USDC from Ethereum can now flow to Cardano via the Egon Bridge, which is built so that tokens on different blockchains (Ethereum and Cardano) can interact. The Iagon Token Bridge recently launched in beta version and is a token converter designed to open and wrap Iagon’s Native Asset (IAG) tokens on the Ethereum and Cardano blockchains. Although support for other ERC-20 tokens may be added later, however, Bridge supports USDC at this time.
According to the latest weekly report from Cardano’s parent company IOHK, the closed Vasil testnet has already been launched to assess its functionality with select dApps and users. The Cardano team continues to work on consensus-specific enhancements in anticipation of the Vasil Hard Fork Combinator (HFC) event in June.
Cardano blockchain may see an influx of lending apps after Vasil HFC
Hopes remain high for the Hard Fork Combinator event, with the community speculating that Vasil could help fuel the influx of lending apps on the Cardano blockchain.
343’453 payments have been made on Cardano in the last 24 hours. Payment ledger styles are consistent with transactions on the blockchain.
There are 86400 seconds in a day, this gives us an effective PPS (pay per second) of 80% at an effective block capacity of 3.96. pic.twitter.com/BlXqv7vMqB
— Cardano Blockchain Insights (@InsightsCardano) 28 May 2022
According to Cardano Blockchain InsightsCardano recorded 343,453 payments in 24 hours. In this context, payments are transactions on a ledger-style blockchain such as Ethereum. With this figure, an effective PPS (pay per second) of 3.96 is arrived at at an effective block capacity of 80%. According to IOHK, the upcoming Vassil update will introduce four different CIPs: CIP-31 (context input), CIP-32 (inline data), CIP-33 (context script) and CIP-40 (collateral output).
Explaining how the Vasil hard fork could contribute to the flow of lending apps, Cardano Blockchain Insights wrote: “After the Vasil hard fork, if dApp developers start using CIP-33 and users batch transactions, So we can expect at least the minimum (conservative). x10 of this value is ca. 40 PPS but more like 250 PPS. This should allow a wider range of applications (like lending dApps) to go live eventually “
Overall, the reference script (CIP-33) aims to reduce transaction costs. Currently, new scripts need to be included in each transaction. Scripts can be interacted with using context scripts, which push them into chain. As a result, smart contract interactions have been reduced to a minimum.
The upcoming Vassil hard fork could be available on the public testnet in early June, with the mainnet launching on June 29. At the time of publication, ADA was trading at $0.46.