What is EVMOS?EVMOS is a blockchain network that implements the Ethereum virtual machine (EVM) using the Cosmos SDK framework. It aims to be fully compatible with Ethereum and to provide scalability for decentralized applications. As a result, it is positioned as the first EVM-compatible chain within the Cosmos ecosystem. It is designed to work with the Ethereum virtual machine (EVM), which is a foundation for many decentralized apps. The network uses a framework called the Cosmos SDK to make it compatible with other Cosmos-based chains connected to the IBC.HistoryThe EVMOS blockchain is the outcome of a community project founded by a diverse group of individuals from the Cosmos ecosystem, including developers, validators, and delegators. Its primary goal is to maintain the dependability, performance, and interoperability of Cosmos’s ecosystem while enabling smart contract execution on the Ethereum Virtual Machine. The project was initially revealed in April 2022 with the $EVMOS native token. At genesis, 50% of all EVMOS token was given out to the community via an airdrop, 40% was allocated to a strategic fund, while the remaining 10% was sent to the Community Pool, a term that refers to the DAO Treasury.EVMOS’ TechnologyEvmos is a blockchain network that uses a unique validation method called “Proof of Stake” (PoS). This method uses a special engine called Tendermint, which provides important security and validation features for the network.In order for a node on the Evmos network to validate transactions, it must first be elected as a validator. The top 150 validators with the most Evmos tokens staked on them are selected for this role. Any person who holds Evmos tokens can choose to back a validator of their choice and earn a share of the rewards generated from validating transactions.Thanks to the efforts of the 150 active validators, developers can focus on building decentralized applications that are compatible with Ethereum.The network is built using the Cosmos SDK, which makes it easier for developers to create new versions of their applications. This flexibility is in contrast to Ethereum, where forking is only done in extreme cases.The inter-blockchain communication protocol (IBC) from Cosmos allows for easy communication between Evmos and other chains within the Cosmos ecosystem. Additionally, the ERC20 module enables interoperability between Ethereum and Evmos, allowing for the transfer of digital assets between the two networks. This makes it easier for Evmos to connect with the many popular decentralized apps built on Ethereum.Let’s have a look at some of the technological underpinnings of the EVMOS chain:Cosmos SDKLocated within the Cosmos ecosystem, the Cosmos SDK is a framework that allows the creation of application-specific blockchains. These can take the shape of either public proof-of-stake (PoS) blockchains or permissioned proof-of-authority (PoA) blockchains. Consequently, it is this exact framework that provided the means to create the EVMOS network, which is a public PoS blockchain.CosmWasmThe CosmWasm is a contractual module that enables the compilation of decentralized apps on strong and reliable multi-chain smart contracts. It also supports smart contracts and helps integrate the WASM (WebAssembly) virtual machine into the CosmosSDK. In addition, it offers a secure and high-performing runtime for smart contracts. It also facilitates robust tools and testing frameworks in popular languages that have a substantial number of developer communities. Therefore, CosmWasm enables one to construct reliable, high-performance smart contracts by utilizing powerful, well-known, and trustworthy languages. Such smart contracts could then be employed on numerous different blockchains and could even interact across them through IBC.Cosmos InteroperabilityAs a blockchain that is Cosmos-based and connected via the IBC, the EVMOS blockchain is highly interoperable. Assets can be readily bridged in and out of EVMOS to other Cosmos-based blockchains, making the chain interoperable for the user. Meanwhile, the fact that EVMOS supports the Cosmos SDK means that developers can easily port DApps built on other Cosmos-based chains to EVMOS.Ethereum InteroperabilityThe Ethereum Virtual Machine (EVM) is a software environment implemented as part of the Ethereum blockchain, which executes smart contract code. It acts as a runtime environment for smart contracts in Ethereum, allowing them to be executed on any network node and ensuring the consistency of the state of the blockchain.Because the EVMOS chain is compatible with the Ethereum Virtual Machine (EVM), this means that tokens can readily be bridged from the Cosmos side of the EVMOS chain onto an EVM-compatible wallet such as Metamask. This can then be used to interact with EVM apps that run on the EVMOS chain.The EVMOS TokenEVMOS serves as the native token for the EVMOS network. It is utilized in the payment of network fees, in governance, and staking so that the blockchain is secured. Staking the token might even result in being awarded with airdrops from the other blockchains within Cosmos’s ecosystem. However, this is not guaranteed, and the precise qualifications required for getting an airdrop are dependent on the awarding project.According to CoinGecko data, the EVMOS token has a circulating supply of 418m, out of a total supply of 1b.As of February 2023, according to CoinMarketCap, the token is currently valued at $0.41, with the market cap being approximately $175 million, with a fully diluted market cap of over $418 million.EVMOS EcosystemThere are approximately 20 to 30 apps that exist in the EVMOS ecosystem, which includes some well-known ones like Diffusion.fi and EvmoSwap.As for the total value locked (TVL), it currently stands at over $928k