The hard fork named Mary in the Cardano network was successfully completed on February 3, 2021, which marked one of the major turning points for Cardano, representing Cardano’s transition from Shelley to the “Goguen era.” At the end of this process, Cardano aims to strengthen its position in the decentralized finance (DeFi) world with some projects already slated to launch on Cardano.
XRP has been been holding the top 3rd-4th position in the market ranking for quite some time however, that time has ended, as Cardano now sits in the 3rd ranked position (not counting Tether).
Tokens Coming to Cardano
Cardano-based tokens will be directly based on the mechanics of the Cardano blockchain, not a smart contract. Eliminating this need for smart contracts means greatly reducing transaction costs, as some have already stated on social media.
Tim Harrison, one of the executives of IOHK, argues that this is a technology that is superior to standards like ERC-20, and Charles Hoskinson, founder of the IOHK Foundation, has already made it known that they are coming for the, “The Island, The Ocean and the Pond.”
Cardano’s ERC20 Converter
In an effort to consume much of Ethreum‘s market share, Cardano is releasing its highly anticipated “ERC20 Converter” which allow users that are currently on the Ethereum blockchain to easily burn their tokens currently running on ETH’s blockchain and move them to Cardano’s with just a few clicks.
Users, developers, business owners, and anyone else that migrates from Ethereum to Cardano stands to save considerable amounts in fees, have faster transactions, more scalability, and also be treated as “first class citizens.”
If you were business or project on Ethereum paying crazy high fees, like $16 PER TRANSACTION to send $150, & you heard you could do the same 100x faster & for approx. $.30 on Cardano, would you stay on #Ethereum’s network or move to #Cardano #ADA?#ERC20 converter is coming📊📈
— Kevin L. Walker (@KevinLWalker) February 9, 2021
Smart Contracts coming to Cardano
In the coming days Cardano is also exepected to roll our smart contracts, whci will enable users to build on its ecosystem and launch Dapps (decentralized applications) and much more. Many have touted this feature as being one that gives Ethereum a huge advantage over Cardano. With Cardano launching its smart contracts, which are said to function much better and be formulated to use a coding language far superior to Ethereum’s solidity, there seems to be no real limit to how much market share Cardano can absorb from Ethereum.