What is Milkomeda? Milkomeda provides Rollup technologies to leading Layer 1 ecosystems by providing the most popular smart contract language in Blockchain, Solidity, enhancing interoperability between blockchains, and user experience. with developers on Layer 2.
To understand more about Milkomeda, you can read the following articles:
- What is Rollup As A Service (RaaS)? Will the Internet Trend Of Rollup Take Over?
- What is Cardano (ADA)? Cardano Cryptocurrency Overview
- What is Solana (SOL)? Solana Cryptocurrency Overview
Overview of Milkomeda
What is Milkomeda?
Milkomeda is a groundbreaking new protocol that brings EVM capabilities to non-EVM blockchains. Milkomeda provides L2 (Rollup) solutions for several major blockchains including Cardano, Solana and Algorand.
Developers have access to all the tools from the EVM ecosystem, which opens up the possibility for developers to port projects from Ethereum to select available dApps that are being supported on chains. block L1.
Milkomeda gives users and developers a taste of Layer 2 interoperability and extensibility. Future innovations in Zero-knowledge technology will be able to be deployed as Layer 3 solutions on Milkomeda.
Milkomeda uses EVM and prioritizes support for the Solidity programming language, followed by Cairo and others. Milkomeda can scale to hundreds of transactions per second without sacrificing long-term decentralization. Besides, Milkomeda, with its one-time encryption feature, can be deployed anywhere while still ensuring the security of the protocol.
Milkomeda focuses on both developer and user experience. Developers can directly use all Ethereum tools and resources. Users can also easily transfer their assets from other EVM Chains to Milkomeda.
Mechanism of action
Milkomeda C1 supports Cardano (Cardano EVM Sidechain)
The protocol consists of three essential components: Layer 1 (Cardano), Bridge (Milkomeda Bridge) and Sidechain (Milkomeda C1).
Cardano EVM Sidechain an EVM based sidechain that uses mADA – MilkADA (Wrapped ADA transferred from Cardano mainnet to Sidechain) as the base asset for fees and gas. To access Sidechain, you will need a Cardano wallet with some ADA as well as the MetaMask browser extension.
Sidechain C1 was officially launched in April 2022 and it became the first Sidechain to launch on Cardano powered by Milkomeda. Since then, many improvements have been made to Sidechain C1 is now the leading EVM-based Sidechain in the Cardano ecosystem.
The Liquid Staking Smart Contract on Milkomeda C1 serves as the protocol’s core contract, tracking the total amount of mADA sent and tracking the share ratio of each address. Users deposit mADA into the Liquid Stake smart contract, receive back stmADA tokens representing their staked assets, and from the user’s perspective, its main functions are: staking, unstaking and get rewards.
The stmADA token can then be used in DeFi protocols or traded on exchanges while continuing to earn staking rewards. Milkomeda Liquid Stake opens up the potential for users to leverage the monetization capabilities of DeFi while accumulating rewards from ADA staked on the Cardano mainnet.
Milkomeda A1 supports Algorand (Rollup EVM)
According to the project’s announcement, many parts of the protocol are still under development. Weakhand will add information about this protocol when the project updates.
Milkomeda Liquid Stake
Milkomeda Liquid Stake is a solution that allows users to stake their ADA on Cardano’s EVM Sidechain (Milkomeda C1) while earning Cardano staking rewards. This is achieved by depositing mADA into a smart contract, which generates Liquid staking tokens (stMADA) representing the user’s stake.
Milkomeda Bridge
Milkomeda Bridge plays an important intermediary role in the Liquid staking process. It facilitates seamless communication between the Cardano mainnet (Layer 1) and the Milkomeda C1 sidechain. The bridge enables ADA movement between the two layers, allowing users to stake and unstake while preserving their staking rewards.
Tokenomics
Update…
Core Team
Sebastien Guillemot (Co Founder & CTO): Graduated with a bachelor’s degree in computer science from the University of Victoria in 2016. He worked at Microsoft for 1.5 years as an intern in the Bing research and development team. Year 2018 – 2020 At Emurgo, Sebastien Helps shape and build the company’s R&D strategy. Manage internal technical team and work with external technical teams. From January 2022 until now, Sebastien has held the position of Co-founder and chief technology officer at cdPark. In addition, Sabastien is Co-Founder of Paima Studios and Shinkai Network.
Robert Kornacki (Co Founder & CSO): He also worked at Emurgo as Technical Research and Development and research team leader. From May 2022, Pobert Kornacki officially works at dcPark as Co-Founder and CSO. He is also a Co-Founder and will be working full-time for Paima Studios from June 2023.
Nicolas Arqueros (Co Founder & CEO): Started coding and programming at age 13 and trained at university as an Industrial and Electronics Engineer. He graduated from Universidad Tecnica Fedrico Santa Maria. Served as the entrepreneur behind dcSpark: dcSpark is a lab building a cryptocurrency ecosystem. Nicolas served as CEO of a new blockchain venture (EMURGO, part of the Cardano blockchain). Nicolas Arqueros is the CTO of EMURGO. He also supports the Cardano Foundation as a board member, helping to grow the ecosystem for projects and developers.
Milkomeda’s Information Channel
- Website: https://www.milkomeda.com/
- Discord: https://discord.com/invite/dcSpark
- Twitter: https://twitter.com/Milkomeda_com
- Medium:
Summary
Milkomeda provides L2 (rollup) solutions for several major blockchains and helps users gain easier access to DeFi services and optimize their assets through DeFi operations. In the next cycle, this could be an important factor to help old Layer 1s regain their position and bring Crypto’s Mass Adoption story closer to users.
