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Milkyswap

<div id="content"><div><div><div id="primary"><div><div><div data-id="156933" data-title="USDC on Cardano via a bridge with Ethereum" data-slug="https://en.cryptonomist.ch/2022/05/31/usdc-cardano-ethereum/">Cardano enthusiasts can now use USDC natively on their preferred Proof of Stake blockchain, this thanks to the iagon bridge between Cardano and Ethereum, facilitated by the Milkomeda EVM-compatible sidechain.<h2>USDC lands on Cardano thanks to iagon and Milkomeda</h2><figure id="attachment_156931" aria-describedby="caption-attachment-156931"><source type="image/webp" srcset="https://en.cryptonomist.ch/wp-content/uploads/2022/05/iacon-bridge-1.jpg.webp 400w, https://en.cryptonomist.ch/wp-content/uploads/2022/05/iacon-bridge-1-300x300.jpg.webp 300w, https://en.cryptonomist.ch/wp-content/uploads/2022/05/iacon-bridge-1-150x150.jpg.webp 150w, https://en.cryptonomist.ch/wp-content/uploads/2022/05/iacon-bridge-1-350x350.jpg.webp 350w, https://en.cryptonomist.ch/wp-content/uploads/2022/05/iacon-bridge-1-245x245.jpg.webp 245w, https://en.cryptonomist.ch/wp-content/uploads/2022/05/iacon-bridge-1-135x135.jpg.webp 135w, https://en.cryptonomist.ch/wp-content/uploads/2022/05/iacon-bridge-1-96x96.jpg.webp 96w" sizes=" 400px) 100vw, 400px"></source><img loading="lazy" src="https://cryptonomist.ch/wp-content/uploads/2022/05/iacon-bridge-1.jpg" alt="" width="400" height="400" srcset="https://en.cryptonomist.ch/wp-content/uploads/2022/05/iacon-bridge-1.jpg 400w, https://en.cryptonomist.ch/wp-content/uploads/2022/05/iacon-bridge-1-300x300.jpg 300w, https://en.cryptonomist.ch/wp-content/uploads/2022/05/iacon-bridge-1-150x150.jpg 150w, https://en.cryptonomist.ch/wp-content/uploads/2022/05/iacon-bridge-1-350x350.jpg 350w, https://en.cryptonomist.ch/wp-content/uploads/2022/05/iacon-bridge-1-245x245.jpg 245w, https://en.cryptonomist.ch/wp-content/uploads/2022/05/iacon-bridge-1-135x135.jpg 135w, https://en.cryptonomist.ch/wp-content/uploads/2022/05/iacon-bridge-1-96x96.jpg 96w" sizes=" 400px) 100vw, 400px">Iagon takes advantage of Milkomeda&rsquo;s compatibility with EVM to bring USDC to Cardano</figure>Development continues unabated for the Proof of Stake blockchain founded by Charles Hoskinson, with the latest news coming from the interoperability side of things.Milkomeda is an EVM-compatible protocol that allows wrapping ADA to issue milkADA on its sidechain. In a way, it&rsquo;s reminiscent of Polygon&rsquo;s relationship with Ethereum.&nbsp;This essentially means that ADA can be sent from Cardano using the Nami or Flint wallets to a MetaMask wallet, this locks the ADA in a smart contract and users receive milkADA allowing them to interact with the nascent DeFi on Milkomeda, which includes MuesliSwap, Milkyswap and Blueshift.As far as iagon&rsquo;s involvement goes, it was them specifically who created <a rel="nofollow noopener" target="_blank" href="https://bridge.iagon.com/">this bridge</a> powered by Milkomeda and Nomad. They also announced they will bridge other ERC-20 tokens such as USDT, CARDS, GERO and C3.We got in touch with the iagon team to ask them some questions:<h3>Hi there, can you introduce iagon and tell us more about this bridge with Ethereum?</h3>&ldquo;Iagon is a shared storage economy that bridges decentralization and compliance for Web 3.0. Our team believes that our Token Bridge solution powered by Milkomeda &amp; Nomad contributes to Cardano ecosystem development &amp; growth as a whole. It&rsquo;s not our core product, but our goal was to help users with an easy way to bridge their assets from Ethereum to Cardano and push its adoption.&rdquo;<h3>You&rsquo;re also running an ISPO (Initial Stake Pool Offering) on Cardano, how does it work?