What are the potentials behind the official launch of Evmos?

In December 2021, Evmos announced that it will issue airdrop rewards to active users of Ethereum and Cosmos ecosystems, those who have participated in governance on Cosmos Hub, or participated in partial liquidity mining on Osmosis when the mainnet is launched. This is the first time that the public has begun to notice this project dedicated to connecting the two ecosystems of EVM and Cosmos.

In fact, an idea similar to Evmos was proposed as early as 2016, and that is Ethermint. The goal of Ethermint is to bring the Tendermint consensus protocol to Ethereum , but doing so will make the Ethermint no longer have any value after the task is completed. So, Evmos’ vision is to build a highly secure, fast-determined, EVM-based chain on Cosmos that provides interoperability and greater composability for smart contracts between IBC and Ethereum. This also provides empowerment for the future development of Evmos.

Due to various reasons, the official launch date of Evmos has been postponed again and again. It was not until March 3 that Evmos announced the official launch of the mainnet. According to the data at that time, shortly after the launch of the Evmos mainnet, its cumulative block height reached more than 3,000, and the average The block time is 6.2 seconds. The market’s fiery sentiment towards Evmos also makes the public look forward to the future development of Evmos.

A Brief Discussion on the Value of Evmos

As a bridge connecting EVM and Cosmos, the name of Evmos has fully expressed its purpose. Evmos aims to be the EVM Hub that links the Cosmos ecosystem. In project design, Evmos allows developers to have all the desired functionality of Ethereum while benefiting from Tendermint’s PoS implementation. And since it’s built on the Cosmos SDK, it can exchange value with the rest of the Cosmos ecosystem via the Inter-Blockchain Communication Protocol (IBC).

Not only that, but Evmos also plans to integrate EVM compatible chains (not just Ethereum) into Cosmos. Allows running Ethereum as a Cosmos SDK application specific blockchain. This allows developers to have all the desired functionality of Ethereum while benefiting from Tendermint’s proof-of-stake consensus engine. This means that EVM-based DApps, tokens and NFTs can all be bridged to Cosmos for the purpose of integrating assets into the Cosmos ecosystem.

basic technical design

Routing

By simulating the transaction structure of geth and treating it as a Cosmos SDK message type, Evmos realizes transactions that can process EVM and Cosmos modules, which contain all relevant Ethereum information, such as signature, gas, amount, etc.

Pending State

On Ethereum, blocks are processed before miners compete to produce them. These blocks include pending transactions determined by miners based on the highest gas reward. Because on Ethereum, blocks are executed with so-called probabilistic finality. Since Evmos uses Tendermint consensus, it has no concept of “pending/probabilistic state” and does not require a pending state mechanism as all transactions will be executed in the next block.

ERC-20 module

The role of the ERC-20 module is to achieve interoperability between the EVM and the Cosmos Hub. It enables users to convert their ERC-20 tokens on Ethereum to assets on Cosmos and vice versa. The ERC-20 module also enables developers to write smart contracts that run on Evmos and use EVM assets on other applications in the Cosmos ecosystem. Additionally, since Evmos is also governed by token holders, it will enable validators and applications to charge any ERC-20 tokens deployed on the Evmos chain as transaction fees.

At this stage, Evmos is bringing Ethereum-based applications and capital flows into the interoperable network of the Cosmos ecosystem, while coordinating incentives for developers and users. From this point of view, the emergence of Evmos has indeed promoted the development of interoperability, cross-chain communication and modularization.

Evmos Token Economics

On the Evmos chain, the EVMOS token will not only be used as a fee and pledge token, but will also be the first on the EVM to drive the outcome of on-chain governance. In addition, it may also help to identify future economic developments that connect and benefit from the three main players.

The EVMOS token has five main use cases:

  1. Payment developers and network operators;
  2. Vote on protocol upgrades;
  3. register tokens on the ERC20 module;
  4. Determine usage incentives for Evmo-based applications;
  5. enable high-priority features;

These usage incentives will increase further as validators and holders vote on the incentives, adding more value to token holders.

In terms of token distribution, Evmos will airdrop (Rektdrop) 50% of the initial supply of 200 million tokens (100 million) to as many users as possible, into the Cosmos 44 proposal, ATOM pledgers, Osmosis users, ETH DeFi users, EVM bridges and protocols under security attack. The other 50% is dedicated to community pools and strategic reserves as accelerators for the Evmos ecosystem. 

On the economic model, Evmos is set to issue an additional 300 million tokens in the first year, which means that Evmos is highly inflationary. After 4 years, Evmos will end distribution, after which token holders can vote on further distribution methods or token issuance caps. As with other Tendermint and Cosmos SDK chains, the unbonding period for staked tokens is 3 weeks.

