Milkomeda C1, an EVM protocol on Cardano launches
Milkomeda C1, an EVM protocol that allows users to deploy Ethereum dApps has launched as a Cardano sidechain. Now Cardano users can take advantage of Ethereum & other EVM compatible dApps like Avalanche & BNB.
Thanks to Milkomeda, Solidity developers can interact with Cardano's ecosystem without having to learn Haskell or Plutus and vice versa. In a lot of ways, this is the first demonstration that Cardano's interoperability ability.
"With wrapped smart contracts, the L1 blockchain becomes a robust coordination layer that users stay on while executing smart contracts on the sidechain without having to move over to the sidechain themselves" ~ Sebastien Guillemot
The other benefit for Cardano users is that they can now use stable coins such as USDT, USDC, and UST on Milkomeda C1. That's while they wait for the launch of Cardano's algorithmic stablecoins e.g Djed & Ardana to launch.
To take advantage of ETH assets on the Milkomeda C1, Cardano users will need to complete the following steps:
Setup a Milkomeda Address via an EVM compatible wallet
The wallet of choice here will be Metamask.
First, users must first add Milkomeda to their ETH Metamask wallet. Instructions needed for this configuration:
Move ADA to the Milkomeda Address from an ADA wallet.
Users can use either Nami or Flint Wallet - ADA wallet
Through Milkomeda's flint wallet integration, users will move their Cardano assets onto Milkomeda. Here are the instructions on to complete that task.
After configuring Metamask to work with Milkomeda and moving Cardano assets to the Milkomeda protocol, users can then start using EVM dApps on the chain.
At the time of Milkomeda's launch, users can use these bridges to move their Cardano assets between Cardano & Milkomeda sidechain:
Is Milkomeda C1 audited?
Yes. Milkomeda was successfully audited for security by Aritrary Execution. A second audit is in progress and results will be released in the near future. Following in its footsteps dApps (bridges) launching on Milkomeda have also taken steps to get audited. Here is a list:
What is Milkomeda's native token?
Milkomeda has no native token. According to one of its founders, the project's focus is to build a useful product first and possibly think about monetization opportunities later.
However, Milkomeda uses milkADA as its base token. This is because when ADA is sent from the Cardano network to Milkomeda C1, it's converted to milkADA
Fees on Milkomeda
For transactions that don't involve moving assets between Cardano and Milkomeda sidechain, there's only one fee i.e Milkomeda standard fee.
On the other hand, for transactions that involve wrapping or unwrapping Cardano assets, a second fee i.e Cardano base fee will be charged on top of the Milkomeda fee.
This release was just the first phase of the Milkomeda roadmap. According to Nicolas Arqueros, CEO of dcSpark, Milkomeda is looking at at least two other phases i.e Phase 2 & 3.
Through these updates, Milkomeda will evolve from a simple sidechain to a zkRollup i.e a zero-knowledge rollup. These later phases will rely on Cardano scalability updates to be live on the mainnet.
Just a few days after its launch, TVL on Milkomeda C1 has grown to $92.71 million. Here is a look at dApps that are driving this TVL
Someone observed on Twitter:
Less than 72 hours in, @Milkomeda_com's C1 (@Cardano) already bigger than Tezos in TVL.. Algorand up next
First published on Mar 28, 2022