</h3>&ldquo;We launched our ISPO on April 19th, 2022, with pool ticker IAG1 and a conversion rate of 0.02 $IAG per 1 ADA staked. Also, we are involved in Genius X&rsquo;s ISPO with the GENS2 pool and 50/50 rewards. It&rsquo;s still an early stage of it, but the interest from the community is high, so we plan some more engaging activities to reward them in addition to our 3M bonus rewards for early stakers.&rdquo;&#128293;Iagon Ethereum-Cardano <a rel="nofollow noopener" target="_blank" href="https://twitter.com/hashtag/TokenBridge?src=hash&amp;ref_src=twsrc%5Etfw">#TokenBridge</a> is launched &#128640;We believe that our solution powered by <a rel="nofollow noopener" target="_blank" href="https://twitter.com/Milkomeda_com?ref_src=twsrc%5Etfw">@Milkomeda_com</a> &amp; <a rel="nofollow noopener" target="_blank" href="https://twitter.com/nomadxyz_?ref_src=twsrc%5Etfw">@nomadxyz_</a> contributes <a rel="nofollow noopener" target="_blank" href="https://twitter.com/Cardano?ref_src=twsrc%5Etfw">@Cardano</a> development &amp; growth &#129321; &#9989;&#128073; Time to try it &ndash; <a rel="nofollow noopener" target="_blank" href="https://t.co/y96PfMPbTk">https://t.co/y96PfMPbTk</a><a rel="nofollow noopener" target="_blank" href="https://twitter.com/hashtag/buildingoncardano?src=hash&amp;ref_src=twsrc%5Etfw">#buildingoncardano</a> <a rel="nofollow noopener" target="_blank" href="https://twitter.com/hashtag/CardanoCommunity?src=hash&amp;ref_src=twsrc%5Etfw">#CardanoCommunity</a> <a rel="nofollow noopener" target="_blank" href="https://t.co/monHzOOVU4">pic.twitter.com/monHzOOVU4</a>&mdash; Iagon (@IagonOfficial) <a rel="nofollow noopener" target="_blank" href="https://twitter.com/IagonOfficial/status/1529493745128902657?ref_src=twsrc%5Etfw">May 25, 2022</a><h2>Unstable stablecoins</h2>Stablecoins have been the talk of the town in recent times, primarily due to the <a rel="nofollow noopener" target="_blank" href="https://en.cryptonomist.ch/2022/05/12/what-happened-terra-luna-ust/">Terra and UST debacle</a>. The crypto world is learning the hard way that a stable asset is not an easy task. During the de-pegging of UST, also <a rel="nofollow noopener" target="_blank" href="https://en.cryptonomist.ch/2022/05/12/tethers-peg-dollar-lost/">Tether&rsquo;s USDT had seen a slight depeg</a> to $0.95 on some exchanges, probably caused by the current fear surrounding these types of crypto assets.These fluctuations have led many to switch stablecoins, with USDC leading the migration.&nbsp;USD Coin (USDC) is issued by Centre, the consortium founded by Circle and Coinbase.Moreover, the Cardano community is eagerly waiting for DJED, an algorithmic stablecoin issued on Cardano thanks to the involvement of Coti, another crypto project which uses the DAG (Directed Acyclic Graph) technology as opposed to the classical blockchain.It remains to be seen whether Djed will give new hope for algorithmic stablecoins following UST&rsquo;s collapse, or whether this idea is just good on paper.</div>Source: https://en.cryptonomist.ch/2022/05/31/usdc-cardano-ethereum/</div></div><h2>Post navigation</h2></div></div></div></div>

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USDC on Cardano via a bridge with Ethereum

<div>
<a href="https://cryptomode.com/wp-content/uploads/2019/02/Cardano.jpg" data-caption=""><img width="696" height="392" src="https://cryptomode.com/wp-content/uploads/2019/02/Cardano-696x392.jpg" srcset="https://cryptomode.com/wp-content/uploads/2019/02/Cardano.jpg 696w, https://cryptomode.com/wp-content/uploads/2019/02/Cardano-300x169.jpg 300w" sizes=" 696px) 100vw, 696px" alt="CryptoMode Cardano Metaverse" title="CryptoMode Cardano Metaverse"></a>
<a href="https://cutt.ly/Cryptomode"><img src="https://cryptomode.com/wp-content/uploads/2020/12/BCPR-Buzz-GIF.gif"></a>Cross-chain interoperability will pave the future for blockchain and cryptocurrency. Cardano has become EVM-compatible through the Milkomeda EVM sidechain. A very exciting development for developers and users that may bring more bullish pressure to the ADA asset.&nbsp;
