Cardano'S Plan To Become A Leading Ethereum Vm Chain Within A Month - Explained

Cardano’s Plan To Become A Leading Ethereum VM Chain Within A Month – Explained

Cardano (ADA) has been grabbing the attention of many investors lately, as its price surged by 13.5% in just the last seven days. But the good news doesn’t stop there.

The developers at Milkomeda Foundation have some exciting plans for this layer-1 blockchain that could propel the price rally even further.

According to Sebastien Guillemot, the CTO and co-founder of Milkomeda, Paima Studios, dcSpark, and Flint Wallet, Cardano will be a top Ethereum Virtual Machine (EVM) chain in as little as one month from now.

This is possible thanks to the launch of Milkomeda C1 on the mainnet, which was recently announced. The team has been tirelessly working on this project since mid-2021, and it will introduce Cardano’s EVM layer. Any ADA user can 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.

Milkomeda is an innovative protocol that links multiple blockchains, including Cardano, Algorand, Polkadot, and Solana. The project aims to enable non-EVM-based cryptocurrencies to benefit from the vast user base of the Ethereum ecosystem.

Milkomeda uses EVM-based sidechains that offer roll-up technologies for the leading layer-1 ecosystems to achieve this goal. In addition, these sidechains use the popular smart contracting language Solidity, which makes it easier for developers to build on top of them.

By doing so, Milkomeda facilitates inter-blockchain interoperability and enhances accessibility for developers at the layer-2 level.

Good news for dapp developers who work with the Ethereum Virtual Machine: you can now build your dapps on Cardano using Milkomeda, which is coded in Solidity. This means that users can perform their transactions with ADA without any hiccups.

“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

Cardano’s founder has big plans for the platform, including becoming a major player in the world of on-chain gaming. With Paima Studios and Milkomeda on board, users can enjoy blockchain-based games on other layer-1 blockchains without transferring their ADA tokens to another network. Exciting times are ahead!

Cardano Price Faces Major Hurdles

A closer look at the 1-day chart of ADA shows that the price needs a significant push from the bulls to surpass the upcoming vital resistances. Currently, ADA is trading at $0.3986 and struggling to make a definitive break above the 200-day Exponential Moving Average (EMA). Therefore, for a bullish reversal to be confirmed, it is pivotal for the daily close to exceed $0.3963.

Source: tradingview

The most critical resistance area at the moment is just above $0.42. In mid-February, ADA was strongly rejected at this level. Moreover, this area (red in the chart) was the most important support from May to October 2022.

Also Read: BTG Pactual, A Brazilian Bank, Plans To Release A Stablecoin Pegged To The U.S. Dollar

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