Smart contract platform Cardano (ADA) is unveiling a new Ethereum-compatible sidechain proof of concept.
Cardano’s development team, Input Output Hong Kong (IOHK), has announced the introduction of a new public testnet compatible with the Ethereum Virtual Machine (EVM).
According to Stevan Lohja, manager of developer relations at IOHK, the initiative was initiated to increase the usability of the Cardano blockchain.
An example of a Cardano sidechain built with the use of the sidechain toolkit components is the EVM sidechain testnet. The sidechain toolkit demonstrates how to construct a Cardano sidechain.
IOHK asserts that the testnet will be operational for an extended period of time, without specifying a timeline, and invites developers and validators to use both the toolkit and sidechain.
During its pilot phase, this proof-of-concept testnet will be periodically respun since it is temporary. It is designed to be a resource for the community, and we urge developers and SPOs to participate and cooperate.”
Santiment, a platform for crypto analytics, discovered that whale activity on Cardano has recently increased. According to the company, the last time anything like this occurred, ADA’s price soared.
Large-scale transactions and the number of Cardano whales are both on the increase in 2023. The last time there were this many ADA transactions for $100,000 was in May, and its price rose +36% from the beginning of that week to its local peak in June.” At the time of writing, Cardano is trading at $0.394, representing a marginal daily increase.
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