Cardano achieves interoperability milestone with introduction of EVM-compliant Layer 2

Cardano could reach a major interoperability milestone with the debut of Milkomeda, an EVM-compliant Layer 2. The Milkomeda C1 mainnet is expected to launch on March 28.

In late February, Milkomeda, a Layer 2 protocol (rollups) that provides EVM capabilities for non-EVM blockchains, launched a bridge testnet between Cardano and Ethereum in collaboration with Nomad, a novel interoperability protocol. Now the bridge is expected to go live on the mainnet.

Once live, assets can be sent back and forth between the two blockchains via the bridge. Milkomeda will work to achieve both the sidechain and multi-blockchain interoperability vision.

Users who own tokens on the connected chain will be able to transfer those assets to Cardano and vice versa by simply packaging them onto the sidechain that connects the two blockchains. These tokens become native assets on the Cardano mainnet and perform the same functions as native assets on Cardano once they are wrapped.

ADA price action

ADA was trading at $1.12 at the time of publication, up 3.05% on the day. In terms of market value, ADA is the seventh-largest cryptocurrency with a decline of 28.79% in the last seven days.

After falling to the $1.07 level the previous day, ADA recovered to a high of $1.14 by press time. ADA has recovered more than 80% since hitting a low of $0.80 on March 15. ADA rose above the crucial barrier at $0.95 and climbed higher.

As it looks, ADA could form a bullish pennant that could lead to a continuation of the upward movement. In this case, the next hurdle is $1.52, while the support remains at $0.95.

IntotheBlock Analytics reports increasing accumulation across the board in various 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.

Source: U. Today

Previous articleCrypto tax policy framework passes India’s parliament despite pushback from lawmakers
Next articleCoinbase to track off-platform crypto transfers in Canada, Singapore, Japan