Evmos
Evmos is a proof-of-stake (PoS) network that facilitates the transfer of wealth across the Ethereum and Cosmos ecosystems. It is created with the help of the Cosmos software development kit (SDK). Developers can easily use Evmos to run Ethereum smart contracts on Cosmos networks that are made for specific apps. In addition, the Cosmos Inter-Blockchain Communication (IBC) protocol enables Evmos to connect decentralized applications (dApps) on different blockchains and benefit from combined liquidity and value transfer.
Evmos was created in 2016 by software developers Federico Kunze Küllmer, Akash Khosla, and Nic Z. The project was called Ethermint. After its launch in April, Evmos started working with bridges on Ethereum like Nomad, which was later hacked for $190 million in August.
Launching a token is now convenient, and layer-2 tokens can be used on Ethereum (ETH) within a second. Building a layer-1 blockchain, on the other hand, can cost millions of dollars and is extremely complicated.
There is one ecosystem that intends to facilitate this development: Cosmos. Developers who want to make their own L1 network can use the Cosmos SDK (software development kit) to create and deploy their own native blockchain.
The Cosmos ecosystem is growing quickly and adding tens of billions of dollars in value, but they're limited because they're not compatible with the Ethereum Virtual Machine (EVM) and can't use tools like MetaMask. Here is where Evmos comes into play.
The goal of Evmos is to bring Ethereum-based apps and assets to the Cosmos ecosystem's interoperable networks while aligning developer and user incentives and trying to do new things in the space of EVM and interchain composability.
Evmos uses the proof of stake (PoS) block validation method, which is built on the Tendermint protocol engine. Tendermint is a computational environment that provides fundamental security and validation capabilities for blockchains based on the Cosmos protocol.
Any full node on the Evmos blockchain is allowed to apply for validator status. The top 150 validators with the most EVMOS tokens staked on them are selected to process transaction blocks.
Evmos uses delegated staking, which means that any EVMOS token holder can use their tokens to support a validator of their choice and earn a share of the staking rewards that validator earns.
With block validation handled by the 150 active validators, dApp developers can focus on creating Ethereum-compatible applications on Evmos. Built on the Cosmos SDK, the blockchain facilitates the flexible forking of new editions based on the Evmos chain. This is very different from Ethereum, where forking is usually not encouraged and is only done in extreme cases.
The Evmos tokens will be used for:
Paying developers and network operators for their services through an integrated revenue model based on shared fees (the dApp Store)
Discussion and voting on proposed protocol updates
Registering tokens on the ERC20 module allows EVM-IBC to work with ERC20s.
Providing incentives for applications to use Evmos
Enabling precompiles for important and useful features
| DATE | NEWS/EVENTS | IMPACT |
| 08/10/2022 | Evmos and Covalent announced their Evmos - Covalent #OneMillionWallets Hackathon | +24% Increase |
| 20/08/2022 | RedStone Finance partners with Evmos | +56% Increase |
Evmos is an independent application chain that will work with Ethereum's main net, EVM-compatible environments, and other BFT networks through IBC, making it simple for users and developers to communicate between chains. Evmos is meant to be the EVM Hub of Cosmos, making it easier to deploy and communicate smart contracts in the Cosmos ecosystem.
