In a Monday blog post, the Milkomeda Foundation announced the debut of C1, an Ethereum Virtual Machine-compatible sidechain that is directly linked to the Cardano blockchain. It viewed the deployment of the layer-2 solution as a “pivotal moment.”
Users may now transfer assets smoothly across the two blockchains, enabling popular Ethereum-based decentralised apps (dApps) to function on Cardano. This is accomplished thanks to wrapped smart contract technology pioneered by Milkomeda.
Charles Hoskinson, CEO of Input Output, praised DcSpark, a product-based blockchain business, as the primary contributor to the Milkomeda protocol. He regarded the C1 layer-2 solution as a “significant development” for Cardano.
In February, the Milkomeda Foundation established cooperation with an interoperability protocol to facilitate the transfer of assets from the Ethereum network. The Cardano-Ethereum bridge was reportedly introduced in testnet mode later that month.
Cardano is getting a sidechain compatible with Ethereum. Source: CoinCulture
Recently, the launch of the EVM-compatible layer-2 solution has been a significant driver for Cardano to witness bullishness. According to CoinMarketCap statistics, the native ADA currency has gained over 32% in the last week, outpacing other prominent cryptocurrencies.
The announcement states that the first 10,000 addresses on the waitlist would be able to engage with Milkomeda immediately. The team intends to eliminate the waitlist “as soon as possible.”
To utilize Ethereum assets, users must configure their MetaMask wallet with Milkomeda C1 and migrate their assets to the Ethereum mainnet.
The Milkomeda Foundation will soon add support for Algorand and Solana, ensuring greater interoperability.