Cardano community is working on Cardano’s wider adoption
As indicated in a IOHK blog post, Cardano developers may soon be able to create ERC-20 tokens, as Cardano’s parent company, IOG, plans to release a new permissionless EVM sidechain this year. This sidechain aims to enable Cardano developers to write Solidity smart contracts and create EVM-enabled dApps and ERC20-enabled tokens.
The key features of the EVM sidechain will be full compatibility with Ethereum upgrades and tools, Web3 wallet compatibility, the use of the proof-of-stake Ouroboros Byzantine Fault Tolerance consensus protocol, and also the ability to inherit security from the Cardano main chain.
The Cardano community is working on the wider adoption of Cardano, as mentioned in the blog post. The ability to work with other blockchains, or interoperability, according to IOG, is crucial. According to analysis of the Cardano blockchain, there are already over 4.5 million native tokens, over 5,000 unique tokens (NFTs) and over 900 Cardano-based projects.
Cardano’s parent firm IOHK, and Wanchain, announced their collaboration to facilitate interoperability between the Cardano mainnet, Cardano sidechains and other blockchain networks, as previously reported by U.Today. Wanchain will then become an EVM-compatible sidechain to Cardano.
In a recent Twitter update, IOHK shares a reminder of the April Cardano360 event. The show will feature updates from Milkomeda, Wanchain, Orbis and IOG’s own EVM sidechain teams. Cardano360 is a network-wide event hosted by Cardano developers and community members to discuss ecosystem goals and current developments.
Additional scaling solutions being developed inside the Cardano ecosystem are Orbis and Fourier. Orbis will serve as a ZK (zero-knowledge) rollup Layer 2 protocol, whereas Fourier Protocol is being developed as an interoperable, EVM-compatible solution on Cardano in order to speed up the migration of EVM-based projects into the Cardano ecosystem and increase the adoption of Plutus-based applications that lack an interoperable scaling solution.
After hitting lows of $0.816 on April 26, the ADA price is currently stabilizing. ADA was trading at $0.838 at press time, down 1.67% for the day. ADA is currently trading at a 73.29% discount from its all-time high of $3.10 set in September 2021. Cardano continues to hit key milestones despite the price drop.
