Algorand Is Now On Cardano As Layer 2 Solution Launches• October 28, 2022 5:24 pm • Comments
The founder of Cardano recently announced a new interoperability milestone that the project had achieved which was the fact that Algorand is now on Cardano.
Essentially, this means that the Algorand blockchain and the Cardano blockchain are now able to communicate and be connected with each other thanks to the Milkomeda A1 rollup.
Interoperability will add significant value to Algorand as it allows for its ecosystem to expand and thus support further innovative use cases.
So far, the price of ALGO has not reacted significantly in any way as it continues to consolidate and range within the low 30s cent range.
— Charles Hoskinson (@IOHK_Charles) October 19, 2022
A partnership between Milkomeda and Cardano-based DEX Blueshift will allow Blueshift to provide its DEX model to the Algorand ecosystem using Milkomeda’s A1 Rollup.
Since the Blueshift protocol is based on the Milkomeda Cardano C1 sidechain, the Algorand ecosystem can now access its DEX model. Fundamentally, Cardano, which operates a UTxO architecture, and Algorand, which utilizes the Algorand Virtual Machine (AVM) that operates on an account-based model, are two fundamentally distinct blockchains unable to exchange assets or communicate with one another.
However, Algorand and Cardano can now be connected thanks to the Milkomeda A1 rollup.
Blueshift wants to roll out more features shortly that will allow Algorand users to make cross-chain swaps to Cardano assets without having to sell their assets through a centralized exchange.
It is expected that the blockchain industry will have greater and greater emphasis on interoperability in the future.
With blockchain projects like Algorand and Cardano already gaining ground on this area, this may lead to faster adoption for assets like ALGO.
Previous to this announcement, blockchains that did not have EVM chain capabilities would not be able to do this.
Now that this has changed, the competition has gotten even greater and it seems that Algorand is in a good position to take advantage of this industry shift.
#Algofam we DO have Cardano allies! Let's work together, not try to tear each other down or smear accomplishments! Multi-chain is the way #Algorand #Cardano #Milkomeda #Blueshift #CelerNetwork #Multichain https://t.co/mfk4S0VioI
— mochanerd.algo (@mochanerd) October 28, 2022
Launching the Layer-2 A1 rollup is a big deal for Cardano and Algorand because it will allow the two networks to connect. This could not have happened without the rollup since both blockchain networks use different architectures.
Cardano is based on the UTxO architecture, while Algorand uses Algorand Virtual Machine (AVM). Without the Layer-2 rollup, it would be impossible for the two to connect or swap assets.
Blueshift is also planning to release features that will make it possible for users of both networks to make Cross-chain swaps.
Meanwhile, the development did not impact the price of ADA or ALGO.
ADA was down 0.5% over the past 24 hours and down 7.3% over the past seven days — trading at $0.3536.
ALGO was trading at $0.3132 as of press time, down 0.2% in the last 24 hours.
#algofam Our future needs our #NFTCommuinity to thrive💯 But just as & possibly more important is knowledge of our #blockchain, I’d love to see posts of this sort👇get more attention💯 First L2 on #Algorand with the ability to connect #Algorand #Cardano & #Solana check it out🔥🚀 https://t.co/3qlLEAGxMN
— Algoman (@markwbarber) October 28, 2022
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