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 and works exactly the same.
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. It will also be possible to move tokens back to the source network, by burning them on Cardano in future upgrades.
Note: the AGIX ERC20 converter is the testnet version and there are some known issues that we are working on to be improved in gradual upgrades.
Setting Up Your Metamask Account
- To set up your Metamask account, you need to add an existing wallet or download a new Metamask wallet extension for your Chrome or Firefox browser.
- Click Metamask on the toolbar and select Get Started.
- Import your existing Ethereum wallet by using a 12-word seed phrase, or select Create a Wallet if you do not have one. Agree with the terms and conditions to proceed.
Note that it is important to write down your secret backup phrase as it is the only way that you can restore your account. Then click All Done to proceed.
- Click the Metamask extension on the toolbar and select Kovan Test Network:
Using The Faucet
To start testing the ERC20 converter, you can get some testnet Ethers (KETH) and testnet SingularityNET tokens (AGIX) from the faucet.
- Copy your account address from the Metamask wallet by clicking your account name.
- Go to the Kovan faucet chat or the Chainlink faucet and paste your Metamask wallet address there to receive some KETH tokens.
Getting testnet AGIX
- First, you need to add AGIX tokens to the Metamask wallet. Click Add token at the bottom of your Metamask wallet.
- Move to the Custom Token tab and copy-paste the AGIX smart contract hash: 0x20802d1a9581b94e51db358c09e0818d6bd071b4.
- Click Next, and then Add token.
- To get testnet AGIX, copy your account address from the Metamask wallet.
- Go to the SingularityNET faucet and log in with your GitHub account.
- Select the Kovan option, paste your wallet address, and click Submit.
- You should receive 10 testnet AGIX. If you do not receive these testnet tokens, you can request help from the support team.
Setting Up your Cardano receiving address
- In the converter, click Connect on the top-bar menu.
- Click Connect under the Metamask option, as follows:
- The Metamask extension will open automatically. You can connect your wallet by clicking Next > Connect. If your wallet was already connected to Metamask, you only have to enter your password.
- To configure your Cardano address, paste in your receiving address (Daedalus Testnet address) and click 'Save', as follows:
You can configure your wallets by clicking Menu > Configure your wallet. You can also disconnect your wallet if needed.
- Please keep in mind that you should always use the Kovan Test Network.
- If you are connected to the wrong network (for example, Ropsten) on Metamask, you will see the following warning message: ‘You are in the wrong network. Switch to Kovan.’
- After switching the network, you will have to reload the web page.
- If the connection modal is closed without a configured Cardano address, you will see a warning message at the top, inviting you to set up your Cardano wallet as follows: ‘You need to set up your Cardano wallet. Click here.’