Cardano's IOHK has announced that it is releasing the Ethereum Virtual Machine (EVM) sidechain alpha, which is now on testnet. The permissionless sidechain will allow developers to write Solidity smart contracts on Cardano and create EVM-compatible dApps and ERC20-compatible tokens while still reaping many of Cardano's benefits.
We’re releasing the Ethereum Virtual Machine (EVM) sidechain alpha! (Now on testnet.)— Input Output (@InputOutputHK) June 12, 2022
Build your Solidity-based applications on #Cardano - a decentralized, permissionless, sustainable blockchain.
The future is interoperable. pic.twitter.com/sCK9XIuFll
According to an earlier blog post, the EVM sidechain will have full compatibility with Ethereum upgrades and tools, web3 wallet compatibility, the use of the proof-of-stake Ouroboros Byzantine Fault Tolerance consensus protocol and the ability to inherit security from the Cardano main chain.
Other side chains
Cardano has witnessed several interoperability milestones in recent months.
Milkomeda is a sidechain protocol that supports Cardano and allows EVM-compatible smart contracts to be executed on Milkomeda C1, launched in late March. By the end of 2022, Milkomeda hopes to create interoperability between Cardano and other blockchains like Solana.
In late April, Wanchain, a decentralized interoperability platform, announced a new noncustodial and bi-directional cross-chain bridge that connects Cardano to another Layer 1 blockchain.
Wanchain bridges already connect more than fifteen Layer 1 and Layer 2 networks. Cardano's inclusion in this network aims to connect it to other DeFi and web3 ecosystems, broadening the potential use cases for ADA holders on other chains as well as the possibility of BTC, ETH, DOT, WAN, XRP and other coins being utilized in Cardano's dApp ecosystem.
The AGIX ERC-20 Converter Bridge, created in partnership with SingularityNET, was also released earlier In April. Its features allow users to convert Ethereum-based ERC-20 tokens to Cardano, with the DeFi sector benefiting the most.
As previously reported, the Iagon Ethereum-Cardano token bridge went live in beta version.
JUST IN: $ADA @CardanoStiftung is back on top 10 purchased tokens among 100 biggest #BSC whales in the last 24hrs 🐳— WhaleStats - the top 1000 BSC richlist (@WhaleStatsBSC) June 13, 2022
We've also got $FTM, $DOGE, $KUNCI, $LYO & #C98 on the list 👀
Whale leaderboard: https://t.co/0SYnjw0xQs#ADA #whalestats #babywhale #BBW pic.twitter.com/z9SW25PkMy
At the time of publication, Cardano's ADA was trading down 14.19% at $0.44. According to WhaleStats data, Cardano is currently facing buying pressure from whales, ranking among the top most-purchased assets in the last 24 hours.