Evmos hopes to jump-start Ethereum Virtual Machine
The latest Ethereum Virtual Machine-compatible launch on Cosmos has a buzzy airdrop and a revolutionary tokenomic structure.
The latest Ethereum Virtual Machine-compatible ecosystem may fast become one of the most popular, thanks to a well-designed airdrop, unique tokenomics, and cross-chain interoperability. Evmos launched its namesake plan on Wednesday, combining the finest of the Ethereum Virtual Machine (EVM) with the Cosmos-based InterBlockchain Communication (IBC) protocol. Evmos was supposed to launch on February 28, but it was postponed “to ensure a flawless launch.”
Ethereum Virtual Machine-compatible environments are popular among developers on alternative layer one blockchains because they make it easy to port over existing Ethereum protocol implementations. According to the total value locked (TVL) rankings on sites like DeFiLlama, they are often easier for established Ethereum users to work with.
Because newly-released protocols tend to be more generous with tokens, young Ethereum Virtual Machine-compatible ecosystems are typically rich with lucrative prospects for yield farmers and dealers.
In addition to Ethereum Virtual Machine compatibility and bridging, Evmos will support cross-blockchain transactions using the EIP-712 standard. It will allow Ethereum-based users to interact directly with Evmos contracts, creating Evmos co-founder Federico Kunze Küllmer described as “the port-of-entry from Ethereum to Cosmos” in an interview with CoinDesk.
Emerald, an EVM-Compatible Smart Contract Environment, is Launched by the Oasis Foundation.
The chain will host a few decentralized finance (DeFi) stalwarts and forks when it launches. In a news release, Küllmer highlighted a Rari Capital fork and a Uniswap fork, as well as a Balancer fork, a CryptoPunks fork, a loan platform, and an Olympus fork, all of which will be deploying with “innovative token economics,” he claimed.
Additionally, the Aave DAO passed a proposal earlier this month to deploy its v3 implementation on the chain immediately after its launch.
The tokeneconomic framework of Evmos, which re-examines the interaction between validators, users who engage with smart contracts, and developers, is perhaps the highlight of the company’s launch.
“When we looked at these systems, we discovered that miners and validators get the majority of the transaction fees,” Kunze Küllmer remarked. “So we introduced the idea of charge sharing to achieve incentive alignment with all the different categories of users.”
Fees will be split between validators and the teams that produced the contracts driving chain adoption. Users can vote on smart contracts receive “usage benefits” from a community pool.