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ERC20 converter |
Overview |
ERC20 converter |
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The ERC20 converter is a tool developed by IO Global to offer extended opportunities in terms of deploying solutions on Cardano, using Ethereum-based tokens.
The converter allows users to migrate ERC20 tokens to Cardano so that they can benefit from a higher capacity of transaction processing, lower fees, and increased security guaranteed by the Ouroboros proof-of-stake consensus protocol. This means that ada users, DeFi investors, and application developers can all enjoy the benefits of Cardano’s solid and secure ecosystem, while being given the opportunity to send, receive, and build applications using ERC20 tokens. These tokens are translated into a special native token on Cardano that is 1:1 pegged to the ERC20 token.
The converter can be used by organizations (token issuers) who wish to migrate their operations to Cardano, and their users (token holders) who can move their ERC20 tokens to Cardano from the source network, or vice versa by burning them on Cardano and moving back to Ethereum, for example.