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Cardano Ethereum-Compatible Sidechain Receives New Deployment

Fri, 05/19/2023 - 16:20
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Tomiwabold Olajide
Milkomeda C1 continues its transition process
Cardano Ethereum-Compatible Sidechain Receives New Deployment
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Milkomeda, a Layer 2 protocol that brings EVM capabilities to non-EVM blockchains, has announced the news of a major deployment to the Cardano Ethereum-compatible sidechain, Milkomeda C1.

According to it, the newest bridge contract, v5 on mainnet C1, was just successfully deployed. It notes that this is one of the most important steps toward the upcoming Milkomeda C1 v2 release.

Milkomeda C1 continues its transition process towards v2. In an update yesterday, Milkomeda noted that bridge validators have started a planned update of their bridging software.

The Milkomeda V2 release will include features such as wrapped smart contracts, liquid staking, an aggregator with a rescue treasury for users and new validator software, which will also see the launch of several dApps.

In March last year, the Milkomeda Foundation unveiled Milkomeda C1, which enables Ethereum dApps to be deployed in the Cardano ecosystem.

Here's When Cardano's Ethereum Sidechain Testnet Might Be Expected: Details

Months later, Milkomeda has achieved notable success, processing millions of transactions. As noted by the team, the challenge remains that a lot of the tooling is not friendly enough for operators. This spurred the decision as regards the Milkomeda V2 release.

Last month, Djed saw its deployment on the Milkomeda C1 side chain. The deployment also makes Djed the first algorithmic stablecoin on Milkomeda C1.

Paima Studios, built on top of Milkomeda C1, launched a novel Layer 2 for on-chain games called Paima Engine, allowing Cardano users to play any blockchain-based game without needing to bridge tokens to another network.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.