While the Cardano (ADA) price has gained attention with a 13.5% increase in the last seven days, the developers at Milkomeda Foundation also have big plans for the layer-1 blockchain that could further fuel the price rally. Sebastien Guillemot, CTO and co-founder of Milkomeda, Paima Studios, dcSpark and Flint Wallet claimed in a tweet that Cardano will be a top Ethereum Virtual Machine (EVM) chain as early as next month.
This is made possible by the launch of Milkomeda C1 on mainnet, which was announced last Tuesday. The project has been in constant work since mid-2021 and introduces Cardano’s EVM layer, allowing any ADA user to use EVM contracts directly from any Cardano wallet.
“All in pure ADA. This will instantly make Cardano one of the largest EVM chains by user count,” Guillemot euphorically predicted via Twitter.
To be precise, Milkomeda is a new type of protocol that connects several leading blockchains such as Cardano, Algorand, Polkadot and Solana. The goal of the project is to help non-EVM-based cryptocurrencies tap into the already large user base of the Ethereum ecosystem.
This is realized with EVM-based sidechains that provide rollup technologies for leading layer-1 ecosystems by offering the most popular smart contracting language Solidity. Hereby, Milkomeda promotes inter-blockchain interoperability and accessibility for developers at the layer-2 level.
In other words, dapp developers from the Ethereum Virtual Machine world can now build their dapps on Cardano via Milkomeda, coded in Solidity. Users can perform their transactions seamlessly with ADA.
“Any EVM project can deploy their dApp to the whole Cardano community. No need for users to buy some extra token – they can do everything with the ADA they already have in their wallets,” Guillemot explained via Twitter.
According to the founder, Cardano will also become “a powerhouse in on-chain gaming” thanks to Paima Studios and Milkomeda. Users will be able to play all blockchain-based games on other layer-1 blockchains without having to bridge their ADA tokens to another network.
Cardano Price Faces Major Hurdles
A look at the 1-day chart of ADA shows that the price needs strong conviction from the bulls to break through the upcoming key resistances. At press time, ADA was trading at $0.3986 and struggling to make a clear break above the 200-day Exponential Moving Average (EMA). A daily close above $0.3963 would be pivotal to confirm a bullish reversal.
Just above that follows the currently most crucial resistance area above $0.42. At this level, ADA was harshly rejected in mid-February. Moreover, the area (red in the chart) served as the most important support from May to October 2022.
from Bitcoinist.com https://ift.tt/CJ5orA3
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