Will it convert tokens based on ADA/ETH pair price at the moment of conversion? If so, which exchange will it use for knowing the rate of exchange?
3
-
Are you sure the ERC-20 converter can be used to swap tokens? My understanding is that it can be used to move the same token between the Ethereum network and the Cardano network.– Joshua ChiaCommented May 26, 2021 at 17:03
-
I'm not sure, I only assumed. Good point. But then how would an ERC20 token benefit from the Cardano network advantages? This would give rise to many other questions.– Mr. DCommented May 26, 2021 at 17:17
-
1For one thing, the ERC-20 could be an escape valve from the high gas fees on the Ethereum network if similar smart contracts on Cardano cost less to use.– Joshua ChiaCommented May 26, 2021 at 17:20
Add a comment
|
1 Answer
I assume that a good solution would be to provide an oracle that calculates the average price coming from different exchanges.
-
Sounds like a great idea to me. Practical and appropriate Oracle application indeed. Though it would mean that the converter cannot function until it gets data feed from an Oracle first.– Mr. DCommented May 26, 2021 at 11:11