Monday, June 17, 2024
HomeTechnologyCardano IOHK announces release of Ethereum Virtual Machine Sidechain alpha

Cardano IOHK announces release of Ethereum Virtual Machine Sidechain alpha

On June 12th, Cardano’s IOHK announced the release of the Ethereum Virtual Machine (EVM) sidechain alpha, which is now available on testnet.

EVM sidechain will have proper integration with Ethereum updates and equipment, web3 wallet compatibility, Byzantine Fault Tolerance consensus protocol, use of the proof-of-stake Ouroboros and the capabilities to accrue protection from the Cardano main chain.

Development of Structural rigidity smart contracts is performed on Cardano and construction of EVM-compatible dApps and ERC20-compatible tokens is also done with the help of this permissionless sidechain.

Cardano compatible other sidechain

Wanchain bridges connect more than 15 Layer 1 and Layer 2 systems. Cardano’s involvement in this network intends to link to other DeFi and web3 ecosystems. It shall increase the possible uses for ADA owners on other chains while allowing BTC, WAN, DOT, XRP, ETH, and other currencies to be used in Cardano’s dApp platform.

Milkomeda is a Cardano-compatible sidechain technology that enables EVM-compatible smart contracts to be performed on Milkomeda C1. This was released in late March. Milkomeda intends to achieve compatibility between Cardano and other blockchains such as Solana by the conclusion of 2022.

Wanchain, a decentralized interoperability platform, released a new bidirectional and noncustodial cross-chain bridge connecting Cardano with another Layer 1 blockchain in late April.

The AGIX ERC-20 Converter Bridge was launched in April. It was created in alliance with SingularityNET. Its capabilities enable users to transfer Ethereum-based ERC-20 tokens to Cardano, helping the DeFi industry.

The Iagon Ethereum-Cardano token bridge was officially launched on 26th May in beta form.

Cardano’s ADA dropped 14.19 % at $0.44. Cardano is now under purchasing stress from whales, as per WhaleStats data. It is ranked among the top greatest assets in the past 24 hours.

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