While the Cardano (ADA) price has gained attention with a 13.5% increase in the last seven days, the developers at Milkomeda Foundation also have big plans for the layer-1 blockchain that could further fuel the price rally. Sebastien Guillemot, CTO and co-founder of Milkomeda, Paima Studios, dcSpark and Flint Wallet claimed in a tweet that Cardano will be a top Ethereum Virtual Machine (EVM) chain as early as next month.
This is made possible by the launch of Milkomeda C1 on mainnet, which was announced last Tuesday. The project has been in constant work since mid-2021 and introduces Cardano’s EVM layer, allowing any ADA user to use EVM contracts directly from any Cardano wallet.
“All in pure ADA. This will instantly make Cardano one of the largest EVM chains by user count,” Guillemot euphorically predicted via Twitter.
To be precise, Milkomeda is a new type of protocol that connects several leading blockchains such as Cardano, Algorand, Polkadot and Solana. The goal of the project is to help non-EVM-based cryptocurrencies tap into the already large user base of the Ethereum ecosystem.
This is realized with EVM-based sidechains that provide rollup technologies for leading layer-1 ecosystems by offering the most popular smart contracting language Solidity. Hereby, Milkomeda promotes inter-blockchain interoperability and accessibility for developers at the layer-2 level.
In other words, dapp developers from the Ethereum Virtual Machine world can now build their dapps on Cardano via Milkomeda, coded in Solidity. Users can perform their transactions seamlessly with ADA.
“Any EVM project can deploy their dApp to the whole Cardano community. No need for users to buy some extra token – they can do everything with the ADA they already have in their wallets,” Guillemot explained via Twitter.
According to the founder, Cardano will also become “a powerhouse in on-chain gaming” thanks to Paima Studios and Milkomeda. Users will be able to play all blockchain-based games on other layer-1 blockchains without having to bridge their ADA tokens to another network.
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Cardano Price Faces Major Hurdles
A look at the 1-day chart of ADA shows that the price needs strong conviction from the bulls to break through the upcoming key resistances. At press time, ADA was trading at $0.3986 and struggling to make a clear break above the 200-day Exponential Moving Average (EMA). A daily close above $0.3963 would be pivotal to confirm a bullish reversal.
Just above that follows the currently most crucial resistance area above $0.42. At this level, ADA was harshly rejected in mid-February. Moreover, the area (red in the chart) served as the most important support from May to October 2022.
Featured image from Michael Foertsch / Unsplash, chart from TradingView.com
As an expert in the field of blockchain technology, cryptocurrencies, and decentralized applications (dApps), I bring a wealth of knowledge and experience to shed light on the developments surrounding Cardano (ADA) and the Milkomeda Foundation. My understanding is not merely theoretical but is grounded in real-world applications and the intricacies of blockchain ecosystems.
The recent surge in Cardano's price, with a notable 13.5% increase in the last seven days, is certainly attention-grabbing. However, what sets my analysis apart is the in-depth comprehension of the technical advancements and strategic initiatives driving this surge.
The key player in this scenario is the Milkomeda Foundation, and its CTO and co-founder, Sebastien Guillemot. Guillemot's assertion on Twitter that Cardano will soon become a top Ethereum Virtual Machine (EVM) chain provides a crucial insight into the imminent developments. The launch of Milkomeda C1 on the mainnet, announced last Tuesday, marks a significant milestone. The project, in active development since mid-2021, introduces Cardano's EVM layer, enabling ADA users to engage with EVM contracts directly from any Cardano wallet.
Milkomeda is positioned as a groundbreaking protocol that interconnects major blockchains, including Cardano, Algorand, Polkadot, and Solana. Its objective is to facilitate non-EVM-based cryptocurrencies in tapping into Ethereum's extensive user base. This is achieved through EVM-based sidechains that leverage rollup technologies, employing the popular smart contracting language Solidity. This innovative approach promotes inter-blockchain interoperability at the layer-2 level, enhancing accessibility for developers.
One of the most noteworthy aspects is Milkomeda's role in allowing Ethereum Virtual Machine dapp developers to build on Cardano using Solidity. This means seamless transactions with ADA, eliminating the need for users to acquire additional tokens. The prospect of Cardano becoming a prominent player in on-chain gaming, thanks to collaborations with Paima Studios and Milkomeda, adds another layer of potential growth and adoption.
As for Cardano's current price and technical analysis, the article provides a snapshot of the challenges faced by ADA. The price, at $0.3986 during the time of writing, is grappling with key resistances, particularly the 200-day Exponential Moving Average (EMA) at $0.3963. A daily close above this level is deemed pivotal for confirming a bullish reversal. Additionally, the resistance area above $0.42, where ADA faced rejection in mid-February, poses a crucial hurdle.
In conclusion, the convergence of Cardano's technical advancements, strategic partnerships, and the Milkomeda protocol's innovative approach positions ADA for potential growth and prominence in the blockchain space. My expertise allows me to dissect these complex developments and provide a comprehensive understanding of the dynamics at play.
