Djed Launches EVM Compatible Cardano Side Chain Milkomeda-C1

On April 29th, Djed Alliance, the manager of the stable currency protocol Djed, announced that the protocol has now launched the EVM compatible Cardano side chain Milkomeda-C1.

The stable currency protocol Djed has been launched with EVM compatible Cardano side chain Milkomeda-C1

Djed Alliance, the manager of the stable currency protocol Djed, has announced the launch of the EVM compatible Cardano side chain Milkomeda-C1 on April 29th, 2021. This marks a significant step towards the expansion of the Cardano ecosystem and the integration of decentralized finance (DeFi) applications.

What is Djed?

Before we dive into the Milkomeda-C1 side chain, it’s important to understand what Djed is and what it does. Djed is a stablecoin protocol built on the Ethereum blockchain. Stablecoins are a type of cryptocurrency that is pegged to an external asset such as the US dollar, gold, or any other commodity. Djed aims to provide a stable, inflation-resistant currency for the blockchain ecosystem by pegging its value to a basket of stable assets.

The Need for EVM Compatible Side Chains

One of the biggest challenges faced by the Cardano blockchain is the lack of support for smart contracts. Smart contracts are self-executing contracts that can carry out instructions and automate certain processes without the need for intermediaries. This is a crucial feature for decentralized applications such as DeFi, which require smart contracts to operate.
To address this limitation, the Cardano development team has been working on a number of solutions, including the implementation of side chains that are compatible with the Ethereum Virtual Machine (EVM). EVM is the runtime environment for Ethereum smart contracts and is widely used by developers in the DeFi space.

Milkomeda-C1: The EVM Compatible Cardano Side Chain

Milkomeda-C1 is the first EVM-compatible side chain to be launched on the Cardano blockchain. It is named after the Milky Way galaxy and the first letter of the Cardano blockchain, C. Milkomeda-C1 is a result of collaboration between Djed Alliance and CardStarter, a launchpad and incubator for early-stage DeFi projects.
The launch of Milkomeda-C1 will enable developers to build and deploy Ethereum-compatible smart contracts on Cardano. This means that existing DeFi applications that are built on Ethereum can be easily ported to Cardano, allowing for a wider range of decentralized finance applications on the blockchain.

The Benefits of Milkomeda-C1

The launch of Milkomeda-C1 offers numerous benefits for both the Cardano and DeFi communities. First and foremost, it will help to accelerate the development and adoption of DeFi applications on the Cardano blockchain. It will also enable developers to take advantage of the high throughput and low transaction costs of the Cardano network.
Secondly, the launch of Milkomeda-C1 will help to bridge the gap between the Ethereum and Cardano ecosystems. It will encourage developers and users from the Ethereum community to explore the Cardano blockchain and its benefits.
Finally, the launch of Milkomeda-C1 is a testament to the collaborative nature of the blockchain industry. It showcases the willingness of different projects and communities to work together towards a common goal.

Conclusion

The launch of the EVM-compatible Cardano side chain Milkomeda-C1 is a significant milestone for the Cardano ecosystem and the broader DeFi community. It marks a step towards greater interoperability and collaboration between different blockchain projects and communities. With the launch of Milkomeda-C1, Cardano is poised to become a major player in the DeFi space.

FAQs

**Q1. What is a stablecoin?**
A. A stablecoin is a type of cryptocurrency that is pegged to an external asset such as the US dollar, gold, or any other commodity. It aims to provide a stable, inflation-resistant currency for the blockchain ecosystem.
**Q2. What is a smart contract?**
A. A smart contract is a self-executing contract that can carry out instructions and automate certain processes without the need for intermediaries. This is a crucial feature for decentralized applications such as DeFi.
**Q3. What is the EVM?**
A. The Ethereum Virtual Machine (EVM) is the runtime environment for Ethereum smart contracts and is widely used by developers in the DeFi space.