Milkomeda paves the way for blockchain growth and interoperability with the launch of the EVM-based A1 digest on Algorand
An innovative EVM-based assembly exposes the Algorand ecosystem to hundreds of thousands of developers writing in Solidity, and enables all the projects running on Ethereum to seamlessly bring their protocols to the users of Algorand.
GEORGE TOWN, Grand Cayman, 19 October 2022 /PRNewswire/ — Milky waybuilders of new Layer 2 solutions designed to improve user experience, increase developer traction and deliver next-generation inter-blockchain interoperability for leading Layer 1 ecosystems, today launched A1 Rollup, a unique interoperability solution, on Algorand’s mainnet.
Fresh off the heels of his newly awarded Algorand SupaGrant for EVM functions, Milkomeda delivers on its promises and launches the A1 Rollup to realize a new vision of blockchain interoperability. A1 Rollup is an EVM (Ethereum Virtual Machine)-based layer 2 solution that exposes the Algorand ecosystem and its users to hundreds of thousands of developers writing in Solidity, the world’s most popular smart contract language.
The launch of the A1 Rollup on Algorand significantly increases both user and developer adoption of Algorand, as developers from the Ethereum ecosystem can now easily deploy dApps, tools and infrastructure to Algorand users – while expanding into a new market and increasing the range of dApps available to the Algorand community.
“I am thrilled to see the launch of Milkomeda at Algorand,” said John Woods, Algorand Foundation CTO. “Now every single project running on Ethereum can come and deploy on Algorand with zero friction. I think that when projects realize how great the user experience is on Algorand (fast, cheap and robust!), they will see that it provides a best-in – class experience for their users.”
The A1 digest uses wrapped ALGOs (milkALGOs) as its base currency, which significantly streamlines and simplifies the onboarding process for Algorand users. Using the permission-free Milkomeda bridge, users wrap the ALGOs and other Algorand Native Assets (ASAs) on the A1 digest in a few simple steps. This enables them to use their milkALGOs to interact with the EVM-based dApps deployed on the A1 digest.
“Developers now have the ability to more easily jump into the Algorand ecosystem while enjoying the many benefits of Algorand as the underlying Layer 1 blockchain,” said Robert Kornacki, Milkomeda Foundation director. “Such an advantage, immediate finality, enables dApps to have significantly smoother end-to-end flows in a way that has not been possible before on any existing rollups of competing L1 blockchains. We are pleased to be a part of the Algorand ecosystem with the launch of A1, and look forward to seeing how both existing and new developers jump into A1 and start building new infrastructure to take the Algorand ecosystem to the next level.”
Milkomeda’s long-term vision for Algorand will span several major steps forward, including adding support for multiple VMs, improving performance and interoperability, and creating a seamless user experience when interacting with L2 dApps for all Algorand users. To achieve this vision, Milkomeda has laid out a multi-year roadmap and recently completed a new round of financing. The 3.1 million USD the round was led by Archetype and also included Sora Ventures and Algorand Foundation.
About Milkomeda
Milkomeda develops and deploys EVM functions – in the form of innovative layer 2 solutions – to non-EVM blockchains, building the foundation for the inevitable interconnected blockchain world of the future. These custom blockchain interoperability protocols improve user experience, increase developer traction, and deliver the next generation of inter-blockchain interoperability for leading Layer 1 ecosystems. Currently, Milkomeda has deployed new EVM solutions to both the Cardano and Algorand blockchains, increasing developer uptake and blockchain interconnection in these ecosystems.
Milkomeda is committed to promoting and building a multi-blockchain world, and their backers include Archetype, Sora Ventures, Algorand Foundation, Arrington Capital, SOSV, Circle Ventures, Borderless Capital and Coinbase Ventures. For more information, visit milkomeda.com.
About Algorand
The Algorand blockchain — designed by MIT professor and Turing Award-winning cryptographer Silvio Micali — is capable of delivering on the promise of a borderless global economy. It achieves transaction throughputs at the speed of traditional finance, with instant finality and near-zero transaction costs, and without a second of downtime since its launch. June 2019. Its carbon neutral platform and unique pure proof-of-stake consensus mechanism solves the “blockchain trilemma” by achieving both security and scalability on a decentralized protocol.
The Algorand Foundation is dedicated to helping fulfill the global promise of the Algorand blockchain by taking responsibility for its healthy financial supply economy, decentralized governance, and healthy and prosperous open source ecosystem. For more information, visit https://algorand.foundation.
SOURCE Milkomeda Foundation
