EOS has just made a huge move towards interoperability. Thanks to the fact that it finally launched its own EVM emulation after working on it for around a year now, EOS is finally becoming interoperable with Ethereum.
The EOS Network Foundation launched the EVM, and it is currently in beta. An EVM is an emulation of the Ethereum Virtual Machine, which allows projects to become interoperable with Ethereum. While EOS EVM is still in beta, it has launched on the EOS mainnet, and it will be deployed today as a smart contract. Of course, the new solution has also been on the project’s testnet, where it rolled out last month.
📣 Major News for $EOS 📣
After over a year of dedicated work by contributors across the ecosystem, #EOS EVM Mainnet Beta is finally live 🚀
Full Announcement 👇https://t.co/ayYqn7V0oo
EVM Web Portal 👇https://t.co/6EHGzEh1b8 pic.twitter.com/W7Rq2jdDZd
— EOS Network Foundation (@EOSnFoundation) April 14, 2023
What does the launch of EOS EVM mean for the project?
The difference between EOS and Ethereum lies primarily in their programming languages. EOS relies on the traditional C++ programming language, while Ethereum created its own language, known as Solidity. However, the new EOS EVM will also run decentralized apps written in Solidity.
Solidity has become one of the primary languages in the blockchain industry, and most Web3 developers now use it. It is supported by open-source code libraries and tools, all of which contributes to establishing interoperability between the projects. As a result, this also opens up countless new opportunities, which attract developers skilled in this language.
Meanwhile, Ethereum’s own developers might choose to leverage EOS’ performance and throughput. EOS Network Foundation’s founder and acting CEO, Yves La Rose, commented on the move, stating that “Our goal is to create an interoperable future where the gaps between blockchains, developers and end users are bridged.” They added that “With EOS EVM, it is now significantly easier for Ethereum developers and end users to take advantage of the low fees, ulta-fast speeds, and reliability of the EOS Network. EOS EVM is a significant milestone and represents our commitment to a multi-chain future.”
The moment you’ve all been waiting for: $EOS EVM is officially live!
EOS EVM is by far the industry’s most performant, 25x faster than AVAX and 3x faster than Solana or Polygon.
And with $35M+ available for #EOS EVM projects, why wouldn’t you build on the industry-leading EVM? https://t.co/r01jPd3dia
— Yves La Rose (@BigBeardSamurai) April 14, 2023
EOS EVM intends to become the most performant and compatible EVM in the entire crypto industry. Developers predict it will enable one-second block intervals, extremely low fees, and the capability to perform over 800 swaps per second.
Furthermore, EOS Network Ventures recently announced a public commitment of $20 million meant for investments in EOS EVM and GameFi projects, so there is some support for it.
EOS had to launch an EVM to survive
As mentioned, EOS has worked for a long time to become interoperable with Ethereum. This was not a choice since the project had to do something after struggling to gain traction following its overhyped launch. The development activity has been dropping further as time went by, and the project failed to attract talent.
Earlier this year, in January, the project found that most people who left its own network did it to join Ethereum. With the Merge done, developers’ interest in Ethereum came back, and they decided that this is where the action is. With that being the case, the launch of EVM will mean that EOS is now included in the broader Ethereum ecosystem, which will ensure the project’s relevance and survival.
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