They say the future is interoperable – where everything is connected. That could be true, and the next project we want to look at is the one that will help make that happen.
Today we’re going to look at Milkomeda and everything related to it. Read on to see what this project has to offer!
Watch our video – Everything you NEED to know about Milkomeda
What is Milkomeda?
Milkomeda is an L2 protocol that aims to connect multiple leading blockchains while offering an alternative solution for scaling them. By leading blockchains we mean Cardano, Solana and Algorand for now.
As you can see, the project focuses on non-EVM projects and aims to bring them to mass adoption by providing EVM-based sidechains.
How does it work?
The Milkomeda sidechain enables interoperation by creating sidechains that connect to respective L1 chains. However, they will use their cryptocurrency as an underlying asset, giving more focus to the project and the token itself.
Regarding DApps, developers can deploy a smart contract in the sidechain from the connected virtual machine or from the blockchain. This smart contract will be available for the L1 chain users who can interact with it in the sidechain.
Take the Cardano blockchain for example – Milcomeda is already connected to it. This means that Cardano users can seamlessly use smart contracts based on other chains and written in programming languages other than Plutus.
The Milkomeda protocol offers multiple sidechains that allow developers to write smart contracts in the languages they are familiar with, such as Solidity, and deploy them on multiple chains. This means they don’t need to learn Haskel and Plutus to build on Cardano, lowering the developer entry barrier and increasing their numbers on Cardano. This is how MIlkeda fuels the growth of the L1 network – in this case, Cardano.
Milkomeda offers non-EVM ecosystems the ability to inherit key elements such as rollups and solidity support from EVM-based ecosystems.
As far as security is concerned, code deployed in multiple chains has the same security properties, eliminating the need for individual per-chain checks.
“The Milkomeda protocol brings numerous benefits to non-EVM-based blockchains and is aimed at everyone from end users to developers. Integration into new ecosystems benefits the L1 blockchain’s native currency as it gains utility as the sidechain’s underlying asset. Users will have the opportunity to try out dApps written in a previously unsupported smart contract language, deployed on a sidechain and coordinated directly from the main chain via packaged smart contracts.” – states the team in its official documents.
The team
The company’s name dcSparkand develops products and solutions for cryptographic projects. Besides Milkomeda, they work on other projects like Flint (a multichain Web3 wallet) and Urbit Visor / UV Ecosystem (which allows turning your web browser into a premium Urbit client).
If you would like to know more about the company, please contact us Visit her**Website**.
investors
Milkomeda’s architecture
characteristics
scalability: Milkomeda can scale to hundreds of transactions per second without impacting long-term decentralization.
Security: Our goal is to leverage the power of rollups across all chains, with audits at key points in the roadman to ensure the security of the protocol.
User experience: We work with wallets to ensure transferring assets to Milkomeda is a breeze.
interoperability: Solidity (EVM) support will be first, followed by Cairo and others.
portability: Code once, deploy anywhere without sacrificing security.
Developer Experience: Developers can access all Ethereum tools and resources directly.
guide
Regarding the Cardano sidechain, which is called Milkomeda C1 and also affectionately referred to as “Milkodano”, it is managed by its users on Cardano through the Milkomeda DAO.
To participate, users must use the Cardano blockchain and will be encouraged to vote with rewards.
Aspects managed by the DAO include:
- Add or remove validators
- Introducing new sidechains
- Reduction or increase of required collateral amounts
- Punishment of malicious examiners
- Using government money to fund the growth of existing sidechain ecosystems
- Deciding which stake groups packaged ADA will be delegated to
- Accepting tokens in the sidechain (by adding to the sidechain token registry)
- Review and acceptance of new packaged contracts (after developer review)
sidechain architecture
tokens
Milkomeda does not have a native token. On Cardano’s sidechain is MilkADA, which is used to pay fees for using the sidechain.
MilkADA is the base asset of the Milkomeda C1 sidechain. When you transfer ADA to Milkomeda, you get MilkADA.
Besides MilkADA, there is another token called “Wrapped ADA” or WADA. Wrapped ADA is an ERC20 token that works the same as WETH on Ethereum.
In addition, there is a list of other tokens that operate on the chain.
The Milkomeda ecosystem
Milkomeda actively encourages building new projects on its C1 chain, for example through its DAO hackathon!
**https://twitter.com/Milkomeda_com/status/1563204333021253633**
Alongside the DAO hackathon, Milkomeda also offers an insane blockchain gaming funding program that provides $15,000.
