A new token bridge between the Ethereum and Cardano networks is now live. Iagon aims to increase the flow of crypto assets between the two competing ecosystems.
Cloud computing platform and shared storage economy Iagon announced the launch of the token bridge on May 25. Furthermore, the token bridge can be used for converting ERC-20 tokens to CNT tokens and vice versa. Circle’s USDC stablecoin can also be bridged across the two chains.
CNT tokens are Cardano Native Tokens, the network equivalent of the Ethereum ERC-20 standard. Additionally, the token bridge is powered by Milkomedia, a Layer 2 protocol providing EVM capabilities to non-EVM blockchains. It is also compatible with the Nomad Layer 2 token bridge.
Iagon added that to convert ERC-20 IAG tokens, users need to bridge from Ethereum to Milkomeda to Cardano.
🔥Iagon Ethereum-Cardano #TokenBridge is launched 🚀
— Iagon (@IagonOfficial) May 25, 2022
Iagon Bridging the Gap
To swap tokens on the new Iagon token bridge, users need to take the following steps in two stages:
1) Navigate to the Iagon Bridge interface.
2) Connect an Ethereum wallet such as MetaMask.
3) In the “From” section, select Ethereum, and in the “To” section, pick Milkomeda.
4) Select the token and enter the number of tokens to transfer.
5) Click the “Transfer Token” button and then “Confirm and Transfer Tokens.”
A confirmation is displayed, but the protocol warned that it “usually takes about 45 to 60 minutes to finish this transaction.”
Stage two involves transferring the tokens from Milkomedia to the Cardano ecosystem.
1) In the same interface, connect to the Milkomeda chain in the “From” section.
2) Connect to and select your Cardano wallet in the “To” section.
3) Select the milkIAG token and enter the number of tokens to transfer.
4) Click the “Transfer Token” button and then “Confirm and Transfer Tokens.”
This transfer takes another ten minutes, so the entire process could take more than an hour. To convert from CNT tokens to Ethereum tokens, the process is reversed.
The protocol warned that the initial launch of the beta testing platform may contain some bugs. Additionally, Iagon launched a Tester Program with a bug bounty that will run until June 15. The total reward pool is $10,000 in IAG tokens.
We want to be sure the UI works like a charm and is easy to use for everyone, so starting UI Bug Bounty w/ $10K rewards pool 👉 https://t.co/x33gdNagZz#buildingoncardano #cardano #bugbounty pic.twitter.com/4lmoyZPTgG
— Iagon (@IagonOfficial) May 30, 2022
IAG Token Price Outlook
The Iagon native token has made a whopping 19% gain today. As a result, IAG was trading at $0.014 at the time of writing. IAG has performed well over the past fortnight with an increase of around 14%.
However, like most crypto assets, it is down 90% from its September all-time high of $0.147, according to CoinGecko.
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