Cardano Moves Closer to Interoperability as EVM Prepares to Launch
June 14, 2022Cardano announced through its IOHK that it’s about to release its Ethereum Virtual Machine sidechain. The project is now on testnet. The sidechain, requiring no permission, is set to let developers write smart contracts on the Cardano network.
It will let developers create dApps compatible with EVM and tokens compatible with ERC20. They would do so while they get many benefits from the Cardano network.
Cardano said through a blog post earlier that its EVM sidechain is going to be completely compatible with Ethereum. It will also work well with all Ethereum tools and subsequent upgrades, as well as web 3.
Other Chains
Cardano has seen interconnectivity milestones in recent times.
Milkomeda’s C1 allows Cardano and lets smart contracts compatible with EVM execute on it. Milkomeda’s C1 was launched at the end of March. Milkomeda is another sidechain protocol.
In the month of April, Wanchain announced its bi-directional and non-custodial inter-chain bridge. The bridge connects Cardano with another blockchain on Layer 1. Wanchain is a decentralized interoperability system.
Wanchain bridges are already connecting over 15 Layer 1 and 2 networks as it stands. The aim of including Cardano in the network is to have it connect to other networks. It is going to connect to other decentralized finance and web 3 platforms.
The move is going to increase the potential use case for holders of its native currency, ADA. It will also have the same effect on other chains like Bitcoin, Ethereum, Polkadot, etc. All coins involved are utilized on the Cardano dApp system.
More Benefits for DeFi
The converter bridge of the AGIX ERC-20 was created in conjunction with SingularityNET. It was equally launched in the month of April. The features let users convert ERC-20 tokens based on Ethereum to Cardano. The decentralized finance sector is going to benefit more from the operation.
It has been reported earlier that the token bridge between Ethereum and Cardano for lagon has gone up in beta mode. While putting this piece together, Cardano was trading at $0.44, down by 14.19%.
As reported by WhaleStats, Cardano is presently undergoing buying pressure from whales. It now ranks among the top must-bought digital commodities in the past 24 hours.
