How does EvmosOrg bring full EVM compatibility to Cosmos?
Once EVM-native dApps and tokens are integrated with EVMOS, anything can happen.Original Author: Dougie DeLuca
Compiled by: Planet Daily
This article is based on Dougie DeLuca's views on personal social media platforms, and the content has been organized and translated as follows:
Evmos on Tharsis is built on Cosmos's IBC and has the potential to elevate a powerful multi-chain ecosystem to a new level.
In 2016, Evmos originated from Ethermint, aiming to bring the scalability of the Tendermint consensus protocol to ETH or EVM-based applications. Over time, with the emergence of ETH scaling solutions like MATIC, the original value proposition of the Ethermint chain no longer holds unique value.
- Evmos now aims to provide multiple highly secure, fast-finality, EVM-based chains, offering interoperability and greater composability for smart contracts in the Interchain. Vitalik has addressed this need.
Although prepared for the Ethereum beacon chain, this proposal details the need for a consensus model similar to Tendermint. This is precisely what EVMOS strives to provide: https://twitter.com/VitalikButerin/status/1428939068897849345.
The Evmos team is led by Federico Kunze Küllmer and Akash Khosla. Federico has been a full-time contributor to Cosmos since 2017, and Akash was previously a software engineer at Anchorage. They focus on community-driven growth.
They envision Evmos as a "chain agnostic to applications, interoperating with the ETH mainnet, EVM-compatible environments, and other BFT chains of IBC, allowing users and developers to easily transfer value across chains." In other words, Evmos <> Ethereum.
With a growing number of developers based on Solidity and an explosion of applications deployed on Ethereum (and other EVM-compatible chains like FTM and AVAX), there is a clear demand for EVM chains within IBC. Evmos can quickly gain traction and applications after launch (in fact, some new applications are already set to launch on Evmos).
The primary beneficiaries of the aforementioned growth are the EVMOS tokens. The incentive model and token distribution from the Evmos team show that Evmos aligns with the interests of stakeholders.
The EVMOS token will be the first token on EVM to drive EVM governance outcomes. The goal is for the vast majority of tokens to be owned and controlled by individuals outside the team. This best ensures inclusivity and consistency for developers, users, and validators.
- EVMOS token functions:
Built-in shared fee revenue model (dApp Store) to pay developers and network operators
Protocol upgrade voting
Register tokens on the ERC20 module for EVM-IBC integration
dApp usage rewards
- The initial supply of EVMOS tokens is 200 million, consisting of Rektdrop, community pool, and strategic reserves. In the first year, 300 million tokens will be issued (high inflation). Inflation will decay annually based on an exponential model.
- Evmos aims to distribute 1 billion tokens within the first four years of reaching the "halving." Newly issued tokens will be distributed as shown in Figure 1, based on blocks, and after four years as shown in Figure 2.
Figure 1
Figure 2
- Usage rewards were initially used to sponsor gas payments for end users. The community can decide through governance which dApps can receive weekly gas subsidies for users.
Next, incentives will drive TVL growth. EVMOS tokens will be allocated and locked in DEX LP or other liquidity IOU contracts (i.e., UNI v2 LP positions or AAVE aTokens).
The total amount for incentives is 200 million EVMOS, but if governance decides it is beneficial for the network, more EVMOS can be allocated for incentives. This incentive mechanism has released significant growth across many chains and protocols, making EVMOS's incentives very promising.
Fees on Evmos are distributed to developers and network operators as rewards through a shared fee revenue model called the dApp Store. Half of the fees are allocated to contract signers, and half to validators. The above is also governed.
For more about EVMOS, you can read this article.
The ERC20 module of Evmos allows DeFi protocols to integrate with the Evmos+Cosmos ecosystem. Through the ERC20 module, developers can build smart contracts on Evmos and use the generated tokens for other IBC-connected applications (e.g., earning COSMO staking rewards or using ATOM for governance).
Additionally, validators can even define minimum fees in application configurations using ERC20 tokens, allowing users to pay gas with stablecoins and other ERC20 tokens deployed on Evmos. For example, UST, USDC, etc., are used for EVMOS gas…
New ERC20 token pairs can be added through governance proposals. If a governance proposal passes, the token pair can be added to the x/erc20 module.
Soon, non-Cosmos native tokens will be able to be added. Following the deployment of Evmos's EVM bridge, users can transfer ETH, L2, and other EVM-based chains—such as Fantom, Avalanche, etc.—existing ERC20 tokens to Evmos and convert them to native Cosmos coins using the x/erc20 module.
- Through EVMOS, users can:
Convert ATOM into other tokens
Provide liquidity staking on OSMO
Use staking receipts as ERC20 tokens in DeFi protocols
Build new applications and experience the composability of specific application blockchains in the Interchain
With such positioning and a focus on interoperability technology, EVMOS can quickly start gaining market share in the EVM space, not only within Cosmos but also on EVM platforms. Once EVM-native dApps and tokens integrate with EVMOS, anything is possible.
Bringing Solidity and EVM into Cosmos and IBC will unleash a powerful niche market. The practicality of IBC has been proven, and the number of developers and users is increasing, making EVMOS an important bridge. With many traditional DApps and tokens now available, the network effect potential here is enormous.
