What is EVMOS?
EVMOS is a blockchain network that implements the Ethereum virtual machine (EVM) using the Cosmos SDK framework. It aims to be fully compatible rovide scalability for decentralized applications. As a result, ifoundation for many decentralized apps. The network uses a framework called the Cosmos SDK to make it compatible with other Cosmos-based chains connected to the IBC.
The EVMOS blockchain is the outcome of a community project founded by a diverse group of ind from the Cosmos ecosystem, including developers, validators, and delegators. Its primary goal is to maintain the dependability, ly revealed in April 2022 with the $EVMOS native token. At genesis, 50% of all EVMOS token was given out to the community via an airdrop, 40% was allocated to a strategic fund, while the remaining 10% was sent to the Community Pool, a term that refers to the DAO Treasury.
Evmos is a blockchain network that uses a unique validation method called “Proof of StakPoS). es a special engine called Tendermint, which provides important security and validation features for the network.
In order for a node on the Evmos network to validate transactions, it must first be elecn choose to back an Evmos staking validator of their choice and earn a share of the rewards generated from validating transactions.
Thanks to the efforts of the 150 active validators, developers can focus on building decentralized applications that are compatible with Ethereum.
The network is built using the Cosmos SDK, which makes it easier for developers to create new versions of their applications. This flexibility is in contrast to Ethereum, where forking is only done in extreme cases.
The inter-blockchain communication protocol (IBC) from Cosmos allows for easy commuAdditionally, the ERC20 module enables interoperabili the two networks. This makes it easier for Evmos to connect with the many popular decentralized apps built on Ethereum.
Let’s have a look at some of the technological underpinnings of the EVMOS chain:
Located within the Cosmos ecosystem, the Cosmos SDK is a framework that allows the creation of application-specific blockchains. These can take the shape ofockchains. Consequently, it is this exact framework that provided the means e the EVMOS network, which is a public PoS blockchain.
The CosmWasm is a contractual module that enables the compilation of decentralized apps on strong and reliable multi-chain smart contracts. It also supportembly) virtual machine into the CosmosSDK. In addition, it offers a secure and high-performing runtime for smart contracts. It also facilitatpowerful, well-known, and trustworthy languages. Such smart contracts could then be employed on numerous different blockchains and could even interact across them through IBC.
As a blockchain that is Cosmsmos-based blockchains, making the chain interoperable for the user. Meanwhile, the fact that EVMOS supports the Cosmos SDK means that developers can easily port DApps built on other Cosmos-based chains to EVMOS.
The Ethereum Virtual Machine (EVM) is a software environment implemented as them to be executed on any network node and ensuring the consistency of the state of the blockchain.
Because the EVMOS chain is compatible with the Ethereum Virtual Machine (EVM), this means that tokens can readily be bridged from the Cosmos side of the EVMOS chain onto an EVM-compatible wallet such as Metamask. This can then be used to interact with EVM apps that run on the EVMOS chain.
The EVMOS Token
EVMOS serves as the native token for the EVMOS network. It is utilized in the payment of network fees, in governance, and staking so that the blockchain is securedis not guaranteed, and the precise qualifications required for getting an airdrop are dependent on the awarding project.
According to CoinGecko data, the EVMOS token has a circulating supply of 418m, out of a total supply of 1b.
As of February 2023, according to CoinMarketCap, the token is currently valued at $0.41, with the market cap being approximately $175 million, with a fully diluted market cap of over $418 million.
Looking for a breakdown of the EVMOS token’s bull market prospects? Check out our YouTube channel:
There are approximately 20 to 30 apps that exist in the EVMOS ecosystem, which includes some well-known ones like Diffusion.fi and EvmoSwap.
As for the totaltive DEX Diffusion.fi making up close to 56% of the share of TVL on EVMOS.
The Diffusion Finance DEX is the largest DEX on EVMOS. Its main function is therefore to be farming and liquidity provision for investors who prefer to earn yield on their coin pairs.This, in turn, provides investors with a greater opportunity to earn rewards.
