Your Guide To The Evmos Ecosystem
Evmos, “The New Frontier,” as they boldly call themselves, is a Proof-of-Stake blockchain network that is working towards bringing the world of Ethereum-based applications and assets to the interoperable networks of the Cosmos ecosystem. While doing so, they also aim to align developer and user incentives. A world in which “EVM meets interchain composability”. Ambitious? Yes, most definitely! But the network is working hard and has already come a long way.
If you are familiar with the Cosmos ecosystem, you probably already guessed it, Evmos is scalable and high-throughput. The network is created using the Cosmos SDK, which is a consensus engine built on top of Tendermint Core.
Running standard Ethereum as a Cosmos application-specific blockchain is possible with Evmos. As a result, developers can take advantage of Tendermint's PoS implementation while enjoying all of Ethereum's desirable features. It will also be able to exchange value with the rest of the Cosmos Ecosystem through the Inter Blockchain Communication Protocol because it is built on top of the Cosmos SDK (IBC). Finally, one of the key features of Evmos is fast transaction finality which was recently upgraded to 2s per block. In comparison, most Cosmos Hub chains have around 6s of block finality and Ethereum finality is ~6 blocks (1 min).
So, Evmos enables its high throughput by implementing Tendermint’s Core Application Blockchain Interface (ABCI). Let’s break that down. The ABCI is the interface between Tendermint (a state-machine replication engine) and your application (the actual state machine). There are several methods, and each has a corresponding Request and Response message type. Tendermint calls the ABCI methods on the ABCI application by sending the Request messages and receiving the Response* messages to carry out state-machine replication. All ABCI messages and methods are defined in protocol buffers. This allows Tendermint to run with applications written in many programming languages. If you’d like to get more technical, look at the complete documentation of ABCI.
Other aspects that help Evmos obtain its key features include the leveraging modules and other mechanisms implemented by the Cosmos SDK. Exposing a fully compatible Web3 JSON-RPC layer for interacting with existing Ethereum clients and tooling (Metamask, Remix, Truffle, etc) and utilizing geth as a library to promote code reuse and improve maintainability.
EVM Compatibility and Evmos
As previously mentioned, Evmos has EVM compatibility. Now you might wonder why that’s such a big deal. Well, a multibillion-dollar aspect of the web3 ecosystem is the deployment and use of Ethereum-based applications on alternative blockchain environments. Based on inherent interoperability and incentive alignment, there is a push for Ethereum-based applications to be deployed in alternative environments. These factors include access to proof of stake consensus, faster transaction speeds, lower transaction fees, and a larger user base.
Web3 applications can be built on Ethereum because of its maturity and large user base, but congestion results in expensive operating costs and sluggish transaction speeds. A layer 1 that is EVM-compatible, such as Evmos, enables developers to distribute these same applications to a larger group of token holders, who can then use the functionality provided by the apps. Evmos is the first permissionless, proof of stake, EVM-compatible environment to be launched in the larger Tendermint ecosystem, even though the Ethermint concept of EVM-compatibility on Tendermint's consensus has been in the zeitgeist since 2016.
The EVMOS Token & Rektdrop
The native asset of the Evmos blockchain is called $EVMOS, the network describes it as:
$EVMOS is not just a fee and staking token. It will be the first token on an EVM that drives governance outcomes for the EVM. But it also serves as a vehicle to determine future economic outcomes that align the three main actors (Developers, Users, and Validators). — Evmos
Holders of tokens are responsible for directing the DAO and deciding what happens to all on-chain assets that enter Cosmos through the Evmos port-of-entry. The vast majority of tokens are intended to be owned and controlled by parties apart from the team, according to the network. The token will initially be used for:
- Paying developers and network operators for their services via a built-in shared fee revenue model (the DApp Store)
- Voting on protocol upgrades
- Registering tokens on the ERC20 module for EVM-IBC integration with ERC20s
- Allotting usage incentives for applications on Evmos
- Enabling precompiles for useful, high-priority functionality
For the Evmos blockchain to be secure, validators and delegators are essential. They assist with block proposing and verification. These participants would become essential if their roles expanded to include serving as oracles, securing bridges, or providing roll-up services to Celestia or other Evmos child chains. There is no minimum amount of EVMOS that must be staked to be an active or bonded validator. The top 150 validators with the highest total stake (where total stake = self-bonded stake + delegators stake) are the active validators.
Obtaining $EVMOS is possible via the Rektdrop. It offers early liquidity in the form of EVMOS tokens to those who sustained long-term support and are suffering from the market decline (Osmosis and Cosmos Hub users), but it also provides compensation to the victims who suffered harm in locations where attempts were made to push the Ethereum Virtual Machine (EVM) ecosystem to its breaking point.
You must complete four claiming actions (in the form of transactions) on the Evmos blockchain to receive your Rektdrop. You will receive 25% of your total claimable Evmos tokens for each action, as well as the chance to discover more about what you can do on Evmos. They are as follows:
- Participate in the Evmos community by casting a vote on a proposal for governance.
- By staking (also known as delegating) your $EVMOS tokens to a Validator, you can provide security.
- Transfer data between the chains of Evmos and Osmosis/Cosmos Hub.
- Engage with DApps (decentralized applications) running on the Evmos EVM
The Rektdrop is still available for claiming, however, a decline is set to start on the 1st of August 2022. Thus, we recommend that you claim your $EVMOS as soon as possible if you haven't yet. Go to: https://app.evmos.org/mission-control
Already obtained your $EVMOS, and would you like to stake them? Have a look at our guide:
DISCLAIMER: This is not financial advice. Staking, delegation, and cryptocurrencies involve a high degree of risk, and there is always the possibility of loss, including the failure of all staked digital assets. Additionally, delegators are at risk of slashing in case of security or liveness faults on some protocols. We advise you to do your due diligence before choosing a validator.