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As we are now living in a multi-chain environment, interoperability between blockchains is crucial. Ecosystems like Cosmos work very well in their native environment, making it easy to move from one chain to another thanks to IBC.
However, many people start their journey using EVM chains as Metamask is the first link between users and DeFi. Having blockchains that support EVM compatibility is needed to attract more users and that is why EVM-compatibility on Cosmos was highly anticipated. This is the basis on which Evmos was created.
I. EVMOS: The EVM-Hub of the Cosmos Ecosystem
Evmos is a new L1 blockchain created by Tharsis Labs that has just been launched. Evmos’ goal is to be the EVM hub of Cosmos, making it easier for smart contracts to be deployed within the Cosmos ecosystem.
Just picture it, Evmos is the chain that connects Ethereum, other EVM chains and Cosmos chains all together. People will be able to bridge from any EVM environment to Evmos, use EVM Dapps on Evmos and then bridge from Evmos to other Cosmos chains using IBC, this is making EVM and IBC fully interoperable.
How does it work exactly?
Creating a fully interoperable environment means that bridging tokens from one chain to another must be easy. The big challenge here was that Ethereum-based chains use an ERC-20 standard while Cosmos uses a different standard. The Tharsis Labs team has therefore created what it calls an "ERC20 module". Here is where the magic happens: this module allows anyone to convert ERC20-based tokens into native Cosmos Coins and vice versa. More precisely, the module translates an ERC20 token address and its metadata into a Cosmos Coin denomination and its corresponding Cosmos Coin metadata.
Several DeFi Blue chips like AAVE have already shown interest and aim to deploy their Dapp on Evmos.
II. Evmos’s Tokenomics
The token itself, $Evmos, is used to pay for gas fees, secure the network through staking and voting on governance proposals. Indeed, Evmos uses the same governance mechanics as any other IBC chain, the community will decide and drive the future of Evmos, effectively making it the first EVM channel to be fully community controlled.
The token distribution at Genesis is 200 million of which 50% of the genesis supply airdropped to the community, 40% for strategic purposes such as funding initiatives and 10% dedicated to the community pool used for bootstrapping, important tooling, infrastructure, educational content and other resources.
It is important to note that Evmos is highly inflationary: 300 million tokens will be issued during the first year and the target is 1 billion Evmos tokens in 4 years.
That’s why, it is very important to stake your tokens with validators (like Imperator.co for example) to receive the inflation rate and not to have your bag diluted.
If you do not stake, you will lose out in terms of purchasing power as those who do stake will receive the betting rewards instead of you.
III. Alpha: A list of different Evmos native projects to follow
Note: This is not financial advice at all, this part is just dedicated to projects that will launch on Evmos and that can be useful for users. Do your own research.
There are many native projects that have already been launched on Evmos and many more to come, here is a brief list of these different projects:
This is a Uniswap v2 fork on Evmos. The project is already live and they’ve airdropped their tokens to Uniswap users.
Cronus is also a Uniswap v2 fork on Evmos. The project is also live, and an airdrop is coming very soon.
3. Kinesis Labs
Kinesis Labs is the first stablecoin exchange on Evmos, a Curve fork. This will be useful for those who want to swap stablecoins with low slippage.
Airdrop info: No information for now
Midas is bringing Rari Capital’s Fuse pools to EVM compatible blockchains.
Airdrop info: No information for now
Coslend is the first money market on Evmos, it’s a Compound fork. They will launch soon and will airdrop their token to those who have staked ATOM / OSMO and Evmos at specific validators like Imperator.co
Airdrop info: Election example here https://twitter.com/coslend/status/1513078979221065730?s=20&t=nnLCpZRszAkzH1meH02MVg
Exswap wants to be the Defi Hub on Evmos. They want to create a Uniswap v2 fork and add a stableswap, a lending protocol, a liquidity balancer and a launchpad.
7. Orbit Market
This is the first NFT Marketplace on Evmos.
As we have seen, Evmos is very promising. This blockchain is the link between Cosmos and EVM, IBC will be enabled on Evmos very soon and people will realize the power of a true interoperable ecosystem. If the blockchain remains stable, I have no doubt about the success of Evmos, it was one of the most anticipated projects of 2022 and we can already see that many projects want to build on it. Let's see how far this will go.
- 🇺🇸🇬🇧 refinements by @0x_Groova -