- EVM Mainnet will be released on April 14, with updates and improvements.
- The launch of EVM will come with huge opportunities for developers.
EOS Blockchain, whose native token eos (EOS) once reached a lifetime peak market capitalization of $14 billion, is gearing up for growth with a full resurgence in network activity and widespread support for application developers.
A Blockchain that made $4 billion in its initial coin offering (ICO) that showed little in its early years again aims for crypto glory – after years of being nearly written off by skeptics.
According to a crypto research firm Messari which provides crypto market intelligence products, mentioned on Twitter that, “Once considered one of the most promising developments in the L1 space, EOS failed to live up to early expectations.”
The firm also mentioned that This is thanks to the efforts of the EOS Network Foundation, which is planning an upgrade to the consensus mechanism, the Ethereum Virtual Machine (EVM) system, and an overall renewed development strategy.
As reported, the EVM mainnet will be released on April 14, 2023, with updates and improvements planned over the coming weeks and months.
On March 1, 2023, Yves La Rose, Chief Executive Officer of EosNFoundation, confirmed the release date of EVM in a tweet. He also added, “Combining the performance of EOS with the familiarity of Ethereum, Solidity developers are in for a treat. At 800+ swaps per second, $EOS EVM will be BY FAR the fastest EVM, benchmarked 3x faster than Solana + BNB and 25x faster than Avax.”
Mr. Rose also reported that, on the first day of the EVM launch, it would not come with several dApps. That means there will be a big opportunity for developers who are keen to build on EOS EVM early and be first-to-market.
What is EVM actually ?
EVMs are a big part of EOS Blockchain future plans. EVM refers to the environment in which all Ethereum accounts and smart contracts reside, acting as a virtual computer developers use to build DApps ( Decentralized Applications). When deployed on other blockchains, EVMs could allow developers to build dApps(Decentralized Apps) and DeFi (Decentralized Finance) applications, as they do on Ethereum.
According to a press release from EOS Blockchain Network Foundation in January this year, the compatibility of EVMs is essential to the potential of EOS, not only from a technical but from a commercial point of view also. Ultimately, the platform must welcome more Solidity developers and users to EOS, and EVM to EOS is an excellent bridge.
“Many of the developers who have left EOS have done so not because they want to, but because Ethereum, for all deficiencies, is where the action is,” the foundation added in the report.
According to a January 5 report, a grant program will fund developers working on these type applications. The fund will start from $10,000 to more than $50,000 depending on criteria such as the size and scope of the initiative.
As per the report, Grant proposals are accepted in three tiers, each with different amounts and acceptance criteria. Each level of the grant has different requirements and benefits depending on the size and scope of the initiative:
- Individual/Small – $10,000
- Team/Medium – up to $50,000
- Company / Large – $50,000+
As reported, the EOS network averages 1.3M daily transactions and 38,000 daily active addresses on a year-over-date basis, with an average of 1,785 new addresses added daily.