Cardano to Launch ERC-20 Converter Amid Market-Wide Correction

Azeez Mustapha
27 August 2021 | Updated: 27 August 2021

Cardano (ADA) has announced that it plans to launch an ERC-20 converter to grant usability of Ethereum-based assets to its testnet. According to the video announcement posted by IOHK, a test of the ERC-20 compatibility should occur next week and could become a significant game-changer for Cardano should it scale the test.

According to Francisco Landin, from the Arch Case commercial team, the converter would serve as a connector between the Ethereum and Cardano networks and allow for the seamless movement of Ethereum-based assets. This movement includes moving liquidity and many more to use ERC-20-based apps.

According to the announcement, this transaction tool is a “self-service tool” worth ease of use and broad applicability. There is also a focus on attracting users of larger platforms in conventional ways.

This development comes amid the excited frenzy surrounding the Cardano network’s progress with its development blueprint. The network recently announced the testnet launch of Smart Contracts, with the mainnet update set for later this year.

ADA has significantly outperformed most other cryptocurrencies and has recorded new record highs. Cardano and its native cryptocurrency have performed extraordinarily in 2021, with ADA being one of the top market performers. Also, individual interest recorded a significant increase this year, with searches for ADA reaching new record highs.

Key Cardano Levels to Watch — August 27

After peaking a few points below $3 on Monday, ADA fell into a bearish correction amid a market-wide decline. The third-largest cryptocurrency recorded a dip below the $2.8000 level, where it fell into a short consolidation between $2.8000 and $2.6000. Following the mild consolidation, ADA retested its May high at $2.4705 and bounced off immediately, indicating healthy support at the level.

ADAUSD – 4-Hour Chart

That said, the cryptocurrency has broken back into the $2.6000 area as bearish momentum weakens. A break above the $2.8000 resistance should signify an end to the correction.

Meanwhile, our resistance levels are $2.8000, $3.0000, and $3.2000, and our support levels are $2.4507, $2.4000, and $2.3000.

Total Market Capitalization: $2.02 trillion

Cardano Market Capitalization: $84 billion

Cardano Dominance: 4.15%

Market Rank: #3

 

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Azeez Mustapha

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.