dailyhodl.com
Smart contract platform Cardano (ADA) is launching a new sidechain proof of concept that is compatible with Ethereum (ETH).
In a new announcement, Input Output Hong Kong (IOHK), the development team behind Cardano, says it’s launching a new public testnet compatible with the Ethereum Virtual Machine (EVM).
According to Stevan Lohja, IOHK’s developer relations manager, the project was started to expand the Cardano blockchain’s utility.
“The EVM sidechain testnet is a proof of concept Cardano sidechain which uses the components of the sidechain toolkit. We created this sidechain to prove Cardano could be extended with new features, such as different smart contract languages, or consensus protocols, and the sidechain toolkit serves as an example [of] how to build a Cardano sidechain.”
Though no specific time frame was given, IOHK says the testnet will be running for a long time and encourages developers and validators to use both the toolkit and sidechain.
“This proof of concept testnet is ephemeral and will be regularly respun during its pilot phase. Ultimately, it is intended to be a community resource and we encourage developers and SPOs to get involved and collaborate.”
Recently, crypto analytics platform Santiment found that whale activity on Cardano has been spiking. The firm said that the last time something similar happened, ADA’s price skyrocketed.
“Cardano whale numbers have risen in 2023, and large transactions have notably broken out.
The last time there were this many $100,000 ADA transactions was in May, and its price jumped +36% from the beginning of that week until its local top in early June.”
Cardano is trading for $0.394 at time of writing, a fractional gain on the day.