Milkomeda is working on a new feature that would allow Cardano users to use any EVM contract directly from any Cardano wallet.
The Cardano blockchain has been recently working its way to becoming the top EVM chain in the crypto space. Milkomeda co-founder Sebastien Guillemot recently announced that the development can happen as early as next month.
Furthermore, Milkomeda plans to launch staking rewards for all EVM users, including the developers of the smart contracts. Thus, it will also make Cardano the largest EVM-compatible chain having a full operational staking rewards system. Guillemot has also invited those interested in building on Cardano’s EVM layer and receive rewards for five days. He wrote:
“Not only this, but it will be the largest EVM chain with staking rewards fully operational! Milkomeda (@Milkomeda_com) is soon enabling staking rewards for all EVM users, including smart contract developers Build in Cardano’s EVM layer and get paid automatically every 5 days!”
However, some users have expressed discontent with this development on Cardano adding that it leads to questioning the validity and the uniqueness of the Cardano blockchain as a standalone blockchain network.
Cardano Users Can Access Ethereum dApps
Amid the current development from Milkomeda, Cardano users will soon be able to access Ethereum Virtual Machine (EVM) contracts directly from the Cardano wallets.
An Ethereum Virtual Machine basically refers to an environment wherein all Ethereum accounts and smart contracts can live together and work as a mutual computer used by developers for creating decentralized applications (dapps).
Deploying EVM on other blockchains would allow developers to build dApps as well as decentralized finance (DeFi) applications similar to the way they would build on the Ethereum blockchain. The latest development from Milkomeda will allow Ethereum application developers to build atop the Cardano blockchain using Solidity – the computer language used to code Ethereum – without requiring any new toolkits.
These applications can be used solely with Cardano’s ADA tokens instead of Ether thereby increasing the utility for holders.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
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