E Point Perfect
Crypto

Algorand Now on Cardano, Says Charles Hoskinson, As Layer 2 Solution Launches


According to a recent announcement, the Milkomeda A1 Rollup is now live on the Algorand mainnet. Milkomeda is a blockchain interoperability provider that aims to deliver Ethereum Virtual Machine (EVM) capabilities to non-EVM blockchains like Cardano and Algorand. The A1 Rollup uses wrapped ALGOs, called milkALGOs, as its base currency.

Cardano founder Charles Hoskinson, excited about the interoperability milestone, declared that “Algorand is now on Cardano.”

A partnership between Milkomeda and Cardano-based DEX Blueshift will allow Blueshift to provide its DEX model to the Algorand ecosystem using Milkomeda’s A1 Rollup. Since the Blueshift protocol is based on the Milkomeda Cardano C1 sidechain, the Algorand ecosystem can now access its DEX model.

Fundamentally, Cardano, which operates a UTxO architecture, and Algorand, which utilizes the Algorand Virtual Machine (AVM) that operates on an account-based model, are two fundamentally distinct blockchains unable to exchange assets or communicate with one another. However, Algorand and Cardano can now be connected thanks to the Milkomeda A1 rollup.

Ads

Blueshift wants to roll out more features shortly that will allow Algorand users to make cross-chain swaps to Cardano assets without having to sell their assets through a centralized exchange.

As reported by U.Today, the Milkomeda Foundation announced the launch of C1, an Ethereum Virtual Machine-compatible (EVM) sidechain that is connected directly to the Cardano blockchain.





Source link

Related posts

14 KuCoin Labeled Wallets Went from $1.8 Billion to $10 Million: Here’s What’s Happening

DeFiChain Grand Central Hard Fork Activated on Dec. 8

XRP Attracts Funds for Third Week Straight

Ripple CTO Makes Prediction on Bitcoin-like PoW Chains: Details

Arthur Hayes Expects Fed Intervention Following BTC Price Rise If These Events Happen

Cardano Is Seeing Institutional Inflows for Four Reasons: Community