Cardano (ADA) Launches New Ethereum-Compatible Sidechain Proof of Concept

Smart contract platform Cardano (ADA) is launching a new sidechain proof of concept that is compatible with Ethereum (ETH).

In a new announcement, Input Output Hong Kong (IOHK), the development team behind Cardano, says it’s launching a new public testnet compatible with the Ethereum Virtual Machine (EVM).

Buy physical gold and silver online

According to Stevan Lohja, IOHK’s developer relations manager, the project was started to expand the Cardano blockchain’s utility.

“The EVM sidechain testnet is a proof of concept Cardano sidechain which uses the components of the sidechain toolkit. We created this sidechain to prove Cardano could be extended with new features, such as different smart contract languages, or consensus protocols, and the sidechain toolkit serves as an example [of] how to build a Cardano sidechain.”

Though no specific time frame was given, IOHK says the testnet will be running for a long time and encourages developers and validators to use both the toolkit and sidechain.

“This proof of concept testnet is ephemeral and will be regularly respun during its pilot phase. Ultimately, it is intended to be a community resource and we encourage developers and SPOs to get involved and collaborate.”

Recently, crypto analytics platform Santiment found that whale activity on Cardano has been spiking. The firm said that the last time something similar happened, ADA’s price skyrocketed.

“Cardano whale numbers have risen in 2023, and large transactions have notably broken out.

The last time there were this many $100,000 ADA transactions was in May, and its price jumped +36% from the beginning of that week until its local top in early June.”

Cardano is trading for $0.394 at time of writing, a fractional gain on the day.

Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Check Latest News Headlines


 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/bluefish_ds/Mingirov Yuriy

The post Cardano (ADA) Launches New Ethereum-Compatible Sidechain Proof of Concept appeared first on The Daily Hodl.

About the author

Why invest in physical gold and silver?
文 » A