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Cardano Could Hit Major Interoperability As Milkomeda’s Rollout Gets Closer

Cardano NFT projects
Cardano NFT projects

The launch of Milkomeda, an EVM-compatible Layer 2, may set the stage for Cardano to reach a major interoperability milestone. The Milkomeda C1 mainnet is launching on March 28, and there are already high expectations for the protocol.

Last month, Milkomeda rolled out a bridge testnet between Ethereum and Cardano. The launch will be possible with collaboration with Nomad, a novel interoperability protocol. Following the launch, the bridge is now billed to launch in mainnet.

When the protocol is deployed, the two blockchains can receive assets back and forth through the bridge. Additionally, Milkomedawill is deployed to ensure that both the multi-blockchain and sidechain interoperability visions are achieved.

Users Can Move Their Assets To Ethereum Of Cardano

Users with the tokens on the connected chain can move the assets to Ethereum or Cardano by placing them on the sidechain connecting the two blockchains. Once wrapped, they subsequently become native assets on Cardano mainnet.

At the time of the publication, ADA was trading at $1.12, which represents a 3.05% increase on the same day. Although the cryptocurrency has shed nearly 30% in the last seven days, it is still the seventh-largest crypto asset by market capitalization.

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However, ADA recovered marginally to $1.14 after the drop of the token. Since hitting lows of $0.80 on March 15, ADA has rallied more than 80%. Although it stayed at the critical resistance level of $0.90 for a while, the token soon climbed further. This shows the increased interest in the token.

Number Of ADA Addresses Increase

As of the time of writing, the crypto asset may be forming a bullish trend that may continue its upward trajectory. While the support remains at $0.95, the next resistance level will be $1.51.

On-chain analytics, IntotheBlock reported that there is an increasing accumulation across the board in different tier addresses. According to the analytics report, there has been an increase in the number of addresses holding 10 to 100 ADA and 100,000 to 1 million ADA by 12% and 11%, respectively.

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