Cardano launches ETH-compatible sidechain proof of concept

The smart contract platform Cardano (ADA) is launching a new sidechain proof of concept that works with ETH. Input Output Hong Kong, the development team behind Cardano, has announced the launch of a new public test net compatible with the Ethereum Virtual Machine. 

According to IOHK’s developer relations manager Stevan Lohja, this project was established to enhance Cardano’s utility.”As a proof of concept, EVM’s sidechain testnet employs the sidechain toolkit components. We built this sidechain to demonstrate how Cardano can be extended with new features like different smart contract languages or consensus protocols, and the sidechain toolkit serves as an example of how to build an ADA sidechain.” 

According to IOHK, the testnet will run for a long time, and developers and validators are encouraged to use both tools.”During its pilot phase, this proof of concept testnet will be respun on a regular basis.  Finally, it is intended to be a resource for the community, and we encourage developers and SPOs to participate and collaborate.” 

Sentiment, a crypto analytics platform, recently discovered an increase in whale activity on Cardano”In 2023, there was an increase in Cardano whale numbers, as well as large transactions. 

The last time there were this many $100,000 ADA transactions was in May, and the price increased by 36% from the start of that week until its local peak in early June.”Cardano is currently trading at $0.394, representing a fractional gain on the day. 

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