Evmos Layer1 Blockchain Goes Live on Cosmos Network
Evmos (earlier known as Ethermint) has officially gone operational on the Cosmos network, according to a statement released by the project’s creators on Wednesday. As a Layer 1 blockchain on Cosmos, which is an interoperability standard with over 250 applications and services, consumers and developers may now utilize it.
Users may now implement Ethereum smart contracts and assets in the Cosmos ecosystem thanks to the Evmos release. The debut of Evmos had been scheduled for February but was postponed because of technical difficulties. Tharsis, the startup behind Ethermint, initially came up with the idea for Evmos in 2016.
The Ethereum Virtual Machine, a computer environment utilized by Ethereum blockchain programmers, is completely compatible with Evmos, unlike most of the other Cosmos chains. The Evmos team intends to attract Ethereum developers and their apps and assets by incorporating the EVM architecture.
As a result of Ethereum’s success, EVM has spread to a range of other blockchains, making it the most frequently used standard for smart contracts. Polygon, Fantom, and Moonbeam are just some of the other names on the Avalanche roster.
Bridges between Ethereum and Evmos are the initial step in the Evmos team’s attempt to accomplish interoperability. Token transfers between both chains are made possible by the use of bridge apps like Connext, Celer, Nomad, and others. For Federico Kunze Küllmer, Evmos’s co-founder as well as the CEO of Tharsis, the bridges provide a way for crypto users’ assets to be transferred to and used inside the Evmos ecosystem.
Evmos is also slated to grow inside the Cosmos ecosystem in the future. The Evmos blockchain may transfer data and assets with other Cosmos-enabled chains utilizing a protocol named Inter-Blockchain Communication (IBC).
Interoperability with Terra, a Cosmos-based blockchain with $29 billion in crypto-assets and home to the third-largest stablecoin, TerraUSD, enables direct interactions for Evmos apps with Terra (UST). For UST, Terra’s leadership has already suggested a partnership with Evmos, and $8 million has been committed to helping Evmos improve liquidity.
Several decentralized exchanges, money markets, and NFTs, such as EvmoSwap, QuantumSwap, Diffusion Finance, Coslend, and others, are also scheduled to debut on Evmos.