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Cardano’s EVM-Compatible Sidechain Nears 100K Wallet Addresses, Surpasses 7.5M Transactions
Cardano’s EVM-Compatible Sidechain Nears 100,000 Wallet Addresses, Surpasses 7.5 Million Transactions.
Himanshu S.
12:43 3rd Aug, 2022
Markets

According to an update shared by Nico Arqueros, CEO and co-founder of blockchain startup dcSpark and a core contributor to the Milkomeda Protocol the network is nearing 5 million blocks, and has included in these over 7.5 million transactions from nearly 100,000 wallets.

While Arqueros’ numbers are slightly lower, looking at the Milkomeda network explorer reveals the network has 97,077 addresses and has processed 7.715 million transactions, which have been included in 4.779 million blocks.

The Milkomeda project allows EVM-compatible smart contracts to be executed from the Cardano mainnet. Furthermore, the Milkomeda project promises in future to deliver interoperability between Cardano and other layer one (“L1)”) blockchains, such as Solana.

Cardano founder Charles Hoskinson has congratulated the dcSpark team on the project and even said the launch of Milkomeda C1 mainnet was a “great moment for Cardano.” dcSpark was co-founded in April 2021 by Nicolas Arqueros, Sebastien Guillemot and Robert Kornacki.

CEO Nicolas Arqueros is the ex-CTO of EMURGO (which does for Cardano the equivalent of what ConsenSys does for Ethereum). The basic idea is that Milkomeda will help L1 blockchains — such as Cardano, Solana, and Polkadot — that do not yet have the same kind of “robust” developer community and the same level of mass adoption as Ethereum by providing them with “both EVM-based sidechains and novel tech that provide seamless UX for both developers and general users.”

Milkomeda aims to solve this problem by “building out sidechains with alternative VMs connected to the L1 mainchains which use their cryptocurrency as their base asset”. For instance, in the case of Cardano, what this means is that it will permit “sidechains to be deployed that connect directly to the mainchain and use wADA (wrapped ADA) as the asset to pay for transaction fees.”

The first L1 blockchain that Milkomeda is helping is Cardano. C1 is the name of the EVM-based sidechain that connects “directly to Cardano”; this is not only Milkomeda’s first ever sidechain, but it is also the first sidechain to be built for Cardano.

As CryptoGlobe reported, Cardano’s Vasil hard fork, which is expected to deliver a “massive” performance improvement to the cryptocurrency’s network, was delayed by “a few more weeks.”

The Vasil hard fork will involve four Cardano Improvement Proposals (CIPs). Investors have nevertheless been betting on it, with data from Coinbase’s price pages showing that users of the Nasdaq-listed cryptocurrency exchange have a typical ADA hold time of 153 days, meaning that Cardano traders on the platform hold onto their assets for that long before “selling it or sending it to another account or address.”

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