This sidechain allows you to transfer assets, run Ethereum dApps on Cardano, and vice versa.
AdaSwapCardano-based Decentralized Exchange (DEX) with Automation Market Maker (AMM) has announced a collaboration with Milkomeda. Through its Layer 2 solution as a sidechain, Milkomeda provides EVM compatibility for non-EVM blockchains, including Cardano. This sidechain allows you to transfer assets, run Ethereum dApps on Cardano, and vice versa.
AdaSwap Fam! Live stream on the test net today! I am very happy to share this news with you. Check back for updates today and give Testnet a try 🚀 We look forward to your feedback so we can continue to grow the Cardano ecosystem together. pic.twitter.com/RYgX7SwZdk
— AdaSwap-Next Generation Cardano DEX! (@Adaswapapp) June 29, 2022
Through this collaboration, AdaSwap and Milkomeda will pave the way for integrating Ethereum virtual machines (EVMs) into the Cardano ecosystem. Using Milcomeda, AdaSwap is trying to integrate smart contracts with non-Cardano projects.
In addition, the integration with Milkomeda aims to enable seamless exchange and exchange of non-Cardano tokens. Therefore, users using tokens other than Cardano will be offered more opportunities and usefulness over existing tokens.
Today, AdaSwap announced the launch of a testnet deployed on the Milkomeda network.
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Cardano records DeFi inflows
According to DefiLlama data, the Cardano DeFi ecosystem has raised nearly $ 10 million, showing a positive 24-hour change of about 7.61% of the total locked value (TVL). This is reflected in the increase in total locked value (TVL) from about $ 114 million on June 28th to about $ 124 million on June 29th.
The total value of crypto assets placed in the Decentralized Finance (DeFi) protocol is called Total Value Locked (TVL).
Wing riders have the highest advantage of 41.84% over Cardano’s TVL, up 50% last month. Fluid tokens have increased by 36,163% over the last 7 days, according to the total value locked on the lending platform. ADAX pro also shows an increase of 226% over the same period.
Meanwhile, the price of ADA is down 4.40% at the time of issuance to $ 0.47.
