Milkomeda Paves the Way for Blockchain Growth and Interoperability With the Launch of the EVM-Based A1 Rollup on Algorand

An innovative EVM-based rollup exposes the Algorand ecosystem to the 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, Oct. 19, 2022 /PRNewswire/ -- Milkomeda, builders of novel Layer 2 solutions designed to enhance user experience, increase developer traction, and deliver the next generation of inter-blockchain interoperability for leading Layer 1 ecosystems, has today launched the A1 Rollup, a unique interoperability solution, on the Algorand mainnet.

Fresh off the heels of its recently awarded Algorand SupaGrant for EVM capabilities, Milkomeda delivers on its promises and launches the A1 Rollup to realize a new vision of blockchain interoperability. The A1 Rollup is an EVM-based (Ethereum Virtual Machine) layer 2 solution that exposes the Algorand ecosystem and its users to the hundreds of thousands of developers writing in Solidity, the world's most popular smart contracting language.

The launch of the A1 Rollup on Algorand significantly boosts both user and developer adoption of Algorand as, for the first time ever, developers from the Ethereum ecosystem can now easily deploy their dApps, tools and infrastructure to Algorand users—simultaneously expanding into a new market and increasing the variety of dApps available to the Algorand community.

"I'm thrilled to see the launch of Milkomeda on Algorand," said John Woods, Algorand Foundation CTO. "Now every single project that's running on Ethereum can come and deploy on Algorand with zero friction. I think 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."

The A1 Rollup uses wrapped ALGOs (milkALGOs) as its base currency, significantly streamlining and simplifying the onboarding process for users of Algorand. Using the Milkomeda permission-less bridge, users wrap their ALGOs and other Algorand native assets (ASAs) onto the A1 Rollup with a few simple steps. This then enables them to use their milkALGOs to interact with the EVM-based dApps deployed on the A1 Rollup.

"Developers now have the opportunity to more easily jump into the Algorand ecosystem, while also enjoying the many benefits of Algorand as the underlying Layer 1 blockchain," said Robert Kornacki, Milkomeda Foundation Director. "One such benefit, instant finality, enables dApps to have significantly smoother end-to-end flows in a way which hasn't been possible before on any existing rollups on competing L1 blockchains. We are excited 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."

The long term vision of Milkomeda on Algorand will span across several large 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. In order to achieve this vision Milkomeda has laid out a multi-year roadmap and recently completed another round of funding. The 3.1M USD round was led by Archetype and also included Sora Ventures and the Algorand Foundation.

Milkomeda develops and deploys EVM capabilities – in the form of innovative layer 2 solutions – to non-EVM blockchains, building the foundations for the inevitable interconnected blockchain world of the future. These bespoke blockchain interoperability protocols enhance the user experience, increase developer traction, and deliver the next generation of inter-blockchain interoperability for leading Layer 1 ecosystems. Currently, Milkomeda has deployed novel EVM solutions to both the Cardano and Algorand blockchains, increasing developer uptake and blockchain interconnectivity 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.

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 immediate finality and near zero transaction costs, and without a second of downtime since it went live in June 2019. Its carbon-neutral platform and unique pure proof-of-stake consensus mechanism solves for 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 sound monetary supply economics, decentralized governance, and healthy and prosperous open-source ecosystem. For more information, visit https://algorand.foundation.

SOURCE Milkomeda Foundation