Uniswap and Kraken financial assistance to Ethereum development teams
The five Ethereum development teams each received $ 250,000 from the cryptocurrency exchanges Kraken, Uniswap Grants, Synthetic, The Graph, Lido and Compound Grants. The Ethereum Foundation (EF) says the budget will further strengthen and advance network innovation.
Cardano launches itsEthereum-compatible side chain
Cardano may soon launch his first side chain to partner with Ethereum
dcSpark builds Cardano’s first side chain
dcSpark has announced the development of a side chain called Milkomeda (M1). This network connects the Cardano interface to the Ethereum network and allows wrapped Cardano assets to be transferred to the Ethereum ecosystem.
According to the dcSpark team, the network activates its virtual machine by connecting to Cardano and uses the wrapped Cardano (wADA) as the primary asset to pay for the transaction.
“Side chains are an important part of [Cardano’s] vision, and Milkomeda is a valuable addition to the Cardano ecosystem,” said Cardano co-founder Charles Hoskinson.
To do this, dcSpark claims to have developed a new technology called “wrapped smart contracts”. This feature allows teams to launch smart value-added management (EVM) compatible contracts in the side chain without the need to transfer Cardano smart contracts.
dcSpark is closely related to Cardano. The project co-founders have previously worked on EMURGO, the blockchain accelerator and Cardano development arm. The dcSpark team said in a statement that the reason for launching this side chain in Cardano was not to scale the network, but simply to enable Ethereum-compatible contracts.
The Cardano network is not normally compatible with the Ethereum virtual machine, the software environment for trading in the Ethereum blockchain. Unlike the Ethereum -based model, Cardano adopts unused transaction output (UTXO) to settle transactions.
The dcSpark team also revealed that they have planned for more side chains that connect Cardano with other Layer 1 networks such as Solana and enable interoperability between different side chain functions.
Although many crypto applications are spread across multiple blockchains, most Layer 1 networks lack the level of acceptance and liquidity in the Ethereum ecosystem.
Ethereum is the largest smart contract platform and has become the core layer of DeFi and NFT spaces. For this reason, many competing Layers 1 have attempted to provide some form of collaboration with Ethereum with the help of side chains or stand-alone networks.
dcSpark is expanding its side chain immediately after launching smart contracts in Cardano. The project will run after Alonzo Hard Food, which is scheduled for September 12th.