Cardano (ADA) founder Charles Hoskinson announced that Algorand (ALGO) is now on the Cardano network in reaction to the news that Mikomedia A1 Rollup is live on Algorand.
And by the power of blockchain transitivity, Algorand is now on Cardano https://t.co/wpKDNB6LFW pic.twitter.com/1N6SlyRRdz
— Charles Hoskinson (@IOHK_Charles) October 19, 2022
What is Milkomedia?
Mikomedia is a blockchain interoperability provider which focuses on giving EVM capabilities to smart networks like Cardano, which are originally non-EVM. On the Layer-2 A1 rollup, wrapped ALGO — dubbed milkALGO — will be the native currency for all transactions.
According to the announcement, “Algorand is a non-EVM chain with multiple other unique factors that make it the perfect candidate for one of the first rollups outside the Ethereum (ETH) ecosystem.”
“Milkomeda’s chief focus is fostering blockchain interoperability, accomplished by bringing EVM capabilities to non-EVM chains, while creating a seamless user experience.”
Two products are already live on the A1 rollup: Celer and Blueshift. Blueshift is a decentralized exchange based on the Milkomeda Cardano C1 sidechain. Now that it has been deployed on the AI Rollup, it will be possible for Algorand users to access the protocol.
What does this mean for Layer-2 networks?
Launching the Layer-2 A1 rollup is a big deal for Cardano and Algorand because it will allow the two networks to connect. This could not have happened without the rollup since both blockchain networks use different architectures.
Cardano is based on the UTxO architecture, while Algorand uses Algorand Virtual Machine (AVM). Without the Layer-2 rollup, it would be impossible for the two to connect or swap assets.
Blueshift is also planning to release features that will make it possible for users of both networks to make Cross-chain swaps.
Meanwhile, the development did not impact the price of ADA or ALGO.
ADA was down 0.5% over the past 24 hours and down 7.3% over the past seven days — trading at $0.3536.
ALGO was trading at $0.3132 as of press time, down 0.2% in the last 24 hours.
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