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Cardano’s DeFi Can Now Be Possible on Ethereum Through This Integration: Details

Wed, 06/29/2022 - 13:15
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Tomiwabold Olajide
This sidechain allows transfer of assets, Ethereum dApps to run on Cardano and vice versa
Cardano’s DeFi Can Now Be Possible on Ethereum Through This Integration: Details
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AdaSwap, a Cardano-based decentralized exchange (DEX) with an automated market maker (AMM), has announced its collaboration with Milkomeda. Through Layer 2 solutions as a sidechain, Milkomeda provides EVM compatibility to non-EVM blockchains, including Cardano. This sidechain allows the transfer of assets, and also Ethereum dApps to run on Cardano, and vice versa.

Through this collaboration, AdaSwap and Milkomeda intend to pave the way for the integration of Ethereum Virtual Machines (EVMs ) into the Cardano ecosystem. Using Milkomeda, AdaSwap seeks to integrate non-Cardano projects and smart contracts.

Additionally, integration with Milkomeda aims to make it possible for non-Cardano tokens to be swapped and interchanged seamlessly. Therefore, users with non-Cardano tokens are presented with more opportunities and utility for their existing tokens.

Today, AdaSwap announced the launch of its testnet deployed on the Milkomeda network.

Cardano records DeFi inflows

Data from DefiLlama shows that the Cardano DeFi ecosystem has garnered nearly $10 million more in funds, marking a positive 24-hour change of nearly 7.61% in its total value locked (TVL). The increase in the total value locked (TVL), from around $114 million on June 28 to about $124 million on June 29, reflects this.

The total value of crypto assets placed in decentralized finance (DeFi) protocols is referred to as Total Value Locked (TVL).

Wing riders have the highest dominance of 41.84% to Cardano's TVL, and it is up 50% in the past month. As per the total value locked on the lending platform, Fluid tokens are up 36,163% in the past seven days. ADAX pro also demonstrates an increase of 226% over the same period.

Meanwhile, the ADA price is down 4.40% at $0.47 at the time of publication.

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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.