Crypto exchange Evmos deploys blockchain for the Ethereum Virtual Machine on Cosmos


Evmos (formerly known as Ethermint) has officially gone live on the Cosmos network, according to a statement released by the project’s creators on Wednesday.

Users and developers may now connect it as a Layer 1 blockchain on Cosmos, an interoperability protocol with more than 250 applications and services in its ecosystem.

Smart contracts and assets from Ethereum may now be deployed and used in the Cosmos ecosystem with the introduction of Evmos. The February launch of Evmos was postponed due to technical difficulties.

EVM aspirations of Evmos

Tharsis, the startup behind Ethermint, initially came up with the idea for Evmos in 2016. The Ethereum Virtual Machine, a computer environment utilised by Ethereum blockchain developers, is completely compatible with Evmos, unlike most other Cosmos chains.

The Evmos team intends to attract Ethereum developers and their apps and assets by incorporating the EVM mechanism. As a result of Ethereum’s success, EVM has spread to a number of other blockchains, making it the most frequently used standard for smart contracts. Avalanche, Polygon, BNB Chain, Fantom, and Moonbeam are all examples of these.

To begin, the Evmos team intends to build bridges with Ethereum in order to achieve interoperability. In order to facilitate token transfers across chains, the team is working with bridge apps like Connext, Celer, and Nomad. According to Federico Kunze Küllmer, co-founder of Evmos and CEO of Tharsis, “these bridges will allow crypto users to shift their assets to Evmos and utilise them on Evmos’ own services.”

Additionally, Evmos intends to increase its sphere of influence inside the Cosmos ecosystem. The Evmos blockchain may exchange data and assets with other Cosmos-enabled chains through the Inter-Blockchain Communication (IBC) protocol.

Interoperability with Terra, a Cosmos-based blockchain with $29 billion in crypto-assets and home to the third-largest stablecoin, TerraUSD, enables direct interactions for Evmos apps with Terra (UST). A partnership between Evmos and Terra for UST has already been suggested, with an initial investment of $8 million.

Decentralized exchanges, money markets, and NFTs, such as EvmoSwap, QuantumSwap, Diffusion Finance, Nomad, and Coslend, are also slated to debut on Evmos.

Also Read: BTC has recovered to well above $40,000 as More Countries Embrace Crypto

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