Will ERC-20 converter support the legacy ERC-20 token itself?

Question

I recently learned that Cardano is about to launch the Erc20 tokens swapping functionalities. This makes me really happy for multiple reasons since ETH had disappointed me in many aspects over the years (Been in crypto since 2013 and dealing with Eth since '15 - '16) So I'd like to get out of it as much as I can.

I'm currently wondering, if I'll be able to swap the Erc20s themselves?

Meaning; not any particular tokens that are built on Erc20 but the Erc20 standard token itself.

The reason I'm asking for is that I obtained some amounts of Erc20s around 2016 and was willing to forget about them for the long term, thinking that they were a good investment since it was pushed out to be a "standard", little did I know and I learned years after, that they ended up changing/updating the standard itself and not only there are now various more standards as well, but there is this old Erc20 and the new Erc20 now. This is one of the biggest let downs for me from the ETH ecosystem as I feel somewhat duped on the subject.

I've been researching the web for months now, on how to convert these old ones to the current version but the closest I got requires large amounts of gas / transaction fees. Feels almost not worth it, so I'm stuck with them like this.

So I am wondering (and hoping) if there will be an automated contract solution from Cardano to swap/convert/update these in relatively cheaper costs if not cost free?

The honest reasoning I have behind this, is I would assume that the developers would still need these tokens for various applications and perhaps some contracts would still be requiring the old versions of this ERC20 standard. So may be not exchanging or swapping them for their current value but perhaps fueling some backwards compatible smart contracts etc. I tend to refuse that this is not the case because otherwise the whole Ethereum ecosystem seems like an everchanging, evergrowing and evolving scam.

I know Cardano is relatively beyond this but having it's roots based on ETH I trust people here, would have some knowledge and guidance about this. Keeping in mind that ADA community seem mostly focused on solving these very issues which hurt the users and the investors.

I apologize for the lengthy post and I thank everyone so much in advance to those who'd be willing to enlighten me on the subject.

Answer 1

This is a good question but I think converting is more for the developer converting their token(Smart Contract) to run on Cardano without requiring a full code rewrite as ERC20 contract is based on Solidity and wouid not be able to run on Cardano network so if you have a ERC20 smart contract project it can be converted to run on Cardano.

Answer 2

I had a similar user experience with the Golem project on ETH. I got lucky when the fee to convert the old to new for about $50 bucks. At times the price was as high as $400.

There isn't any talk about this particular issue with projects having a split ERC-20 token before moving to Cardano. That being said it should be possible to fix this however no matter the solution, anything on the ETH network will have to pay ETH fees.