Cardano (ADA) pumps as IOHK announced EVM-compatible sidechain public testnet

Last updated Jan 14, 2023

The Input Output Hong Kong (IOHK) Global announced that it will soon release a testnet version of new functionality to allow custom DApps on Cardano.

IOHK, or say IOG, is a developer team behind the Cardano Blockchain network. Cardano is a crypto project, which was founded by Charles Hoskinson. Hoskinson is the CEO of IOG & he is the leader of this dev team. Hoskinson is also known for his contribution to the Ethereum project, where he worked as a co-founder.

On 12 Jan 2023, IOG published a new blog post & confirmed that this month they will release a “toolkit for developing custom side chains on Cardano”

IOG stated:

“Using the toolkit, they have constructed an Ethereum virtual machine (EVM)-compatible sidechain public testnet as a proof of concept. Sidechains make Cardano extensible and more scalable without compromising the stability or security of the main chain.”

In short, the latest development phase will attract new devs in the Cardano Smart Contract ecosystem & also allow them to use the full potential of the Cardano Blockchain network without any tension regarding the security of the network.

In this year, IOG will introduce the Hydra protocol in the Cardano Blockchain network, so that the Cardano network can process transactions with scalability of 1 million tps. Once, during an AMA session on YouTube, Hoskinson said that Hydra will be available in the Cardano network & people will be able to enjoy the Cardano scalability near the Solana network.

ADA price action

ADA is a native coin on the Cardano network. The current price of the ADA coin is $0.3464 & this price is 26% high over the last 7 days of trade price.

In the ADA 24 hours trade price graph, we can see that news acted as a catalyst to boost the price of ADA to hit $0.3689 but ADA failed to sustain the momentum.