Cardano has been working hard recently to compete with the ETH. It has recently announced it's Alonzo testnet release plans for launching smart contract capability this September. It is also making few other rounds of news with the announcement of releasing the ERC-20 converter.
IOHK has put up a tweet video that tells you about how Cardano is on clock with the September smart contract testnet release timeline.
IOHK also has the YouTube video where they explained about the ERC-20 converter. Which is made to migrate the ERC assets to the Cardano blockchain.
The converter is basically a bridge that does the migration of assets from the ETH ecosystem to the Cardano and vice versa. So that goes to show you that a lot of tokens and the dApps from both sides of the blockchain would try to get the most out of such bridge.
What does this means for Cardano?
Cardano is already trying to find it's way through compliance and the regulations. And allowing the bridge from the ETH to migrate the token assets and the dApps data helps give many projects a secure and legal opening. So any project that wishes to be compliance free on both chains would love bridge that connects them. It would be useful on the legal sides too.
As for ETH, this move means it gets more stronger as cardano community can also migrate to ETH through such bridge. And that would help them have better asset migration without much legal issues.
From technical stand point, such bridges, swaps and the exchanges are always necessary and also welcome change in the blockchain ecosystem. Cardano seems to be getting into this like Polkadot and Binance and this in turn is helping the crypto investors.