Cosmos’ Evmos Goes Live On Ethereum Network
Evmos, formerly known as Ethermint, is officially live on the Cosmos network after nearly six years of development.
Built using Cosmos SDK, Evmos is a proof-of-stake (PoS), Ethereum Virtual Machine (EVM) compatible blockchain meant to improve interoperability between the Cosmos and Ethereum chains. The EVM has become the most widely used mechanism for smart contracts and is now found as a standard in most competing chains.
Evmos initially launched in late March but struggled with a slew of bugs reported by users, including difficulties claiming airdrops. After cleaning things up and adding a few features, including the creation of a new dashboard to help with staking, governance, and claiming airdrops, the development team regained confidence.
“We decided as a community of validators and on the core team to just take a step back and try it again once we have everything sorted out,” Evmos founder Federico Kunze Küllmer told CoinDesk.
“We implemented additional checks on the claiming process and we also introduced our recovery for all the funds that were stuck… We also have a clear guide for how to claim the tokens and how to recover tokens permanently stuck.”
EVMOS, the chain’s native token, is touted as the first token on an EVM that drives governance outcomes for the EVM, and aims to serve as a mechanism to influence economic outcomes that align with developers, users, and validators. EVMOS holders had the responsibility of controlling the decentralized autonomous organization (DAO) and the flow of tokens between Evmos and Cosmos.
Evmos will initially have a 200 million token supply at genesis, partially split between airdrop claimers, the community, and reserves.
“Our focus is to honor those who supported us in the long term (ATOM, OSMO participants) and are feeling the pain of the market dip, but to also give reparations to the victims who got rekt in places that tried pushing the envelope in the EVM ecosystem. The good news is that if you spent gas on any of the top applications on Ethereum, you technically got rekt by fees, so you are likely to receive something!”
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.