<h3>Cardano Is Compatible With Ethereum</h3>
Even though Cardano and <a href="https://cryptomode.com/decentralized-finance-on-ethereum-classic-kicks-off-as-etc-price-approaches-50-again/">Ethereum</a> are two different ecosystems, there is merit in bridging the gap. Making these chains compatible with one another will enhance liquidity, useability, adoption. One cannot deny that Ethereum is the main blockchain for dApp and DeFi development, whereas most other ecosystems may never catch up under their own power.&nbsp;
While Cardano has several benefits over Ethereum, becoming EVM-compatible makes sense. The Milkomeda C1 project has been in development since last year and went live earlier this week. The main purpose of Milkmedia C1 is to deploy Ethereum dApps in the Cardano ecosystem. It provides developers with a more efficient and cheaper ecosystem while bringing more usability to ADA and other Cardano-based tokens.
As powerful as Milkomeda C1 is, users still need to <a href="https://medium.com/@milkomedafoundation/milkomeda-c1-launch-evm-on-cardano-is-available-starting-today-4a2c6ad26e9d">transfer</a> their assets to this sidechain. That is possible through a compatible wallet, including dcSpark&rsquo;s Flint Wallet or Metamask. Funds need to be moved from the Cardano mainnet to Milkmeda, but the process is both cheap and efficient. Once the transaction is completed, users can begin experimenting with EVM dApps compatible with the sidechain today.
For now, there are only a handful of compatible dApps to interact with. That list includes MilkySwap, OccamX, Nomad, <a href="https://cryptomode.com/octadahlia-a-multichain-protocol-geared-on-wealth-and-power-equity-launched-as-the-second-uponly-token/">MultiChain</a>, Celer, and MuesliSwap. More compatible applications will be enabled soon. Ethereum has much to offer to users, although developers may need to integrate Milkomeda support. Even so, these developments are bullish for Cardano in many ways.&nbsp;
<h3>Will ADA Remain Bullish?</h3>
It has been an exciting week for ADA holders. Cardano&rsquo;s native asset notes a near 30% price increase, which is fascinating to behold. It is crucial to note ADA remains far removed from its recent all-time high of $3.09, but the ADA price heads back in the right direction. Pushing through to $1.5 will be the first objective, and it may take a while to materialize.&nbsp;
<img src="https://cryptomode.com/wp-content/uploads/2022/03/Screenshot-2022-03-29-19.19.47.png" alt="" width="810" height="675" srcset="https://cryptomode.com/wp-content/uploads/2022/03/Screenshot-2022-03-29-19.19.47.png 810w, https://cryptomode.com/wp-content/uploads/2022/03/Screenshot-2022-03-29-19.19.47-300x250.png 300w, https://cryptomode.com/wp-content/uploads/2022/03/Screenshot-2022-03-29-19.19.47-768x640.png 768w, https://cryptomode.com/wp-content/uploads/2022/03/Screenshot-2022-03-29-19.19.47-696x580.png 696w, https://cryptomode.com/wp-content/uploads/2022/03/Screenshot-2022-03-29-19.19.47-504x420.png 504w" sizes=" 810px) 100vw, 810px">
Overall, it is excellent to see broader interoperability within the crypto and blockchain ecosystem. However, few people expected Cardano and Ethereum to be compatible with one another in 2022. Although it requires a sidechain to achieve this goal, it remains a crucial development. If there is substantial support from Ethereum dApp developers, it can positively impact the ADA price over the coming months.&nbsp;
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Cardano Gains EVM Compatibility With Ethereum dApps Through Milkomeda

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Milkomeda C1 Launch — EVM On Cardano Is Available Starting Today

