24 hour period is $176,750,876 and the market capitalization is $3,171,201,069. The token has been unable to retest the $0.1360 yearly high it reached about two weeks ago. The good thing is that bulls have found strong support at the $0.1200 level. There is a strong chance that it will reach higher highs instead of decline near-term.