- The EOS Network Foundation is leading plans for a consensus mechanism upgrade, an Ethereum Virtual Machine system (EVM), as well as an overall renewed growth strategy.
- EVMs shall play a central role in EOS’s future plans, not just technically but also from a business perspective.
The EOS blockchain is once again looking to mark in the blockchain and crypto space as its plans for its second innings in the market. Back in 2017, EOS raised $4 billion in an initial coin offering (ICO) creating much fanfare.
Its native coin (EOS) also attained a market cap of a staggering $14 billion during its lifetime high. However, years later, the crypto project was written off by skeptics. But now, the project is once again reviving through a complete resurgence in network activity and growth along with extensive support planned for its application developers.
Crypto research firm Messari recently reported that Yves La Rose, the CEO of the EOS Network Foundation is leading plans for a consensus mechanism upgrade, an Ethereum Virtual Machine system (EVM), as well as an overall renewed growth strategy.
The EVM mainnet release shall happen tentatively next month on April 14th, along with updates and improvements planned in the upcoming weeks and months. In a tweet last week, Rose wrote:
Combining the performance of EOS with the familiarity of Ethereum, Solidity developers are in for a treat. At 800+ swaps per second, $EOS EVM will be BY FAR the fastest EVM, benchmarked 3x faster than Solana + BNB and 25x faster than Avax. There’s a huge opportunity available for developers who want to build on $EOS EVM early and be first-to-market.
EVMs and EOS
Ethereum Virtual Machine (EVM) basically refers to an environment wherein Ethereum accounts and smart contracts live. It basically functions like a virtual computer used by developers to create decentralized applications (dApps).
Upon deploying EVM to other blockchains, they will allow developers to build dApps and other decentralized finance (DeFi) applications. EVMs shall play a central role in EOS’s future plans. Earlier this year in January, the EOS Network Foundation noted:
Many of the developers who have left EOS have done so not because they want to, but because Ethereum, for all its deficiencies, is where the action is. EVM compatibility is essential to the potential of EOS, not just technically but also from a business perspective. Ultimately, it is essential that we welcome more Solidity developers and users to EOS, and an EVM on EOS is an excellent bridge to do just that.
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EOS also has a grants program to fund developers working on such applications. These grants range anywhere from $10,000 to $50,000 depending on the size and the scope of the initiative.
All these network upgrades, interoperability with other blockchains, and grants programs could ultimately benefit the eos token prices. Besides, it will also boost the total value locked (TVL) on EOS-based DeFi applications. Since the beginning of 2023, the TVL on EOS has already increased by $50 million in a lead-up to April’s EVM launch. As of press time, the EOS token is trading at $1.22 with a market cap of $1.3 billion.
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