Cardano Interoperability with Ethereum in the works at Bridge Testnet Launch: Details
Bridge testnet allows transfer of assets between Cardano and Ethereum
In recent updates by Milkomedahas launched a bridge testnet that enables asset transfer between Cardano and Ethereum.
— Daily Cardano (@cardano_daily) February 25, 2022
Milkomeda, a Layer 2 protocol (rollups) that provides EVM capabilities to non-EVM blockchains in conjunction with Nomad, a new interoperability protocol, announced the creation of a bridge between Cardano and Ethereum. This means that assets can be transferred back and forth between the two blockchains via the bridge.
Users access the bridge through a MetaMask configured to connect to the Milkomeda Cardano Testnet and the Rinkeby Testnet respectively. Future implementations of Milkomeda aim to enable interoperability between Cardano, Solana and other L1 blockchains. Milkomeda will work in this way to achieve both the side-chain and multi-blockchain interoperability visions.
Users who have tokens on the connected chain can move these assets to Cardano and vice versa, simply by wrapping them on the side chain connecting the two blockchains. These tokens become native assets on the Cardano mainnet and perform the same functions as native assets on Cardano, once packaged.
In another development, another DEX will debut on the Cardano blockchain, and the occamDEX team has announced that its development is complete and ready for testing on the Milkomeda testnet. The team also announced the completion of its audit with HX Technologies and an upcoming mainnet release.
ADA price promotion
ADA was trading at $0.83 at the time of publication, up 6.24% in the past 24 hours. Through market valueADA is the seventh largest cryptocurrency, down 19.77% in the past seven days.
After selling out to the $0.74 level the day before, ADA recovered to $0.868 on Feb. 25. In this recent sell-off, ADA sank below the $1 support level, which it had largely defended since January. If buying activity resumes, there is no immediate resistance at the current levels, suggesting that prices could move towards the $1 level.