Evmos, Cosmos’ EVM blockchain

What is EVMOS?

Evmos is a blockchain Proof-of-Stake scalable and high throughput, fully compatible and interoperable with Ethereum. It is built using the Cosmos SDK which runs on top of the Tendermint Core consensus engine.

Evmos allows running Ethereum as a Cosmos application-specific blockchain. This allows developers to have all the desired features of Ethereum, while benefiting from Tendermint’s PoS implementation. Additionally, since it is built on the Cosmos SDK, it will be able to exchange value with the rest of the Cosmos ecosystem through the Inter-Block Communication (IBC) protocol.

Of the new arrivals, Evmos was one of the most anticipated. Equipped with an EVM, it connects two hitherto incompatible universes: Cosmos and Ethereum (and all blockchains equipped with an EVM). While the first applications should arrive soon, it’s time to take stock of this newcomer.

Reminder: to understand the basics of the Cosmos ecosystem, an introductory article is waiting for you here.

The Cosmos EVM platform:

Evmos is designed to be a highly scalable EVM compatible environment built on the Cosmos SDK and Tendermint Consensus. The Evmos stack offers:

  • Tendermint – A fast finalization and high-throughput consensus mechanism widely used in the Cosmos ecosystem and beyond. This will allow trades on Evmos to be fully executed within seconds.
  • Cosmos SDK – A modular, composable, and interoperable framework that will allow Evmos to scale and interoperate with other blockchains through IBC while maintaining on-chain sovereignty.
  • EVM Module – Built to be fully EVM, or EVM equivalent, allowing developers to take full advantage of an Ethereum environment, while providing low gas costs and fast finality to users of their applications.

Evmos will be launched as a single “central chain” for EVM compatibility in the Cosmos ecosystem. Evmos’ ultimate vision is multiple EVM-enabled, interoperable and composable chains that can be individually optimized for specific use cases for DeFi, NFT or gaming. These strings can be application-specific, which will limit the need to compete with other applications for throughput.

Thanks to the IBC and the ERC20 token module of Evmos, it will be interoperable with any other non-EVM compatible Cosmos chain enabled by the IBC as well as with Ethereum. This will allow the transfer of Cosmos and Ethereum between Evmos.

Most areas of Cosmos are not capable of reading smart contracts. The specialization that is specific to them means that they develop a single project. This principle makes it possible to avoid overloading the blockchains and therefore to ensure efficient scaling. However, this has a backlash, as it is difficult for small projects to go straight to their own area. It is therefore important to also have areas equipped with a virtual machine to read smart contracts in order to launch these small projects.

Until now, there were two:

  • Secret Network, based on privacy and using Rust.
  • Juno with a WASM (WebAssembly) Virtual Machines (VMs). Even if Juno is just beginning to develop its ecosystem, the arrival of Evmos will change the game.

Equipped with an Ethereum Virtual Machine, Evmos is therefore compatible with Cosmos, but also with other blockchains equipped with an EVM (Ethereum, BNB Smart Chain, Avalanche, etc.). We can therefore use its applications both with the wallet Keplr, but also with Metamask. While using the Cosmos SDK, Evmos has introduced a module that allows developers familiar with the Ethereum environment to deploy their applications just as easily. In addition, Evmos wants to make its EVM module accessible to everyone. Thus, private or semi-private blockchains will be able to use the EVM module for their own network. Like any new area on Cosmos, Evmos has made a airdrop of a part of its tokens, or rather here a rektdrop. Indeed, there are two conditions to be eligible for theairdrop. On the side of the Keplr wallet, the stakers ATOM and OSMO were eligible as usual. Moreover, those who have made themselves rekt on Ethereum were also entitled to a airdrop.

The ecosystem should be enriched very quickly. 18 projects are already prepared to settle on the network, whether DEXs (PhotonSwap and ExSwap example), a NovaDAO store of value, NFT projects, gaming but also the famous platform of lending Aave. Users are also on a war footing to arrive first on these applications. EVMOS, the native cryptocurrency of the network will not be available immediately on exchange platforms, as is often the case for Cosmos zones. Its arrival on the DEX Osmosis will therefore also be a moment awaited by the community to hope to buy it before the foreseeable rise in its price.

Cevmos : VSelestia/EVMos/CosmBONE :

The full realization of the Evmos vision is not limited to becoming the EVM hub of the Cosmos ecosystem. By integrating with other gateways, Evmos has the potential to become an interoperable hub of smart contracts crosschain for the entire Web3 ecosystem.

Upcoming Cosmos SDK updates this year will allow Evmos to provide security guarantees to application-specific EVM-enabled chains via Cross Chain Validation (CCV), or shared security, which will allow parent chains, like Evmos, to validate blocks on daughter chains, such as a DeFi-specific EVM compatible chain.

A unique example of this is Cevmos, which is optimized as a settlement layer for rollups EVM. The Cevmos chain will use Celestia for data availability and the native Evmos token will be used for security (staking) and to pay network charges.

Conclusion:

After Juno and Stargaze, Evmos should once again energize the Cosmos ecosystem. By being open to both Cosmos and Ethereum, this blockchain should benefit from the possibilities offered by these two universes and their liquidity. Unfortunately, not everything goes as planned for the moment. Evmos developers had to interrupt the blockchain before the launch of the ecosystem following a technical problem. The launch is scheduled for April 2022.

StakeLab is a validator of testnet on Evmos since November. StakeLab’s mission is to develop the Internet of tomorrow by increasing the use of the next generation of blockchains Proof-of-Stake. To do this, protocols like Evmos are important. They give Cosmos blockchain developers greater access to an interoperable Ethereum environment, while benefiting from fast transaction speeds and low gas costs. Evmos has a shared multi-channel vision, and they are focused on helping connect the Web3 ecosystem.

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Quentin Durand

I am convinced that the next few years will be those of cryptocurrency and the metaverse. Passionate about the Tendermint Cosmos ecosystem and NFTs, I will share my knowledge. Co-founder of Stakelab.fr

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Evmos, Cosmos’ EVM blockchain


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