Evmos is the first inter-blockchain communication compatible Ethereum Virtual Machine running on Cosmos and went live on 3 March, 3 am GMT+8.
It is a scalable, high throughput proof-of-stake blockchain that is fully compatible with Ethereum. It is built on the Cosmos SDK and runs on top of the Tendermint Core consensus engine.
Tendermint is the software and Cosmos is the blockchain. Tendermint serves as the main hub for the internet of blockchains.
(Also Read: Why I Am Investing In Cosmos In 2022, And Why An “ATOMic” Explosion Is Incoming)
So what does this actually mean? It means that all developers on Ethereum would be able to copy their code and run it straight on Evmos and get access to Cosmos’s utility of governance, staking and IBC.
Evmos basically replicates the Ethereum network at a cheaper price with faster speed. Furthermore, all the applications now will be interoperable with one another.
EVMOS Token Model
|Initial token supply||200M|
|Total planned inflation (pa)||150% in Y1 | 500% by Y4|
|Maximum token supply||1B|
|Current token supply||N/A|
|Active set of validators||150|
|Target staking rate||50%|
|Expected reward rate (pa)||Variable (60%in Y1)|
|Minimum validator stake||None|
|Active set minimum||1 more EVMOS than the 150th validator in the network|
|Minimum delegation||No minimum|
|Redelegation period||None for first 7 redelegations within 21 day period, then 3 weeks’ unbonding|
|Unbonding period||3 weeks, no rewards earned during this time|
|Reward distribution||Manual, must be withdrawn from accrual pool|
|Reward compounding||Manual, must be re-staked|
|Reward payout frequency||Accrue per block, paid out when called manually|
EVMOS is not just a fee and staking token. Rather, it will be the first token on an EVM that drives governance outcomes for the EVM. But it also serves as a vehicle to determine future economic outcomes that align the three main actors (Developers, Users, and Validators).
Token holders are responsible for steering the DAO and dictating the fate of all on-chain assets that travel through the Evmos to Cosmos.
Evmos will have an initial supply of 200 million tokens at genesis, split between the Rektdrop participants, the community pool and a strategic reserve.
“Our focus is to honor those who supported us in the long term (ATOM, OSMO participants) and are feeling the pain of the market dip, but to also give reparations to the victims who got rekt in places that tried pushing the envelope in the EVM ecosystem. The good news is that if you spent gas on any of the top applications on Ethereum, you technically got rekt by fees, so you are likely to receive something!”Evmos
Read more on Evmos’s Rektdrop here.
Newly released tokens will be distributed in the following way, on a per-block basis:
- Staking Rewards: 40%
- Team Vesting: 25%
- Usage Incentives: 25%
- Community Pool: 10%
As Evmos is planned to go live in the coming days, the airdrop will be claimable shortly after. Here is the list of participants who would be entitled to Evmos’s airdrops.
DApps on EVMOS
As mentioned above, the dApps that will be on Evmos would basically everything that is on the Ethereum Network. This includes collectibles, DeFi, Gaming, Rollups and DAOs.
EVMOS bringing the 3rd largest lending protocol onboard, AAVE
With 95% of users in favor, AAVE is set to be deployed on Evmos. The deployment of Aave on Evmos will enable both increase in user activity and it fills the need for a reliable lending protocol on Cosmos.
According to DeFi Llama, Aave currently has over $11.8 billion in TVL, which has been increasing steadily since the beginning of the year. Deploying to Evmos will enable Aave to capture a significant amount of user activity that has been booming in the Cosmos ecosystem.
The core team also said that they are actively working with Chainlink to finalize support for Aave V3 before the mainnet launches later this month.
(Also Read: What Is Aave And How It Enables Anyone To Lend And Borrow Cryptocurrencies)
NFTs on EVMOS
There will be NFTs on Evmos. There is massive potential for thousands of Ethereum blockchains which will be poured over. All of these would be a fraction of the price from the Ethereum’s network and faster transaction speeds.
Use cases for the EVMOS Token
- Trading — you would be able to trade the Evmos token with other IBC enabled tokens on AMMs currently on the Cosmos ecosystem. This would be transacted at low fees of 0.3%.
- Staking — Akash Network has mentioned that staking rewards for the first year would likely be 100% and thereafter halved annually.
- Governance — This token would give you the ability to vote for proposals with your currencies. This is flexibility in what you want and do not want on the platform.
- Gas Fees — Cheaper gas fees from the Ethereum Network.
Exswap: The exchange swap for EVMOS
Exswap is a community focused uniswap V2 fork launching on Evmos.
Exswap will launch shortly after the Evmos mainnet goes live. This will also be followed by tokens, farms, lending and launchpad. Token supply will be distributed to the community via airdrops, LP incentives and farms.
$EX will be a governance token that rewards the holders with a share of exchange revenues.
Exswap’s Distribution and allocations
- Total Supply: 500,000,000
- Emissions: 36 Months
- 45% Liquidity Providers — Farming rewards on Exswap
- 20% Airdrop — Token will be airdropped in multiple waves
- 20% Treasury — Treasury funds will be used over time for marketing, incentives and for future potential investors.
- 15% Team — Vesting EX tokens allocated for the current and future team. Team tokens will be vested linearly over 12 months
EVMOS Naming Service
Evmos also will have a naming service just like the ENS we all know from Ethereum. Their test net for EVNS will launch in June which may include an airdrop for participants. Find out more on EVNS in their website here.
Installing your Keplr wallet for EVMOS
Installing the Keplr Chrome extension
To get started with Keplr, you will need to first download its Chrome extension here.
They also have mobile apps, but it is important to note that only the Keplr Chrome extension installation is fully supported currently.
Creating a Keplr wallet account
When you have the Keplr Chrome extension installed, you can now create your Keplr wallet account!
You can do this in two ways:
-First, you can create an account with the usual seed phrase method.
-Simply select the “Create new account” option, and save your seed phrase in a secure place.
-Do try to write your seed phrase down physically on a piece of document, and keep it somewhere safe.
-Finish by entering a name for your account and password, and you are registered!
-A second way is using the Google One-Click Login.
-Simply select the “Sign in with Google” option.
-Next, you’ll be prompted to sign into your Google account with your email or phone (and later password). Click “Next”, and you’re done!
Read More: Getting Started With The Keplr Wallet: The Leading Wallet For the Cosmos Ecosystem
Ethereum is great. With over 3,000 applications, it is the most popular blockchain with the highest traffic amongst its competitors. But we all know what comes along with that, the expensive gas and slow transaction speed.
Introducing an EVM compatible blockchain on the Cosmos ecosystem will simply change the game. The EVM nature allows all those 3000 applications on Ethereum to be easily ported onto the Evmos blockchain with fast transaction speeds and I say again countless of times, fraction of the price.
Merging the most popular blockchain with one of pure interoperability, I really cannot fathom the limitless scale which will unfold its true potential.
Evmos will bring and increase liquidity onto Cosmos. The increase in user base will, in my opinion, propel Cosmos potentially in the top 10 cryptos. It will also increase its visibility and amongst crypto investors when Cosmos opens up to the “wider world”.
I am bullish in the Cosmos Ecosystem as no other blockchain is doing the same. It’s in new uncharted territory and as they continue to improve the robustness of its ecosystem, Cosmos will continue to tear away to form a league of its own.
Featured Image Credit: Chain Debrief
[Editor’s Note: This article does not represent financial advice. Please do your own research before investing.]
Also Read: Osmosis: A Guide To Staking And Farming On This AMM Protocol For The Cosmos Ecosystem