Overview & Getting Started
So, what is this ERC-20 convertor? It is basically a virtual/digital bridge where users can transfers their tokens from one blockchain to another. Not only does this improve interoperability (one of Cardano’s three founding tenets), it essentially allows users to have more options to use either blockchain at any given time. Be it eUTXO or accounts model, lower gas fees, more dapps, users now have the best of both worlds! You can read more in IOHK’s blog post. Users can also refer to the Cardano testnet portal for more information on getting the test tokens.
Singularity Net (AGIX) has partnered with Cardano and are currently having a convertor testnet. To participate, users would need the following:
a) Metamask Wallet –> Note: select Kovan test network.
b) keth–> obtain some from here
c) test AGIX tokens –> After you import token and AGIX is clearly displayed on your metamask wallet, obtain some test AGIX tokens from here
e) Daedalus testnet/Yoroi Nightly/ Nami Wallet -> For simplicity, we are using Nami wallet here.
f) tADA -> you can obtain some from here.
Alright, you are ready to start testing the convertor!
First up, users have to connect their metamask/ cardano wallet (remember its on test network).
Next, we tried swapping tAGIX from Eth to Cardano (kETH needed for gas fees). The process was smooth and fairly fast. Took about 5 mins for the new AGIX tokens to be created on Cardano blockchain and reflected on Nami wallet successfully
Users were also able to convert their AGIX on Cardano back onto Ethereum. While there is a summary of cost for the back-conversion with a straightforward process, the back conversion seems a bit laggy and new users may not be aware whether the conversion process has begun/ pending. Feedback has been sent to the Singularity team.
You can also watch our tryout vid below
Conclusion
There is definitely a huge potential for the ERC-20 convertor. Assming rationality and non-FUDsters, anyone would prefer lower gas fees and the ability to choose their preferred blockchain. The current blockchain/crypto ecosystem is developing in silos, and functioning interoperability cross-chain is definitely a welcomed channel to better the industry as a whole
If you enjoyed our writeup/ videos, do consider delegating to Huat pool. We are a small, independent, single SPO and our pool infrastructure does require resources to maintain and upkeep. We are looking to regain our block minting consistency and self-sufficiency following reduced stake. Thank you for considering us!