**https://twitter.com/Milkomeda_com/status/1558091260769972226**
Currently, the TVL of the project is $9,872,934 (as of 08/29/2022).
partnerships
Since it’s all about interoperation and collaboration, it would be strange if Milkomeda didn’t work with other protocols.
For example in cooperation with API3: API3 will make the API3 Alliance, the largest selection of data providers in Web 3.0, available for dapp developers on Milkomeda.
Also, Symbiosis has created a bridge between its native token SIS and MilkADA (mADA) with Symbiosis to enable any-to-any swaps from Ether (ETH) to mADA and back. The SIS mADA pool is located on OccamX: app.occam-x.fi/pool.
Some projects are working with Milkomeda to integrate the sidechain with the Cardano blockchain. One of these is Paribus, a cross-chain lending and lending protocol for NFTs.
Medium: 800
Twitter: 42.9K
Discord: 8.6K
Purses for Milkomeda
Since there is no native token in Milkomeda, in this section we will discuss which wallets you need to use to run the C1 sidechain.
First, you need a Cardano wallet with some ADA on it. For example Flint.
Flint Wallet is a Chrome extension that serves as a convenient light wallet for DeFi and NFTs. The current version of Flint allows users to enable “Milkomeda mode” to send transactions to the Milkomeda C1 sidechain. Install Flint Wallet by visiting the following link while using the Chrome browser and clicking the Add to Chrome button: Install Flint Wallet.
The next step is to get an address in the Milkomeda C1 sidechain where we can get our MilkADA. For this step, we recommend using MetaMask for now. To add the chain to Metamask, follow the next steps:
Select the network dropdown menu in the top right of the MetaMask screen.
Select “Add Network” from the drop-down list and enter the following:
network name: Milcomeda Cardano (C1)
New RPC URL: https://rpc-mainnet-cardano-evm.c1.milkomeda.com;
Chain ID: 2001
Currency symbol (optional): PROPERTY
Block Explorer URL (optional): https://explorer-mainnet-cardano-evm.c1.milkomeda.com
bridges
There is a native Cardano Unwrap bridge that you can use to push MilkADA back to the Cardano mainnet.
There is also a bridge explorer where you can easily find all pack/unpack stats, TVL, average wrap time, etc.
De.Fi on Milkomeda
The good news is that Milkomeda is already integrated with the De.Fi dashboard!
Track your profits and losses, balances, prices and much more with De.Fi! Our enhanced dashboard offers the most comprehensive user experience. So visit our app now and connect your wallet to get started – **https://www.fi/**
what’s more On August 31st we had the largest Cardano Twitter space where people had the chance to join a discussion with Milkomeda, MuesliSwap, SundaeSwap, MlnSwap, Mend and VyFinance.
If you missed it, you can listen to the space right here 👇 **https://twitter.com/i/spaces/1LyxBoXyjlPKN**
Staking and yield farming on Milkomeda
You can run a yield farm on Milkomeda C1 with a number of yield farms like OccamX and MilkySwap. In the example shown below, we look at how you can achieve a yield farm on OccamX. In this case, we assume that you have already bridged your assets to Milkomeda C1.
- Go to OccamX and connect to the Milkomeda C1 chain.
- As can be seen in the picture below, there is a wide variety of farms. Browse the list and select your asset pair.
- Get the assets you want to farm with using the Swap tab (see below).
- Once you have the tokens you need, go to the Pool tab to add your liquidity. In this example, we get some mADA/multiUSDC liquidity pool tokens.
- Finally, you can click on the farm of your choice and spend your LP tokens on the farm. Now you are ready to start earning!
- Note with OccamX that rewards can only be claimed once the total blocked value has been reached. As of September 2022, this is set at $250 million.
- If you want to claim your rewards instantly, consider MilkySwap instead. The process is exactly the same as in OccamX.
Should I use Milkomeda for staking and yield farming?
If you’re interested in getting involved with Cardano and want to earn some yield in the meantime, Milkomeda Yield Farming seems like a great option. As you can see from the above two farms, most farming pairs include WADA as one of the tokens, meaning that by default you would invest in ADA by investing in these pools.
The added benefit is that gas fees are low and transaction speeds are high, making Milkomeda a great place to start yield farming if you have a smaller portfolio.
bottom line
Milkomeda is a project that is understandably gaining popularity very quickly. Their project brings benefits to developers who can create dApps in their preferred language and users alike who can now try dApps that were previously unsupported. The potential is there and the general public seems to have high hopes for the project.
However, as always, this is not investment advice and you should always do your own research first.
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Good luck in farming!
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