In a Monday blog post, the Milkomeda Foundation has announced the launch of C1, an Ethereum Virtual Machine-compatible sidechain that is connected directly to the Cardano blockchain. It describes the rollout of the layer-2 solution as “a pivotal moment.”
Users can now seamlessly move assets between the two blockchains, which makes it possible to run popular Ethereum-based decentralized applications (dApps) on top of Cardano. This is achieved with the wrapped smart contract technology, which was recently pioneered by Milkomeda.
In his tweet, Input Output CEO Charles Hoskinson congratulated DcSpark, a product-based blockchain company that is the core contributor to the Milkomeda protocol. He described the launch of the C1 layer-2 solution as “a great development” for Cardano.
In February, the Milkomeda Foundation announced a partnership with interoperability protocol to make it possible to easily bridge assets from the Ethereum network. As reported by U.Today, the bridge between Cardano and Ethereum was then launched in testnet mode later that month.
As of recently, the rollout of the EVM-compatible layer-2 solution has been a major bullish catalyst for Cardano. The native ADA token has rallied over 32% over the past week, according to data provided by CoinMarketCap, outperforming other major altcoins.
According to the announcement, the first 10,000 addresses on the waitlist will be able to start interacting with Milkomeda from the get-go. The team plans to remove the waitlist “as soon as possible.”
In order to be able to use Ethereum assets, users have to set up their MetaMask wallet with Milkomeda C1 and move their assets from the Cardano mainnet.
In the coming months, the Milkomeda Foundation will add support for Algorand and Solana, which will ensure broader interoperability.
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at email@example.com.
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