Cardano Brings Milkomeda Facilitating ADA Users With EVM DApps

• Cardano users would soon be able to access EVM contracts through ADA wallets. 
• Milkomeda will connect Cardano and Algorand with EVM contracts. 

Exciting news for Cardano users, they can now access Ethereum Virtual Machine (EVM) contracts via ADA wallets through Milkomeda. This facility will be provided after carefully expanding the network’s utility for users and developers. 

Cardano ADA is making waves again with Milkomeda

Cardano will develop a new feature with Milkomeda, connecting Cardano and Algorand blockchains with EVM contracts. Sebastian Guillemot, Milkomeda CEO, said on March 30, 2023, that Cardano’s EVM layer, Milkomeda, is launching a new feature facilitating every Cardao user to use EVM contracts from any ADA wallet directly. 

Milkomeda will soon start staking rewards for all EVM users, with smart contract developers included in the mix. Guillemot said that the staking rewards from Cardano products would automatically be paid every five days. 

How will it all work?

Milkomeda development would allow application developers at Ethereum to build on Cardano’s network by utilizing Solidity. They will not need to learn a new language or use toolkits. The protocol allows non-EVM blockchains to inherit important EVM ecosystem features, including rollups and Solidity support. 

This would allow the developers to broaden their spectrum by connecting their projects to Ethereum. The dApps would then be available on Cardano and Algorand; these applications will be exclusively used by Cardano tokens rather than Ether, further enhancing their utility. 

Ethereum Virtual Machine (EVM) – A brief

EVM refers to an ecosystem where all Ethereum accounts and contracts are present. The developers use this virtual computer to create decentralized applications (dApps). During deployment on other blockchains, EVMs allow developers to build DeFi applications and dApps like one would on Ethereum. 

Incorporating this feature in Milkomeda could spell success for Cardano. 

Where does Cardano stand now?

When writing, Cardano ADA was changing hands at $0.3906 with a gain of 3.26%, and its value against Bitcoin hiked by 5.75% to 0.00001399BTC. The market cap hopped by 3.25% to $13.5 billion; its volume suffered by 4.40% to $396 million. All these changes were in the last 24 hours. 

Cardano is ranked at number 7 and enjoys a market dominance of 1.16%. The current rate is 87.46%, low from its all-time high of $3.0992 achieved on September 2, 2012, and is up by 2139.04% from its all-time low of $0.01735 hit on October 1, 2017. Interestingly the return on investment (ROI) for Cardano is 1692.45%. 

Total Value Locked (TVL) for Cardano is $140.32 million, with a positive change of 1.27% in the last 24 hours. 

Cardano ADA – Candle Exploration

A short-term bullish movement can be seen, as indicated by an upward-sloping trend line. A slight positive bulge in the moving average and optimistic MACD lines supports the claim. It can be seen moving toward the supply zone but must cross the immediate resistance at $0.4230 for movement confirmation. 

The moving average would support a downward movement but certainly can not be promised. The demand zone is near yearly lows; hence a drawdown below that might not happen. 

Disclaimer:

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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