Through Iagon’s cross-chain bridge that is powered by the Milkomeda sidechain, it is now possible to bridge from Ethereum to the Cardano network in order to transfer the world’s second-largest stablecoin, USDC, as well as ERC-20 IAG tokens.
Using a cross-chain bridge makes it possible to convert crypto-assets from one blockchain into a format that can be used in another ecosystem.
Since the blockchain was updated to include smart contracts during the Alonzo hard split in September, Cardano’s decentralised finance (DeFi) ecosystem has amassed US$119 million in total value locked (TVL). The addition of USDC to Cardano will further enhance this ecosystem.
Users of Cardano are keeping their fingers crossed that the yet-to-be-launched algorithmic currency Djed will provide them with access to their very own native stablecoin.
In the near future, Iagon intends to provide support for a wider variety of ERC-20 tokens. The Cardano network is now preparing for the scalability-focused Vasil hard fork public testnet that will take place at the beginning of June.
The native token of Cardano, known as ADA, had gains of up to 5 percent overnight in Asia and is now trading at $0.4834, while Ethereum experienced gains of up to 2 percent overnight and is currently trading at $1,805 at the time of this writing.
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