Cardano users are soon expected to be able to access Ethereum Virtual Machine (EVM) contracts straight from their Cardano (ADA) wallets, increasing the network’s value for users and developers.
An Ethereum Virtual Machine (EVM) is a runtime environment for executing smart contracts on the Ethereum blockchain. It functions as a decentralized virtual computer that developers can use to create decentralized applications (dApps) and deploy smart contracts. The EVM ensures the security and isolation of smart contracts from the broader Ethereum network while enabling the execution of contract code.
EVM is designed to be both blockchain-agnostic and language-agnostic, meaning that it can potentially be implemented on other blockchains, and developers can use various programming languages to write smart contracts. However, Solidity is the most widely used language for coding Ethereum smart contracts.
This upcoming functionality will be provided by Milkomeda, a network that bridges blockchains like Cardano and Algorand to EVM contracts. According to its team, Milkomeda “delivers rollup technologies to leading Layer 1 ecosystems by offering the most popular smart contracting language, Solidity, while enhancing inter-blockchain interoperability, user experience, and developer traction all at the Layer 2 level.”
On Thursday (March 30), Sebastien Guillemot, Co-Founder and CTO at blockchain company dcSpark, announced that Cardano is poised to become one of the largest Ethereum Virtual Machine (EVM) chains by user count next month. Guillemot, a former VP of Engineering & Cardano Product Manager at EMURGO, was tweeting about the upcoming launch of a feature on Milkomeda, Cardano’s EVM layer, that will allow every Cardano user to access EVM contracts directly from any Cardano wallet.
Based on Guillemot’s announcement, the new feature will support transactions using pure ADA and will expand Cardano’s user base, elevating its status among EVM chains. Furthermore, Cardano is set to become the largest EVM chain with fully operational staking rewards, as stated by the dcSpark CTO. Guillemot emphasized that Milkomeda will soon enable staking rewards for all EVM users, including smart contract developers. According to Guillemot’s tweet, developers who build on Cardano’s EVM layer can look forward to automatic payments every five days.
The new feature will permit Ethereum application developers to build on the Cardano network using Solidity, the programming language employed for coding Ethereum, without installing new toolkits or learning a different language. Consequently, these applications can exclusively use $ADA tokens rather than $ETH, enhancing utility for $ADA token holders.