07 Apr 2023
Milkomeda Crypto Upgrade - Ethereum dApps are coming to Cardano
This article will look at the major Milkomeda Crypto upgrade that will allow Ethereum dApps to be accessed by Cardano wallets. We discuss what this could mean for the Cardano ecosystem.
Cardano is soon to release a feature that will enable its users to access Ethereum Virtual Machine (EVM) applications directly from their ADA wallets. The move is made possible by Milkomeda, an EVM network that connects blockchains such as Cardano and Algorand to EVM contracts. Milkomeda CEO Sebastien Guillemot revealed that crypto staking rewards for all EVM users, including smart contract developers, will soon be enabled, with Cardano products built on Milkomeda being paid automatically every five days. This upgrade is significant for Cardano users as they will be able to gain access to Ethereum Virtual Machine smart contracts with any Cardano (ADA) wallet, which will expand the usefulness of the Cardano blockchain.
So, what is an EVM, and why is the integration of EVM applications into Cardano so significant?
In simple terms, an EVM is a virtual computer that serves as the foundation of the Ethereum blockchain. It is the place where all Ethereum accounts and smart contracts live, and it is used by developers to create decentralized applications (DApps). When deployed on other blockchains, EVMs can allow developers to build DApps and decentralized finance (DeFi) applications in the same way they would on the Ethereum blockchain.
The integration of EVM applications into Cardano is significant because it will enable Ethereum application developers to build on Cardano’s network using Solidity, the programming language used to code Ethereum, without the need to install new toolkits or learn a new programming language. This is an essential upgrade that will allow developers to create DApps that can be used solely with Cardano tokens instead of ether (ETH), the native token of the Ethereum network, which will increase the utility of ADA tokens for holders.
What is Milkomeda's role in the EVM Cardano upgrade?
Milkomeda is the network that enables Cardano to connect with EVM contracts. It is an EVM layer that connects blockchains like Cardano and Algorand to the Ethereum network. Moreover, Milkomeda's integration with Cardano allows smart contract developers and EVM users to earn staking rewards. This is an important feature because it incentivizes developers to build DApps on Cardano's blockchain network. Staking rewards are paid automatically every five days for Cardano products built on Milkomeda. As such, this feature makes it possible for developers to earn passive income while building DApps on the Cardano blockchain.
Flagship Thought
The integration of EVM applications into Cardano is an essential upgrade that will increase the usefulness of the Cardano blockchain for its users. The move will enable Cardano users to access Ethereum Virtual Machine smart contracts with any Cardano (ADA) wallet, expanding Cardano's usefulness. This upgrade increases the utility of ADA tokens for holders. Moreover, Milkomeda's integration with Cardano allows smart contract developers and EVM users to earn crypto staking rewards, which incentivizes developers to build DApps on Cardano's blockchain network.
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