Main navigation

Cardano Is One Step Closer to Interoperability as EVM Sidechain Set for Launch

Mon, 06/13/2022 - 11:22
article image
Tomiwabold Olajide
Permissionless sidechain will allow developers to write Solidity smart contracts on Cardano
Cardano Is One Step Closer to Interoperability as EVM Sidechain Set for Launch
Cover image via

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

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.

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.

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.

article image
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.