SingularityNet Bridge allows users to transfer their tokens across supported Blockchains. Currently, we support AGIX and NTX tokens on Ethereum and Cardano.
A key aspect of the Phase two proposal was to allow 1-1 swapping of AGIX tokens across Ethereum and Cardano chains. Since then we have also launched the NTX token which exists on both Ethereum and Cardano chains. The bridge will enable seamless conversion of both the AGIX and NTX tokens across these chains.
The bridge will allow anyone to move AGIX-ETH from their Ethereum wallet into AGIX-ADA in their Cardano wallet, or vice versa (or NTX-ETH and NTX-ADA, etc.). When you move tokens from Ethereum to Cardano, you will burn the Ethereum-based tokens in a smart contract, and an equal amount of new tokens will be minted on Cardano for you. When you move back from Cardano to Ethereum, the AGIX-ADA tokens will get burned and the same amount of AGIX-ETH tokens will be minted on the Ethereum side, available for you to claim.
Here is a short animation that provides a visualization of how the process works:
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