Inter-Blockchain Communication (IBC)
The IBC is a protocol that aids one blockchain in communicating with another. A primary characteristic of IBC is that blockchains that are connected are in no need of communicating directly with one another. They could do this bmart contracts. Hence, the EVMOS network utilizes the IBC protocol to facilitaeroperability amidst blockchains, i.e., providing them with the option for inter-blockchain transfers or serving as the means to bridge tokens and data.
Wallets for EVMOS
Keplr is a browser extension-based wallet, and the wallet of choice for many in the Cosmos ecosystem. It can be seen as the Metamask equivalent for Cosmos, and alto interact with not just EVMOS, but with a wide range of blockchains connected via the Cosmos IBC.
Keplr can be easily set up by either restoring a private key, or by logging in via a Google Account.
Another popular wallet is MathWallet. MathWallet is a mobile app-based wallet that supporos-based DApps within the Cosmos ecosystem.
MathWallet offers mobile apps for both iOS and Android, and also features a browser extension option if you’d like to manage your positions on desktop.
Metamask needs no introduction: it is a popular browser extension and mobile wallet that allows users to interact with decentralized applications (dApps) built on the access and use decentralized services.
Because EVMOS is compatible with EVM, you are also able to use MetaMask to interact withps on the EVM side of EVMOS.
How to Stake EVMOS
The EVMOS network utilizes the proof-of-stake consensus mechanism to maintain networkon to stake their tokens and benefit immensely from their ownership.
You can stake your EVMOS tokens for yield at the official EVMOS site.
Upon obtaining EVMOS tokens, you can stake them via any of the numerous validators and get rewarded by connecting your wallet and clicking ‘Delegate’ our chosen validator.
Yield Farming on EVMOS
The ecosystem for EVMOS is still relatively young. Nevertheless, you can yield farm on EV yield farm on EVMOS. As of Mid February 2023, the top farms on Diffusion are paying out the following yields:
The process of swapping and adding liquidity is mostly similar to that on Ethereum-based DEXes, so if you are already familiar with yield farming on EVM-compatible ecosystems, you will feel right at home.
- To use EVMOS, you will first need to purchase some $EVMOS tokens. You can do this on Osmosis DEX.
Go to the asset pagplr wallet, swap it to EVMOS, click on withdraw to EVMOS network, and head back over to Diffusion.
The reason you would want to use Osmosis for this trade is that Osmosis tends to offer better liquidity as of February 2023, resulting in better execution prices.
- Next, navigate over to the Evmos Mission Control and connect your Keplr wallet. If you navigate to the Assets tab, and navigate to ‘Evmos’, you will then see the option to Withdraw funds. Click Withdraw, and then choose to Withdraw from Osmo to Evmos.
- Connect your MetaMaskos address.
You can then withdraw your EVMOS tokens directly from your Keplr wallet to the ‘evmos’ address of your MetaMask.
- Head over to Diffus
- Swap half of your EVMOS tokens for the other coin you want to farm with. For example, ATOM. Then, head over to the Pool page.
- Choose tokens you’d like to add Liquidity for. In this case, we have chosen EVMOS and ATOM:
- Click add liquidity. Once the transaction has gone through, head over to the Farms tab and scroll to the EVMOS/ATOM Farm. Click through, and you should now be able to deposit your LP tokens and start earning rewards!
Here you can check yield farming opportunities on Evmos: https://de.fi/explore/network/evmos
Should You Use Moonbeam?
The EVMOS network is well-positioned since it is one of the first in the Cosmos ecosystem to promote blockchain interoperability. Moreover, users could benefit greatly itiatives.
Since the project launched late last year, there are also early investment incentives to be gy when it comes to yield farming. One would do well to be a first-mover in farming on EVMOS, while yields are still relatively high compared to the rest of DeFi.
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