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0 CommentsThe Milkomeda Foundation has announced the launch of C1, a sidechain that is compatible with Ethereum Virtual Machine (EVM) and connected directly to the Cardano blockchain. In response to the rollout of this layer-2 solution, Cardano’s native token (ADA) has rallied more than 32% over the week, outperforming other major altcoins.
According to a Monday blog post, users can now seamlessly move assets between the two blockchains, which makes it possible to run popular Ethereum-based decentralized applications (dApps) on top of Cardano. This is achieved with the wrapped smart contract technology, which was recently announced by Milkomeda.
Charles Hoskinson, CEO and Founder of IOHK, congratulated in his tweet DcSpark, a product-based blockchain company that is the core contributor to the Milkomeda protocol. He described the launch of the C1 layer-2 solution as “a great development” for Cardano.
In February, the Milkomeda Foundation announced a partnership with interoperability protocol to make it possible to easily bridge assets from the Ethereum network. As reported earlier, the bridge between Cardano and Ethereum was then launched in testnet mode later that month.
Per the announcement, the first 10,000 addresses on the waitlist will be able to start interacting with Milkomeda from the get-go. The team plans to remove the waitlist “as soon as possible.”
In order to be able to use Ethereum assets, users have to set up their MetaMask wallet with Milkomeda C1 and move their assets from the Cardano mainnet.
In the coming months, the Milkomeda Foundation will add support for Algorand (ALGO) and Solana (SOL), which will ensure broader interoperability.
The recent rollout of the EVM-compatible layer-2 solution has been a major bullish catalyst for Cardano. According to data provided by CoinMarketCap, the native ADA token has rallied over 32% over the past week, outperforming other major altcoins.
IntotheBlock analytics reports increasing accumulation across the board in different tier addresses. The on-chain analytics firm notes that addresses holding 10-100 ADA and 100,000-1 million ADA have increased their balances by 12% and 11%, respectively, since March.
