Cardano (ADA) users will soon be able to access Ethereum (ETH) Virtual Machine (EVM) contracts with any Cardano wallet. This will expand the network for both developers and users.
This has everything to do with the upcoming feature on Milkomeda, a network that connects blockchains like Cardano with EVM contracts.
Cardano will be a top EVM chain next month
Milkomeda (Cardano’s EVM layer) is launching a feature allowing EVERY Cardano 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 pic.twitter.com/fp6WwdFmF4
— Sebastien Guillemot (@SebastienGllmt) March 30, 2023
What is the Ethereum Virtual Machine?
The Ethereum Virtual Machine is an extremely important part of the Ethereum network. EVM refers to the environment in which all Ethereum accounts and smart contracts live, serving as a virtual machine used by developers to create decentralized applications (dApps).
The EVM is similar to a graphics processor: it runs on a computer and executes code written on the basis of instructions, known as smart contracts. These instructions are written in the Solidity programming language.
The EVM also maintains the latest version of the blockchain. Every transaction is a change in the blockchain, and every participant must be made aware of this.
When EVMs are deployed on other blockchains, EVMs can enable developers to build dApps and decentralized finance (DeFi) applications similar to how they would on Ethereum.
Access Cardano users to EVM applications
This new feature allows Ethereum developers to build applications on Cardano’s network using Solidity – the programming language used within the Ethereum network – without installing new toolkits or learning a new language. Such applications can then be used exclusively with Cardano tokens instead of ether, making the utility for holders increases.
Users do not have to buy an extra token – they can do everything with the ADA they already have in their wallet.
Sebastien Guillemot, the CEO of Milkomeda, also stated that staking rewards from Cardano products built on Milkomeda will be paid “automatically every 5 days”.