Those who use the Cardano blockchain will soon be able to gain access to Ethereum Virtual Machine smart contracts with any cardano (ADA) wallet, expanding Cardano’s usefulness.
That is a feature on Milkomeda, a network that connects blockchains such as Cardano and Algorand to EVM contracts. “Milkomeda (Cardano’s EVM layer) is launching a feature allowing every Cardano user to use EVM contracts directly from any Cardano wallet,” Sebastien Guillemot, CEO of Milkomeda, said in a recent news interview.
Milkomeda is soon enabling staking rewards for all EVM users, including smart contract developers,” Guillemot stated, adding that staking rewards from Cardano products built on Milkomeda will be paid “automatically every five days.” An Ethereum Virtual Machine is where all Ethereum accounts and smart contracts live, serving as a virtual computer used by developers to create decentralized applications, or dapps.
When deployed on other blockchains, EVMs can allow developers to build dapps and decentralized-finance applications similar to the way they would on the Ethereum blockchain. The new feature will allow Ethereum application developers to build on Cardano’s network using Solidity – the computer language used to code Ethereum – without the need to install new toolkits or learn a new computer language.
Such applications can then be used solely with Cardano tokens instead of ether (ETH), the native token of the Ethereum network, increasing the tokens’ utility for holders.