<img src="/site/uploads/2022/Mar/03/1_Q6u4a01_tkSvIpyJDFefOQ.png" alt=""> We’ve been extremely delighted with the amount of interest that has been garnered for MilkySwap over the past couple of weeks.We are working hard to ensure that our earliest contributors are rewarded and that their work does not go unrewarded. We’ve been working diligently on building a DEX that you, the community, will have control over. Farming on MilkySwap is designed in a way that gives power to the community.MilkySwap applies tried-and-tested farming models and combines them to provide an efficient farming mechanism that everyone can benefit from. It combines the best of SushiSwap’s and CurveDAO’s farming models, providing us the flexibility of SushiSwap’s emissions, with the powerful veCRV locking system of CurveDAO.<h2 id="84c1" class="hy hz gq cg ia ib ic id ie if ig ih ii ij ik il im in io ip iq ir is it iu iv fd" data-selectable-paragraph="">$MILKY Tokens</h2>You can farm $MILKY tokens by staking your LP tokens with MasterMilker — he is the master of $MILKY! The $MILKY token can be freely traded, transferred, and swapped on the open market. While we are using the $MILKY token for farming rewards, we took a page from CurveDAO’s extremely successful veCRV locking system and decided to create a governance token that will play an important role in the future.<h2 id="ba5c" class="hy hz gq cg ia ib ic id ie if ig ih ii ij ik il im in io ip iq ir is it iu iv fd" data-selectable-paragraph="">Farming Tutorial</h2>Farming on MilkySwap will seem very familiar to everyone. Like other protocols, you will need to begin by providing liquidity to a particular token pair<figure class="jx jy jz ka ew hr ek el paragraph-image"><img alt="" class="dq hw hx" src="https://miro.medium.com/max/1400/1*ZqZYvxWsriIO-XTSV0vsYA.png" width="700" height="228" role="presentation"></figure>After providing liquidity, you will receive LP tokens — these are essentially a receipt to keep track of how much of the pool you own. By simply holding these LP tokens, you will earn the .25% fee on all trades in that pool.<figure class="jx jy jz ka ew hr ek el paragraph-image"><img alt="" class="dq hw hx" src="https://miro.medium.com/max/1400/1*CZTD6oi0452e62UbOXxKrA.png" width="700" height="290" role="presentation"></figure>Let’s assume you have a LP tokens for the USDC/wADA pool. You can start farming $MILKY by going to the /farm/ page, selecting the USDC/wADA farm, and following the prompts to stake your LP tokens. And that’s it! You are now farming $MILKY, which you can harvest at any time. You can also unstake at any time, with no penalties.<figure class="jx jy jz ka ew hr ek el paragraph-image"><img alt="" class="dq hw hx" src="https://miro.medium.com/max/1400/1*Dmwl5DXZbpcNXxZW84aIVw.png" width="700" height="226" role="presentation"></figure>Our farming mechanism can be easily accessed on our testnet at&nbsp;<a class="au kd" href="https://milkyswap.exchange/" rel="noopener ugc nofollow" target="_blank">Milkyswap.exchange</a>. For more information regarding on how to setup our testnet, you can view our tutorial on our&nbsp;<a class="au kd" href="https://milkyswap.gitbook.io/milkyswap/the-project/milkomeda/getting-started-with-milkyswap." rel="noopener ugc nofollow" target="_blank">Gitbook</a>.<h2 id="98fe" class="hy hz gq cg ia ib ic id ie if ig ih ii ij ik il im in io ip iq ir is it iu iv fd" data-selectable-paragraph="">Second Airdrop</h2>With this in mind, we would like to announce our second airdrop!Anyone that completes the process to farm tokens on testnet will be eligible for an airdrop! Start by providing liquidity for a pair, and then stake your LP tokens on the /farm/ page, and you will receive an airdrop at the time of MilkySwap TGE.The first 2500 addresses that provide liquidity and farm $MILKY on the testnet are eligible for our second airdrop!

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