Evmos Finally Goes Live On Cosmos Network After Years Of Development

Evmos, previously known as Ethermint, recently went live on the Cosmos network following years of development, according to its developers. Tharsis, Evmos&39 development team, came up with the idea for Evmos as Ethermint back in 2016.

Evmos is distinct in that, unlike a majority of other Cosmos chains, it is completely interoperable with Ethereum Virtual Machine (EVM), a computational environment readily utilized by Ethereum blockchain developers.

Important details

Users and developers may now access Evmos as a Layer-1 blockchain on Cosmos, an interoperability protocol with over 250 applications and services in its ecosystem.

The Evmos launch will therefore enable users to construct Ethereum smart contracts and assets and utilize them within the Cosmos ecosystem. Initially, Evmos was supposed to launch in February, however it was pushed back due to technical concerns.

What else should we know?

The Evmos team expects that by incorporating the EVM technology, it would make the project more attractive to Ethereum developers and draw applications and assets from them. Since last year, EVM has become the most frequently used smart contract standard, as it can now be seen on a variety of blockchains attempting to duplicate Ethereums success. These include the likes of Avalanche, BNB Chain, Fantom, Polygon, and Moonbeam.

For starters, the Evmos developers intend to build bridges with Ethereum to enable interoperability. The team is hence collaborating with bridge programs such as Celer, Connext, Nomad, and others to enable token transfers between the two chains. Moreover, crypto investors shall be able to shift assets to Evmos and utilize them through Evmos own apps via these bridges, according to Federico Kunze Küllmer, Evmos Co-Founder and Tharsis CEO.

What&rsquos next?

There are also plans for Evmos to grow inside the Cosmos ecosystem. The Evmos blockchain may transfer data and assets with other Cosmos-backed chains via a protocol known as IBC (Inter-Blockchain Communication).

This compatibility essentially allows Evmos apps to communicate directly with Terra, a Cosmos-based blockchain comprising $29 billion in crypto assets and home to the worlds third biggest stablecoin, TerraUSD (UST). To that end, Terras board previously discussed a potential partnership with Evmos for UST and earmarked $8 million to increase Evmos liquidity.

Additionally, there are other DEXs (decentralized exchanges), money markets, and NFTs slated to debut on Evmos, such as EvmoSwap, Coslend, Diffusion Finance, Nomad, QuantumSwap, among others. Whatever the case may be, the future looks bright for Evmos.