List of Evmos Ecological Cooperation Projects

DeFi

GHOST

What are the potentials behind the official launch of Evmos?

Aave is an open source and non-custodial liquidity protocol for earning interest on deposited and borrowed assets. Evmos will enable cross-chain applications to leverage the liquidity of AAVE while deploying to other Cosmos chains such as Terra.

Exswap

What are the potentials behind the official launch of Evmos?

Exswap is a community-focused Uniswap v2 fork launched on Evmos. The goal is to be the protocol of choice for the #1 AMM and Evmos ecosystem.

Kinesis

What are the potentials behind the official launch of Evmos?

Kinesis , the first stablecoin exchange on Evmos , aims to bring the $180 billion stablecoin market to Cosmos. Allows users to exchange stablecoins for other stablecoins with minimal fees and minimal slippage.

Diffusion

What are the potentials behind the official launch of Evmos?

Diffusion is a fork of Uniswap v2. It will be one of the first AMMs for Evmos, an EVM on Cosmos that leverages the Cosmos SDK for composability, interoperability, and fast determinism.

NovaDAO

What are the potentials behind the official launch of Evmos?

NovaDAO is a reserve currency protocol and community built on top of the Cosmos ecosystem. Recognizing the success of OlympusDAO in creating a decentralized reserve currency, NovaDAO decided to bring this concept to Cosmos.

FRAX

What are the potentials behind the official launch of Evmos?

FRAX provides users with greater accessibility to the DeFi ecosystem, as stablecoins are pegged to fiat currencies but exist as cryptocurrencies themselves, allowing easy interaction with decentralized protocols. The Evmos DeFi protocol will be able to integrate the FRAX stablecoin to provide users with stability, reliability and liquidity.

NFT

Treasureland

What are the potentials behind the official launch of Evmos?

Treasureland is a cross-chain NFT platform for NFT issuance, trading, collection and tailored in-store services.

tool

Coinbase Cloud

What are the potentials behind the official launch of Evmos?

Provides Evmos developers with a high-throughput and reliable RPC cluster capable of handling at least 5 million calls per day. Developers will be able to subscribe to events using Ethereum Websockets exposed on their RPC clusters, allowing them to seamlessly port existing dApp workflows to Evmo.

other

MetaMask: A wallet extension for accessing Evmos (EVM)-enabled DApps or Dapps in a browser.

Keplr Wallet: is the first and leading IBC-enabled wallet in the Cosmos ecosystem. In the Keplr wallet, it is possible to stake tokens, use blockchain applications, and manage tokens.

Evmos.me: Allows users to interact with the Cosmos and Ethereum ecosystems through a unified and intuitive interface. Evmos Rektdrop participants will also claim their rewards via Evmos.me.

Evmos Stats: Evmos blockchain statistics about validators, inflation, bound tokens and more parameters.

Pocket Network: An RPC relay protocol that incentivizes full node operators to provide accurate data and abundant bandwidth for decentralized applications.

Nomad and Connext: With Nomad and Connext, institutions and end users will be able to send value and transfer data between the Ethereum and Evmos ecosystems. This will allow ERC-20 tokens for Ethereum and other EVM chains to be made available on Evmos and subsequently across the Cosmos ecosystem via IBC.

Thorus: All-in-one cross-chain DeFi platform with an adaptable vault system.

Metalancer: Balancer V1 fork, automated portfolio manager and trading platform.

Coslend: Evmo lending protocol based on Compound Finance.

PhotoSwap: Currently an AMM based on Uniswap v2, but working on pancakes to make vaults and other staking mechanisms easier

Midas Capital: Rari fork for lending and yielding in DeFi.

DexPad.IO: Multi-chain Launchpad with many tools for new projects such as Token Minting, Token Launch, Lockers (LP & Token) and Airdroppers.

Cronus Finance: A completely permissionless and composable AMM built on Evmos.

UMA: UMA’s optimistic oracle service will provide Evmos developers with a decentralized and battle-tested optimistic oracle for integration into dapps.

GamyFi: is a fantasy sports platform and open multi-chain NFT marketplace that supports all ERC721 NFT tokens.

Expanding Space: is the first NFT marketplace created from scratch on Evmos. It gives you the opportunity to interact with NFTs freely while leaving the lowest possible commissions.

ERC20 module: Allows DeFi protocols to seamlessly integrate with the Evmos and Cosmos ecosystems. Using the x/erc20 module, developers can build smart contracts on Evmos and use the resulting tokens for other applications in the Cosmos ecosystem.

Cevmos: is an open modular stack for EVM based applications using Celestia Rollup.

The Cevmos stack will optimize the settlement chain around an Evmos-based rollup.

KYVE: Provide a decentralized blockchain storage solution to ensure the validity and availability of data.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/what-are-the-potentials-behind-the-official-launch-of-evmos/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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