as of 6 February 2023, with native DEX Diffusion.fi making up close to 56% of the share of TVL on EVMOS.Diffusion.fiThe Diffusion Finance DEX is the largest DEX on EVMOS. Its main function is therefore to be utilized for swapping tokens that are supported. The DEX provides the option of token farming and liquidity provision for investors who prefer to earn yield on their coin pairs.This, in turn, provides investors with a greater opportunity to earn rewards.Inter-Blockchain Communication (IBC)The IBC is a protocol that aids one blockchain in communicating with another. A primary characteristic of IBC is that blockchains that are connected are in no need of communicating directly with one another. They could do this by transferring information packets between multiple chains by employing specialized smart contracts. Hence, the EVMOS network utilizes the IBC protocol to facilitate interoperability amidst blockchains, i.e., providing them with the option for inter-blockchain transfers or serving as the means to bridge tokens and data.Wallets for EVMOSKeplr WalletKeplr is a browser extension-based wallet, and the wallet of choice for many in the Cosmos ecosystem. It can be seen as the Metamask equivalent for Cosmos, and allows you to interact with not just EVMOS, but with a wide range of blockchains connected via the Cosmos IBC.Keplr can be easily set up by either restoring a private key, or by logging in via a Google Account.MathWalletAnother popular wallet is MathWallet. MathWallet is a mobile app-based wallet that supports Cosmos IBC blockchains, as well as EVM compatible chains, making this a good option if you are yield farming across both Ethereum-based and Cosmos-based DApps within the Cosmos ecosystem.MathWallet offers mobile apps for both iOS and Android, and also features a browser extension option if you’d like to manage your positions on desktop.MetaMaskMetamask needs no introduction: it is a popular browser extension and mobile wallet that allows users to interact with decentralized applications (dApps) built on the Ethereum network and EVM-compatible chains. The extension integrates with most dApps and provides a seamless, secure, and convenient way for users to access and use decentralized services.Because EVMOS is compatible with EVM, you are also able to use MetaMask to interact with DApps on the EVM side of EVMOS.Staking on EVMOSThe EVMOS network utilizes the proof-of-stake consensus mechanism to maintain network integrity. This implies that users looking to invest in EVMOS have the option to stake their tokens and benefit immensely from their ownership.You can stake your EVMOS tokens for yield at the official EVMOS site.Upon obtaining EVMOS tokens, you can stake them via any of the numerous validators and get rewarded by connecting your wallet and clicking ‘Delegate’ on your chosen validator.Yield Farming on EVMOSThe ecosystem for EVMOS is still relatively young. Nevertheless, you can yield farm on EVMOS using Diffusion Finance, EVMOS’s highest-TVL DEX, along with EvmoSwap. In this example, we will use Diffusion as an example to discuss how you can yield farm on EVMOS. As of Mid February 2023, the top farms on Diffusion are paying out the following yields:The process of swapping and adding liquidity is mostly similar to that on Ethereum-based DEXes, so if you are already familiar with yield farming on EVM-compatible ecosystems, you will feel right at home.To use EVMOS, you will first need to purchase some $EVMOS tokens. You can do this on Osmosis DEX.Go to the asset page of Osmosis and once you have deposited some ATOM to your connected Keplr wallet, swap it to EVMOS, click on withdraw to EVMOS network, and head back over to Diffusion.The reason you would want to use Osmosis for this trade is that Osmosis tends to offer better liquidity as of February 2023, resulting in better execution prices.2. Next, navigate over to the Evmos Mission Control and connect your Keplr wallet. If you navigate to the Assets tab, and navigate to ‘Evmos’, you will then see the option to Withdraw funds. Click Withdraw, and then choose to Withdraw from Osmo to Evmos.3. Connect your MetaMask to the same DApp. Click on your wallet address and view your MetaMask Evmos address.You can then withdraw your EVMOS tokens directly from your Keplr wallet to the ‘evmos’ address of your MetaMask.4. Head over to Diffusion.fi and connect your MetaMask. Follow the automatic prompt to switch the network to EVMOS. Then, head over to the ‘Swap’ page.5. Swap half of your EVMOS tokens for the other coin you want to farm with. For example, ATOM. Then, head over to the Pool page.6. Choose tokens you’d like to add Liquidity for. In this case, we have chosen EVMOS and ATOM:7. Click add liquidity. Once the transaction has gone through, head over to the Farms tab and scroll to the EVMOS/ATOM Farm. Click through, and you should now be able to deposit your LP tokens and start earning rewards!Should You Use EVMOS?The EVMOS network is well-positioned since it is one of the first in the Cosmos ecosystem to promote blockchain interoperability. Moreover, users could benefit greatly from airdrops by staking tokens with network validators or on new initiatives.Since the project launched late last year, there are also early investment incentives to be gained as it represents the possibility of an expanding ecosystem, especially when it comes to yield farming. One would do well to be a first-mover in farming on EVMOS, while yields are still relatively high compared to the rest of DeFi.Right now we are GIVING AWAY free copies of Security Bibles — the most comprehensive DeFi Security Guide brought to you by the DeFiYield team!Grab your copy at: https://join.defiyield.app/https://join.defiyield.app/
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