2 - 4 minute read
Cardano is making a big move in the world of decentralized finance (DeFi) by allowing users to gain access to Ethereum Virtual Machine (EVM) smart contracts with any ADA wallet. This feature will expand Cardano’s usefulness, making it easier for developers to build decentralized applications or dapps, which can be used solely with Cardano tokens. This move is thanks to an upcoming feature on Milkomeda, a network that connects blockchains such as Cardano and Algorand to EVM contracts.
“Milkomeda (Cardano’s EVM layer) is launching a feature allowing EVERY Cardano user to use EVM contracts directly from ANY Cardano wallet,” Sebastien Guillemot, CEO of Milkomeda, said late Thursday.
This new feature will allow Ethereum application developers to build on Cardano’s network using Solidity, the computer language used to code Ethereum, without the need to install new toolkits or learn a new computer language. This means that developers can deploy their dapps on other blockchains using EVMs, allowing them to build dapps and decentralized finance applications similar to the way they would on the Ethereum blockchain.
The CEO of Milkomeda, Sebastien Guillemot, stated that staking rewards from Cardano products built on Milkomeda will be paid “automatically every five days.” This means that staking rewards will be available to all EVM users, including smart contract developers. This will incentivize developers to build on Cardano’s network, making it more attractive to developers and users alike.
An Ethereum Virtual Machine is where all Ethereum accounts and smart contracts live, serving as a virtual computer used by developers to create decentralized applications, or dapps. The Cardano network is already known for its strong security and scalability, and this new feature will only enhance its reputation.
Cardano is already one of the most popular cryptocurrencies on the market, with a market capitalization of over $50 billion. This move to allow users to access Ethereum dapps directly from ADA wallets will only increase its popularity and value. However, it is important to note that trading carries high risk and traders should do their own research before investing.
The move by Cardano to allow users to access Ethereum dapps directly from ADA wallets is a significant step forward in the world of decentralized finance. This move will make it easier for developers to build dapps on Cardano’s network, which will increase its popularity and value. However, traders should be cautious and do their own research before investing.
