Summary
-
The Cosmos ecosystem has integrated the Ethereum Virtual Machine (EVM) by open-sourcing Evmos, designating it as the core EVM framework for its network of interconnected blockchains.
-
This strategic move provides Cosmos blockchains with standardized EVM compatibility (“Cosmos EVM”), enhancing interoperability with the wider Ethereum ecosystem through the IBC protocol and simplifying integration for developers and users.
-
The Evmos project is transitioning to become “Cosmos EVM” under the Interchain Foundation, accompanied by a change in core contributors, while the Evmos token experienced a market downturn following the announcement.
In a move to enhance its multichain architecture, the Interchain Foundation, the organization behind Cosmos, has officially integrated the Ethereum Virtual Machine (EVM) into its core technology stack.
This integration is achieved through the open-sourcing of Evmos, designating it as the foundational EVM framework for the Cosmos ecosystem.
Consequently, the EVM will now constitute an integral element of the official Interchain software suite, encompassing the widely adopted Cosmos Software Development Kit (SDK).
The Interchain Foundation has financially supported the open-sourcing initiative, positioning Evmos as the definitive EVM framework within the Cosmos network, which comprises over 200 interconnected, specialized application blockchains.
EVM Integration Ushers in New Era for Cosmos Network
This framework, initially conceived and built under the independent Evmos project, is undergoing a transition.
It will be rebranded as “Cosmos EVM” and will be centrally managed as part of the official Interchain software ecosystem, including the Cosmos SDK.
The Interchain Foundation has clarified that this development furnishes the Cosmos environment with a standardized implementation of the Ethereum Virtual Machine.
This strategic advancement enables blockchains within the Cosmos ecosystem to seamlessly incorporate Cosmos EVM, granting them complete compatibility with the EVM environment.
This encompasses JSON-RPC support and ease of use with Ethereum wallets through a streamlined EVM setup optimized for native ERC-20 type tokens.
The incorporation of Cosmos EVM is designed to fortify the interoperability bridge between the extensive EVM-based blockchain landscape and the Cosmos network.
This enhanced connectivity will be primarily facilitated through the Inter-Blockchain Communication (IBC) protocol, Cosmos’ intrinsic cross-chain communication technology.
Concurrent with this significant strategic shift, Federico Kunze Küllmer, one of the originating minds behind Evmos, will be relinquishing his role as a primary operational contributor to the project.
He will, however, remain available to the Interchain Foundation in an advisory capacity, focusing on the interoperability and modular design aspects of Cosmos EVM.
It has been noted that Altiplanic, Mr. Kunze Küllmer’s company and the principal developer of the Evmos codebase, will cease its development work on the project going forward.
In parallel to this announcement, the market value of the Evmos token experienced a sharp contraction, registering a decrease exceeding 30% over the preceding 24-hour period, according to pricing data provided by The Block.
Evmos Transition to “Cosmos EVM” Signals Maturation and Strategic Realignment
The genesis of Evmos dates back to 2016, initially under the working title Ethermint.
It was subsequently launched as a fully operational Cosmos-based blockchain in 2022, with the explicit objective of introducing EVM capabilities to the Cosmos ecosystem.
In the same year as its mainnet deployment, the team behind Evmos successfully secured $27 million in investment through a token sale, spearheaded by Polychain Capital.
Since the beginning of the current decade, the Ethereum Virtual Machine has become the preeminent standard for executing smart contracts.
Its pervasive adoption is now evident across a multitude of blockchain platforms endeavoring to emulate the significant network scale and user engagement established by Ethereum.
Also Read: Frax Finance Joins Cosmos Ecosystem Through Noble Asset Issuance Chain
*Disclaimer*: We at Bitcoinleef.com present you with the latest information in the crypto market. However, this information should not be regarded as financial advice and viewers should consult their financial advisors before investing.
Wallets