An update on EVMs and Cardano
Is Cardano EVM compatible? We look at the latest EVM developments within the Cardano ecosystem
Earlier this year Cardano achieved a significant milestone in its development by launching a public testnet for its proof-of-concept Ethereum Virtual Machine (EVM)-compatible sidechain. This testnet allows users to run token transfers between test environments, connect their wallets, and deploy smart contracts and decentralized applications (dApps). The initiative is part of Cardano's broader efforts to enable blockchain interoperability and expand its dApp ecosystem.
The testnet will be available for a short period and regularly adjusted during its pilot phase. IOG aims to gather feedback and improve the solution by collaborating with the Cardano community, including developers and stake pool operators (SPOs).
The sidechain toolkit released earlier allows developers to deploy custom sidechains on the Cardano network with their consensus algorithms and features. These sidechains are connected to Cardano's root chain through a bridge, facilitating cross-chain transfers. The toolkit primarily supports smart contracts written in Solidity, the programming language commonly used on Ethereum. However, IOG plans to explore other technical variations for wider adoption with different networks, empowering developers to build in their native languages.
The collaboration between Cardano and Milkomeda, a blockchain development company, has played a significant role in Cardano's progress in EVM integration. Milkomeda's co-founder, Sebastien Guillemot, announced that Cardano would become the top EVM chain in the coming month, thanks to a new feature introduced by Milkomeda. This feature allows Cardano users to directly use any EVM contract from any Cardano wallet, all within ADA, Cardano's native cryptocurrency. Guillemot also mentioned that Milkomeda would launch staking rewards for all EVM users, including smart contract developers, making Cardano the largest EVM-compatible chain with a fully operational staking rewards system.
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Djed Stablecoin Protocol Deploys on Cardano's EVM-Compatible Sidechain, Marks First Solidity Deployment
The Djed Alliance, the steward of the Djed stablecoin protocol, has announced the deployment of the Djed stablecoin protocol on Milkomeda-C1, an EVM-compatible sidechain of Cardano. This marks the third deployment of the protocol and its first deployment on Solidity, the main programming language for Ethereum smart contracts. The new deployment opens up opportunities for expansion to other EVM-compatible blockchains.
The Djed stablecoin protocol, unlike other stablecoins, is backed by crypto assets, making it resilient to the insolvency of banks holding fiat reserves. It aims to maintain stability by closely tracking the target price without deviation. The protocol has undergone formal verification, with mathematical theorems proven and peer-reviewed. It has also been battle-tested on Ergo, demonstrating its stability during market crashes.
This deployment represents a significant milestone for the Djed protocol, as it establishes its presence on Cardano and Solidity, attracting attention from Ethereum developers. The Djed Alliance continues to drive innovation in the Cardano ecosystem, with other projects like Dead Pxlz, a non-fungible token (NFT) project, preparing to launch a new game in the Cardano ecosystem.
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Blueshift's BluesChain Enables Cardano and Polygon Interoperability, Expanding Cross-Chain Token Swaps
Blueshift, a cross-chain liquidity aggregator, has introduced its new cross-chain protocol called BluesChain, enabling interoperability between Cardano and Polygon. With this protocol, users can perform bridgeless cross-chain swaps between the two networks. In addition to Cardano and Polygon, Blueshift is also connected with other chains such as Milkomeda, Kava, Algorand A1, and Cardano C1, which are EVM-compatible chains developed by Milkomeda. Blueshift's goal is to establish connections with all Ethereum Layer 2 solutions by the end of summer 2023, expanding cross-chain interoperable decentralized exchanges (DEX) in the decentralized finance (DeFi) sector.
BluesChain allows users to conduct token swaps between different ecosystems without relying on a centralized authority. The protocol utilizes a distributed ledger system to record and coordinate cross-chain transactions across the connected chains. Unlike traditional approaches that use wrapped assets, BluesChain interacts directly with the blockchains involved, enabling seamless asset transfers.
While the EVM development in Cardano has received positive attention from the community, some users have expressed concerns about the platform's uniqueness as a standalone blockchain. They argue that the integration of EVM support could be perceived as an attempt to make development easier for developers who prefer other programming languages over Cardano's native languages, Haskell and Plutus.
However, IOG and Cardano's community-driven approach aim to address these concerns and leverage the benefits of EVM compatibility while maintaining the platform's security features. By actively engaging with the community and gathering feedback during the testnet phase, Cardano aims to ensure that its EVM integration aligns with the needs and expectations of its users.
The launch of the public testnet for Cardano's EVM-compatible sidechain marks a significant milestone in the platform's development. By enabling users to run token transfers, deploy smart contracts, and connect their wallets, Cardano is expanding its capabilities and fostering interoperability with Ethereum and other EVM-based networks. The collaboration with Milkomeda and the active involvement of the Cardano community further strengthen the platform's evolution and pave the way for wider adoption and innovation in the Cardano ecosystem.
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