- A notable figure in the crypto space appears to be bullish on Cardano (ADA).
- Milkomeda’s new ADA feature is driving expectations sky-high.
- The new feature allows the use of EVM contracts directly from any Cardano wallet.
The Cardano (ADA) ecosystem is hitting the ball out of the park, according to Cardano’s EVM layer, Milkomeda.
On March 30th, 2023, co-founder and Chief Technology Officer Sebastien Guillemot revealed that Milkomeda is launching a feature. The anticipated innovation allows every Cardano user to use Ethereum Virtual Machine (EVM) contracts directly from any Cardano wallet.
Therefore, the feature is anticipated to instantly make Cardano one of the largest EVM chains by user count.
Cardano’s EVM Sidechain
The new functionality enables users to interact with dApps and other smart contract-based services on the EVM without leaving the Cardano ecosystem.
Transactions and operations on these contracts are conducted using Cardano’s native cryptocurrency, ADA. The feature unlocks the possibility for Cardano users to participate in the Ethereum ecosystem without using or acquiring ETH.
Guillemot has disclosed that this feature works for dApps deployed on Milkomeda, noting that the deployment would be easy for any dApp.
Moreover, Milkomeda C1 supports staking for all its EVM users. This includes smart contract developers that will receive staking rewards every five days for building on the Cardano-based EVM sidechain.
Sponsored
Guillemot implies that introducing these features would incentivize users to use Cardano’s EVM sidechain.
At the time of writing, ADA is trading at $0.37, on a downward trajectory from its seven-day high of $0.38 on March 29th. The #7 ranked cryptocurrency by market capitalization remains at an 87.87% downtrend from its ATH of $3.09 on September 2nd, 2021.
Furthermore, beyond the bullish sentiment from Guillemot, the Cardano ecosystem is consistently evolving toward the Age of Voltaire.
On the Flipside
- Several Cardano wallets already support Milkomeda C1.
- Analysts have raised concerns about the potential centralization of Cardano’s EVM layer.
- The Milkomedia total value locked (TVL) already surpasses $78 million.
Why You Should Care
The significant development for the Cardano ecosystem is poised to increase Cardano’s utility and make it one of the largest EVM chains in the scene. The sustainable growth of the network is yet to be reflected in the price of ADA.
Read more about Cardano’s previous rendezvous with centralization accusations:
Cardano’s JPG Store Reacts to Copyright & Centralization
Read more recent whale action on Cardano:
Cardano (ADA) Dips to $0.34 After 63.5M Whale Action
