Nervos’ First EVM-Compliant Layer 2 blockchain Enters Mainnet Beta Nov 6, 2021 Nov 6, 2021 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Ethereum NewsNovember 6, 2021 by Kelly Cromley

Nervos’ First EVM-Compliant Layer 2 blockchain Enters Mainnet Beta

As part of the network’s multi-layer strategy, Nervos has announced that “Godwoken,” the first EVM-compliant Layer 2 blockchain in the network’s multi-layer roadmap, has entered mainnet beta. The Nervos DeFi ecosystem is now accepting applications from developers, with the goal of becoming the next big DeFi ecosystem in the blockchain arena.

On the mainnet, the debut of Force Bridge, a trustless cross-chain bridge that enables for frictionless transactions between Nervos and other public chains, was a significant step forward. Due to the availability of both Godwoken and Force Bridge, Ethereum developers may begin transferring their dApps to Nervos using their current codebases, allowing them to increase their user reach and brand exposure in a rapidly growing network focused on DeFi development.

The findings of an Electric Capital analysis published earlier this year revealed that in any given month, more than 8,000 developers are actively engaged in blockchain projects throughout the world. More than a quarter of those engineers are working on Ethereum, with the number of contributors increasing by 215 percent in just the past three years.

However, although Ethereum is the blockchain of choice for many developers, high network congestion, expensive gas prices, and scalability difficulties have compelled developers and consumers alike to look for alternatives, resulting in a heightened interest in Layer 2 and other scaling solutions.

It is a first-mover advantage for developers who want to ensure that their projects stand out among hundreds of thousands of blockchain projects across Ethereum and other ecosystems. Godwoken’s launch provides an opportunity to gain traction within the Nervos community quickly and even earn funding if they do so successfully.

According to Kevin Wang, co-founder of Nervos, “Godwoken’s debut is a watershed moment for our ecosystem since it brings together team members and community members who have been with us from the beginning.” As he continued, “We’re working to establish a new blockchain standard—a way for people to not only build decentralized applications across DeFi and sectors on Nervos but also contribute to the broader blockchain ecosystem regardless of account model, consensus mechanism, or other factors.” he added.

Godwoken’s optimistic roll-up mechanism and Ethereum Virtual Machine (EVM) support enable developers to use Ethereum contracts while keeping transactions scalable, fast, and low-cost. Godwoken is secured by Nervos’ Layer 1, which employs a Proof of Work (PoW) algorithm to ensure high throughput and security.

Developers may begin smooth transactions to Ethereum using the Force Bridge, which was just deployed on mainnet and will be expanded to include additional EVM and non-EVM chains in the future, including Cardano, through the Force Bridge.

This is the first of several Layer 2s that will be protected by the optimistic rollup architecture to debut on Nervos, and it will be fine-tuned over the following few months as part of the Mainnet Beta program. The mainnet release of Yokaiswap, a next-generation interoperable AMM decentralized exchange (DEX) based on Nervos that will offer annual percentage yield (APY) incentives for yield farmers, is one of the next community initiatives.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.