Milkomeda Receives SupaGrant From the Algorand Foundation to Bring EVM Capabilities to the Algorand Blockchain

Novel L2 protocol, Milkomeda, receives a grant to develop the Milkomeda A1 Rollup, bringing EVM capabilities to Algorand and enhancing blockchain interoperability.

GEORGE TOWN, Grand Cayman, Oct. 11, 2022 /PRNewswire/ -- Milkomeda receives SupaGrant from the Algorand Foundation to develop its A1 Rollup for the Algorand ecosystem. This novel protocol introduces a user-friendly, EVM compatibility solution to the Algorand ecosystem and opens it up to the hundreds of thousands of developers writing in Solidity—the world's most popular smart contracting language.

"Through the SupaGrant the Algorand Foundation has provided key support for enabling Milkomeda A1 to get off the ground and become a reality," says Rob Kornacki, Milkomeda Foundation Director. "We are excited to be the first project bringing rollups and the EVM to the Algorand ecosystem, and look forward to sharing many of the engineering insights we've acquired with the developer community to help spur further growth. We are looking forward to being a key part of the ecosystem as a whole with a core focus on bringing new capabilities and experiences to all Algorand users."

The Milkomeda A1 Rollup is an EVM-based, layer 2 technology that functions through a novel data availability protocol and was developed specifically to bring EVM capabilities to the Algorand blockchain. The A1 Rollup is live on the Algorand public testnet and the mainnet launch is expected in October. Bringing EVM capabilities and the developers writing in Solidity to Algorand improves blockchain interoperability and increases the quantity and variety of dApps available to the users of Algorand. It also boosts the adoption of Algorand, by both users and developers, by increasing the overall versatility and accessibility of the Algorand blockchain.

This allows developers to use their existing skill set to immediately begin writing smart contracts and dApps for the Algorand ecosystem, enabling them to leverage the high throughput, instant finality, and low-cost benefits of the carbon-neutral Algorand blockchain.

The SupaGrant program has been implemented by the Algorand Foundation to award grants to experienced R&D teams for the building of secure and high-quality solutions for the Algorand ecosystem. The grant awarded to Milkomeda was designated for teams who "will explore and accelerate the technical work needed to deliver EVM compatibility on Algorand", and represents a joint effort by the  Algorand Foundation and Milkomeda to increase the interoperability of the Algorand blockchain and the number of dApps and developers working on it.

"I'm thrilled to see the launch of Milkomeda on Algorand," says John Woods, Algorand Foundation CTO. "Now every single project that's running on Ethereum can come and deploy on Algorand with zero friction. When projects realize how great the UX is on Algorand (fast, cheap and robust!) they'll see it provides a best-in-class experience for their users!"

Milkomeda is backed by investors such as Archetype, Arrington Capital, SOSV, Circle Ventures, Borderless Capital and Coinbase Ventures. To learn more, visit milkomeda.com. 

Milkomeda is a blockchain interoperability protocol, delivering EVM capabilities to non-EVM blockchains using novel layer 2 solutions. Currently, Milkomeda has deployed EVM-solutions to both the Cardano and Algorand blockchains, enhancing blockchain interoperability and increasing developer availability in the blockchain space.

Algorand is a secure, scalable, and decentralized blockchain designed to solve the problems of the blockchain trilemma and to allow global and financial institutions to take advantage of blockchain technology. Operating using a Pure-Proof-of-Stake (PPoS) consensus mechanism, which all users of the network have the ability to participate in, Algorand finalizes transactions in under 4 seconds and has a transaction throughput of up to 6000 TPS. Algorand is a carbon-negative network that has experienced zero down-time since its launch and is designed to scale to accommodate applications that have billions of users, all while offering a secure and stable network.

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SOURCE Milkomeda Foundation