Introduction: Everything you need to know about Evmos the blockchain and EVMOS the token.
Evmos Table of content:
The idea behind Evmos came about in 2016 with the Ethermint proof of concept. The goal was to bring new use cases to the Cosmos ecosystem that were not possible on Ethereum, and full Ethereum Virtual Machine (EVM) support to Solidity developers.
In 2021, with the passing of Cosmos Hub Proposal 44, the founding team consisting of core Cosmos contributors @fekunze @akash_khosla and Nic Z, received an investment of 100,000 ATOM from the Cosmos Hub to build Evmos.
The team had at that time been involved in the blockchain space for 5 years and had vast experience in cryptography and distributed systems. In April 2022, Evmos launched and the distribution of the biggest airdrop in history (two million qualified addresses) began.
The name Evmos is short for EVM (Ethereum Virtual Machine) on Cosmos. Evmos is an open source EVM compatible Proof-of-Stake (POS) blockchain, built using the Cosmos SDK on top of Tendermint Core.
Evmos allows developers to leverage existing Ethereum ecosystem tooling and software to deploy smart contracts in the Cosmos ecosystem. Solidity developers get the main features of Ethereum while benefiting from Tendermint’s PoS consensus engine.
Developers can deploy existing dApps from Ethereum (and other EVM-compatible blockchains) or write new applications from scratch in the Solidity programming language. Well known projects such as Aave have committed to expanding to Evmos and the full list of the Evmos ecosystem can be found here.
Most chains in the Cosmos ecosystem today use CosmWasm VM. This means that most applications are built using Rust or Go. Evmos extends the Cosmos ecosystem to smart contract developers who know the solidity programming language.
There are many reasons why Solidity developer would want to port over or build new applications on Evmos. One is that Evmos is not restricted by Ethereums transaction speed, but there are many more:
Evmos further facilitates the interoperability between EVM-based and Cosmos SDK chains. Applications built on Evmos also instantly get to tap into the rapidly growing $61B market cap Cosmos Ecosystem through IBC interoperability.
In the future, Evmos has plans to support the development of application-specific chains that use the Ethermint library.
Another interesting aspect of Evmos is their partnership with Celestia to build Cevmos, short for Celestia-EVM on Cosmos. Celestia is an application specific blockchain using the Cosmos SDK designed to handle data availability and settlement, but not execution.
CEVMos represents a modular stack: EVMos for settlement and Celestia for data availability. By using Celestia as a Data Availability Layer, EVMOS's rollups enable more throughput, scalability, and improved security.
EVMOS is the native token which is used for staking, governance and transaction fees. The total supply of EVMOS is one billion tokens with the initial 200 million launched at genesis. In total 300 million Evmos will be issued in year one, and one billion by the end of year four. After year four it is up to the community to vote and decide on the future inflation schedule.
The token distribution target after four years will be as follows:
The goal of the EVMOS token is to provide a balanced set of network incentives to better align outcomes between developers, validators and users. Evmos has a unique built-in shared revenue model (the dApp store) to pay developers and network operators. Initially this fee distribution will be split 50/50 between validators and contract deployers.
This shared revenue model rewards developers based on the usage of their dApps. Instead of burning the base fee, it gets redistributed based on network usage. Developers are thus incentivized to deliver value to users instead of charging high platform fees, while receiving a stake in the growth of the protocol itself.
The EVMOS airdrop (Rektdrop) took place in may 2022 and targeted participants of the Cosmos and Ethereum ecosystem. There was no pre-sale and no pre-mining for the Evmos token. If you still have not claimed your rektdrop, read this article to find out if you are eligible to claim it.
As of 15.09.22, the price of EVMOS is $2.86 which gives Evmos a fully diluted market cap of $2.86 billion.
The future price of Evmos is going to depend on multiple variables. One is the number of developers and users that the team will be able to attract.
One big benefit that Evmos has over EVM-competitors like Ethereum, Binance Smart Chain, Avalanche, Polygon, Fantom etc, is its native interoperability with the fast growing Cosmos ecosystem. The more the Cosmos ecosystem grows, the more attractive it will be for solidity developers to leverage that growth by launching applications on Evmos.
Further, Evmos partnership with Celestia may prove to be quite advantageous as Celestia is touted to be one of the possible “end game” scaling solutions for crypto. There are two main contenders in the “modular blockchain stack” space. Ethereum 2.0 and Cosmos + Celestia + Evmos (via optimint). The idea here is that rollups will play a central role in shifting from “monolithic” to “modular” blockchain architectures.
While it is impossible to predict future prices, we can use historic benchmarks to provide possible price ranges. Below we have outlined the market caps achieved by other EVM-compatible blockchains at the height of the 2021 bull market.
Based on historical benchmarks, should the EVMOS token achieve similar success, we could see a price increase between 3-180X from current prices. To sanity check these numbers a bit, take into account that it took Ethereum 7 years and being the leading smart contract platform to achieve a $500+ billion dollar market cap.
Remember that past performance is no indication of future performance. The blockchain space is moving very quickly and it is hard to predict long term winners.
While nobody can predict the future, here are a few variables to look out for as they have a high probability of impacting the future success of Evmos.
To buy the EVMOS token, we recommend using Osmosis, the cosmos native decentralized exchange. In order to use Osmosis, you will need to download the Keplr-wallet.