An Insight Into Evmos
An Insight Into Evmos

An insight into Evmos

Evmos is bringing the world of Ethereum-based applications and assets to the Cosmos ecosystem’s interoperable networks, all while aligning developer and user incentives. Let us embark on an adventure into the world of innovation, where EVM meets interchain composability.
June 10, 2022 written by 01NODE

Evmos is bringing the world of Ethereum-based applications and assets to the Cosmos ecosystem’s interoperable networks, all while aligning developer and user incentives. Let us embark on an adventure into the world of innovation, where EVM meets interchain composability.

What’s different about Evmos is that unlike most other Cosmos chains, it is fully compatible with the Ethereum Virtual Machine. This is a computing environment used by developers on the Ethereum blockchain.

What is Evmos?

Evmos is a Proof-of-Stake blockchain that is scalable and high-throughput, and it is fully compatible and interoperable with Ethereum. It was created with the Cosmos SDK, which is built on top of the Tendermint Core consensus engine.

Evmos enables the use of standard Ethereum as a Cosmos application-specific blockchain. This allows developers to have all of the desired Ethereum features while also benefiting from Tendermint’s PoS implementation. It will also be able to exchange value with the rest of the Cosmos Ecosystem via the Inter Blockchain Communication Protocol because it is built on top of the Cosmos SDK (IBC).

Evmos Key Features

An Insight Into Evmos

Here’s a glance at some of the key features of Evmos:

  • Web3 and EVM compatibility
  • High throughput via Tendermint Core
  • Horizontal scalability via IBC
  • Fast transaction finality

Evmos enables these key features by:

The sum of these features allows developers to leverage existing Ethereum ecosystem tooling and software to seamlessly deploy smart contracts which interact with the rest of the Cosmos ecosystem!

The $EVMOS Token

The denomination used for staking, governance and gas consumption on the EVM is the EVMOS. The EVMOS provides the utility of: securing the Proof-of-Stake chain, token used for governance proposals, distribution of fees to validator and users, and as a mean of gas for running smart contracts on the EVM.

Tokenomics

Unlike many other blockchain tokens, there will be no pre-sale and no pre-mining for the Evmos token. The initial genesis supply will be 200 million, with a total supply of 1 billion. The initial token distribution will look as follows:

An Insight Into Evmos

Evmos will be inflationary and distribute 300 million tokens in the first year, increasing inflation all through year four.

An Insight Into Evmos

Newly distributed tokens will be distributed on a per-block basis in the following manner:

  • Staking rewards: 40% — issued proportionally based on the amount of Evmos token staked. Evmos targets a staking rate of minimum 50%.
  • Team vesting: 25%
  • Usage incentives: 25% — dedicated to the usage incentives pool will help subsidize gas for users.
  • Community pool: 10%

Furthermore, Evmos’ “DApp store” revenue split model incentivizes developers to develop for its ecosystem and splits fees between contract devs and network operators. Initially, a 50:50 split is planned, subject to changes by community governance.

Evmos Bridges

An Insight Into Evmos

Aside from the interaction between Ethereum and the Cosmos chain, in order for Evmos to achieve interoperability, it needs a Bridge. Users and the community must send data and assets across blockchains. A bridge connecting both chains is required to accomplish this. Bridges in the crypto world allow tokenized assets to move seamlessly across blockchains.

Let’s enter the bridge

Nomad and Connext are two bridging solutions deployed on Evmos. With Nomad and Connext, institutions and end-users will be able to send value and call data between the Ethereum and Evmos ecosystems. This will allow Ethereum and other EVM chains’ ERC-20 tokens to be available on Evmos and subsequently the entire Cosmos ecosystem via IBC.

Transferring Value Using Connext and Nomad

The Connext and Nomad bridging solutions complement each other, servicing both institutional and smaller retail value transfers.

Connext

The Connext solution allows users to quickly and inexpensively transfer small to large values across chains. This solution is intended for high-frequency transfers and works by leveraging liquidity pools provided by routers on the sending and receiving chains, without touching Ethereum L1 when going between L2s or other systems and without introducing any new trust assumption. Users transferring value across chains use these liquidity pools to facilitate fast and low-cost transfers.

Nomad

By leveraging an optimistic mechanism, Nomad lets users send messages and bridge assets securely, with the assurances that anyone watching can flag fraud and protect the system. The main trade-off Nomad makes is in introducing a dispute window to settle fraud proofs.

You can bridge using Nomad today.

How to stake $EVMOS

Staking your $EVMOS allows you to passively earn rewards for helping to secure the network.

You can easily and securely delegate the $EVMOS you want to stake to a validator node (e.g 01node), you’ll get competitive rewards with less commission fees. Here is a guide

Staking Guide

Copied to clipboard!