Gimbal Reached a new stage of interoperability as lagon Ethereum-Cardano symbolic bridge is released in beta.
A decentralized cloud computing platform, lagon announced its migration from the Ethereum blockchain to Cardano, In late April. In addition, it announced the completion of 50% migration of its token supply from Ethereum to Cardano, 500 million IAG tokens collectively.
Cardano token bridge goes live in beta version and hits another interoperability milestone as the lagon Ethereum. The token bridge was built to support the conversions, such as the conversion of ERC-20 IAG tokens into CNT IAG tokens.
The bridge relies on solutions provided by Milkomeda, a Layer 2 protocol, and a Nomad protocol. With the help of these tokens, the different blockchains can interact, as explained by the IAGON team.
Further, lagon also revealed its plan for supporting ERC20 projects, if allowed. After the Milkomeda Foundation announcement for the launch of MIlkomeda C1 in March, Cardano reached a pivotal moment in interoperability. Cardano’s C1 is a Layer 2 EVM compatible sidechain, which helps Ethereum dApps to deploy in the Cardano ecosystem.
Soon after this, the ADA-AGIX converter went live to enable singularity net native token AGIX to become interoperable with Cardano’s first asset, ADA which is trading at $ 0.48, down nearly 6% in the last 24 hours.
According to IOHK, Cardano’s parent company has suggested a road map, which indicates the end of May for the closed public test net phase. Vasil is expected to launch on the Cardano testnet in the month of June. In addition, the deadline for the mainnet hard fork proposal is also set for June 29.
Further, the upcoming Vasil update will be introducing four different CIPs, such as: CIP-31 (Reference Inputs), CIP-32 (Inline Datums), CIP-33 (Reference Scripts), and CIP-40 (Collateral Outputs). Meanwhile, Charles Hoskinson Cardno investor assures the community that the anticipated Vasil upgrade should take place as planned.