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Recently, Sebastien Guillemot, who is the CTO of blockchain company dcSpark, explained that — post Vasil upgrade –certain new features in the Cardano protocol will enable “a lot of ERC20 tokens” to be ported over to Cardano ($ADA).
In case you are wondering what dcSpark does, according to its development team, the main goals are to:
- “Extend Blockchain Protocol Layers”
- “Implement First-Class Ecosystem Tooling”
- “Develop and Release User-Facing Apps”
The firm was co-founded in April 2021 by Nicolas Arqueros, Sebastien Guillemot, and Robert Kornacki.
dcSpark is best-known in the Cardano community for its sidechain project Milkomeda. On March 28, the Milkomeda Foundation has announced the launch of Milkomeda C1, which “enables Ethereum dApps to be deployed in the Cardano ecosystem.” Furthermore, the Milkomeda project promises in future to deliver interoperability between Cardano and other layer one (“L1)”) blockchains, such as Solana.
Congratulations to the entire DCSpark team! It's a great moment for Cardano. The ecosystem is now EVM compatible. Solidity developers, get coding @SebastienGllmt @NicoArqueros https://t.co/mOdnMtUOVS pic.twitter.com/89WlA6nXR7
— Charles Hoskinson (@IOHK_Charles) March 28, 2022
Anyway, on July 4, the dcSpark CTO, who is the former VP of Engineering & Cardano Product Manager at EMURGO, took to Twitter to point out one of the huge gifts that the upcoming Vasil hard fork (expected to take place around the end of this month) will deliver, namely that it will make it possible to port “a new class of tokens” from Ethereum to Cardano:
Did you know that until now, a lot of ERC20 tokens just technically weren't able to be ported to Cardano because of missing functionality?
— Sebastien Guillemot (@SebastienGllmt) July 4, 2022
The Vasil update will allow a new class of tokens to be ported over — notably non-custodial token, stablecoins & stateful tokens
Guillemot went on to say:
- “One challenge with this is although they will now be supported at the protocol level, it will take some time for the tooling around these to be built. Notably, it will require some large change in how wallets handle tokens“
- “Inline datum & reference input together allow for this… tokens owned by contracts is something that was not really possible properly until Vasil where you have some options for doing this“
- “Native assets will be significantly cheaper to use and probably will always be a better ux“
Guillemot mentioned that his Project Catalyst proposal to get paid for time he spends every year reviewing Cardano Improvement Proposals (CIPs) has been approved, making him the first Catalyst-funded CIP editor.
Good call, Catalyst voters. Congrats Seba. The CIP (Cardano Improvement Proposal) process is a key part of technical community contribution to #Cardano and will continue to become ever more important👍 https://t.co/9rXbFmnGXH
— Tim Harrison (@timbharrison) May 13, 2022
On May 10, the dcSpark CTO reminded his Twitter followers that thanks to Cardano’s “massive treasury” startups such as dcSpark “can continue to build tooling” for Cardano. IOG Co-Founder and CEO Charles Hoskinson agreed with this assessment, and said that Cardano’s treasury is “only going to grow.”
And that's only going to grow. Cardano has its own growth fund and its decentralized! https://t.co/uzTUaciMPE
— Charles Hoskinson (@IOHK_Charles) May 10, 2022
Image Credit
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