How does EvmosOrg bring full EVM compatibility to Cosmos?

Author: Dougie DeLuca

Original source: Twitter @DelucaDougie

This article is based on Dougie DeLuca's views on personal social media platforms, and the translation of the content is as follows:

1. Tharsis' Evmos is built on Cosmos' IBC, which has the potential to elevate the powerful multi-chain ecosystem to a new level.

2. In 2016, Evmos originated from Ethermint, aiming to bring the scalability of Tendermint's consensus protocol to ETH, or EVM-based applications. Over time, with the emergence of ETH scaling solutions such as MATIC, the value proposition of the original Ethermint chain no longer holds unique value.

3. The goal of Evmos now is to provide multiple highly secure, fast-terminal, EVM-based chains to provide interoperability and greater composability for Interchain's smart contracts. Vitalik has addressed this need.

4. Although it is prepared for the Ethereum beacon chain, in this proposal, Vitalik details the need for a Tendermint-like consensus model. This is exactly what EVMOS strives to provide:https://twitter.com/VitalikButerin/status/1428939068897849345。

5. The Evmos team is led by Federico Kunze Küllmer and Akash Khosla. Federico has been a full-time contributor to Cosmos since 2017, and Akash was previously a software engineer at Anchorage. Together they focus on community-led growth.

6. They envision Evmos as a"The application-agnostic chain will interoperate with the ETH mainnet, EVM-compatible environment, and other IBC's BFT chains, enabling users and developers to easily transfer value between chains."That is to say Evmos<> Ethereum

7. Solidity-based developers continue to grow, and the number of applications deployed on Ethereum (and other EVM compatible chains, such as FTM and AVAX) is showing a blowout. There is also a clear demand for EVM chains in IBC. Evmos can quickly Get development and applications (in fact there are already some new applications coming to evmos soon).

8. The main beneficiary of the above growth is the EVMOS token. From the incentive model of the Evmos team and the allocation of ghostwriting, it can be seen that Evmos and stakeholders are aligned.

9. The EVMOS token will be the first token on EVM to promote the results of EVM governance. The goal is for the vast majority of tokens to be owned and controlled by people outside the team. This best ensures inclusivity and consistency for developers, users, and validators.

10. EVMOS token functions:

- Built-in shared fee revenue model (dApp Store) to pay developers and network operators

- Protocol upgrade voting

- Register tokens on ERC20 module for EVM-IBC integration

- Rewards for using the dapp

11. The initial supply of EVMOS tokens is 200 million tokens, consisting of Rektdrop, community pool and strategic reserve. 300 million tokens issued in the first year (high inflation). Inflation will decay over the years according to the index.

12. The goal of Evmos is to achieve"half life"image description

Figure 1

Figure II

13. Usage rewards are initially used to sponsor gas payments for end users. The community can decide which dApps can get weekly gas subsidies for users through governance.

14. Next incentives will drive TVL growth. EVMOS tokens will be allocated and locked in DEX LP or other liquid IOU contracts (ie UNI v2 LP positions or AAVE aToken).

15. The total amount used for incentives is 200 million EVMOS, but if the governance decision is beneficial to the network, the EVMOS used for incentives can be more. This kind of incentive has unlocked huge growth across many chains and protocols, so EVMOS incentives have great potential

16. The fees on Evmos are distributed to developers and network operators as rewards through a shared fee income model called dApp Store. Half of the fees are allocated to contract signers and half to validators. The above are also governance controls.

17. More about EVMOS can be readthis article。

18. The ERC20 module of Evmos can integrate the DeFi protocol with the Evmos+Cosmos ecosystem. Through the erc20 module, developers can build smart contracts on Evmos and use the generated tokens for other IBC-connected applications (such as earning COSMO staking income or using ATOM for governance).

19. In addition, validators can even define minimum fees in ERC20 tokens in the application configuration, and users can use stablecoins and other ERC20 tokens deployed on Evmos to pay for gas. For example, UST, USDC, etc. are all used for EVMOS gas......

20. New ERC20 token pairs are added through governance proposals. If the governance proposal is passed, the token pair can be added to the x/erc20 module.

21. Soon, non-Cosmos native tokens will be able to be added. Following the EVM bridge deployment of Evmos, users can transfer ETH, L2 and other EVM-based chains - such as fantom, avalanche and other existing ERC20 to Evmos, and use the x/erc20 module to convert them into native Cosmos coins.

22. Through EVMOS, users can:

- Convert ATOMs to other tokens

- Liquidity staking on OSMO

- Use pledge certificates as ERC20 tokens on DeFi protocols

- Build new applications and experience the combination of Interchain of application-specific blockchains

23. With such a positioning and technology focused on interoperability, not only within Cosmos but also on the EVM platform, EVMOS can quickly start gaining market share in the EVM space. Once EVM-native dApps and tokens are integrated with EVMOS, anything is possible.

24. Bringing Solidity and EVM to Comos and IBC will unlock a powerful market segment. The practicality of IBC has been confirmed, developers and users are also increasing, and EVMOS has become an important bridge. With many traditional DApps and tokens now available, the potential for network effects here is huge.