EOS EVM v0.5.0-rc1 reached code completion this week and will be going live on mainnet soon. As the first major EOS EVM release since mainnet launch, this milestone is an important one for the EOS community. With the initial launch of the EOS EVM mainnet happening less than 7 weeks ago, this release speaks to the rapid pace of development that the EOS network has seen since the launch of the EOS Network Foundation.
This article will dive into a high level overview of the most important feature updates that are a part of this release. The most notable of these is the incorporation of the Yield+ Liquidity program on the EOS EVM side of the protocol, bringing liquidity benefits to dApps on the EOS EVM and new yield farming opportunities to DeFi traders in the EOS ecosystem.
If you’re short on time, jump to the bottom of this article for the TL;DR. Be sure to follow the EOS Network Foundation on Twitter, to stay in the loop on this exciting milestone.
A High Level Overview of EOS EVM v0.5.0-rc1
The EOS EVM engineers have been working tirelessly on this code release for weeks and the hard work has certainly paid off. v0.5.0-rc1 will continue to improve the performance and user experience of the EOS EVM ecosystem in a number of ways.
Perhaps the most exciting aspect of this release is the incorporation of Yield+ on the EOS EVM. Yield+ is a liquidy rewards program designed to attract DeFi dApps and to increase Total Value Locked (TVL) on the EOS network. It rewards tokens to DeFi dApps based on the total value of the deposits that they manage to attract to and keep in the EOS ecosystem. This program has been running successfully on EOS native since it launched on August 28, with regular reports on the impact being shared with the EOS community.
With the majority of industry DeFi programs being built on the EVM standard, it was critical that this program also be made available to dApps on the EOS EVM. The launch of EOS EVM v0.5.0-rc1 makes this possible and will play a major part in increasing TVL on the EOS EVM! When taking into consideration performance, low fees, and speed of EOS, it’s easy to see how EOS EVM has positioned itself to become the preferred chain for DeFi protocols and users. DeFi protocols interested in participating in the Yield+ can learn more at tokenyield.io.
Yield+ is only one of several updates that have been included in the code release of EOS EVM. While the other updates are perhaps less exciting to a lay-user, they are arguably the most valuable part of this update as they focus on increasing optimization, performance and the user experience for developers.
These updates include the following:
- Adding read-only transaction execution support to the EVM contract, a necessary component for Yield+ integration with the EOS EVM.
- Removing advanced execution to increase nested call level, thus enabling contract use cases that may have been rejected before.
- The “inevm” table now shows up in the ABI, which should allow for easy exploration of the total sum of the EOS balances within the EVM environment using an EOS block explorer.
- The withdraw action has been modified to take an optional extra argument called “to”.
- The EOS EVM Contract will now reject any non-EOS tokens that are sent to it, e.g. USDT. As a reminder, the trustless bridge does not yet support any tokens other than EOS.
- A more descriptive error message is now returned if validation of a pushed EVM transaction fails.
- A bug in the history index of EOS EVM Node was fixed & additional bugs in EOS EVM RPC were fixed.
- Configurable permission enabled in tx_wrapper.
A full breakdown of the technical details behind this release can be found here: https://github.com/eosnetworkfoundation/eos-evm/releases/tag/v0.5.0-rc1
EOS EVM v0.5.0-rc1 Release Strategy
With EOS EVM v0.5.0-rc1 reaching code completion this week, the EOS engineers have already begun to strategize a thorough plan for the smart contract upgrade. The testnet upgrade is in process and deployment on mainnet will come shortly after, dependent on the testnet release running smoothly.
Conclusion: Innovation on the EOS EVM is Just Getting Started
The code release of EOS EVM v0.5.0-rc1 is a crucial milestone for EOS, bringing the Yield+ Liquidity incentive program to DeFi dApps on the EOS EVM, as well as enabling key technical updates to improve optimization, performance and the user experience for developers. Even with the release of this in depth update, the EOS EVM engineers aren’t slowing down.
This is the first of many updates that will be gradually released to the community in the coming months. A full EOS EVM product roadmap will also be published in the near future, so that the community can better understand what’s to come from the EOS EVM.
If you’re a developer, dApp or other Web3 project, there’s never been a better time to build on EOS. Pomelo recently announced Season 6, which features a $158,000 matching pool for projects building public goods on EOS. That includes a $65,000 pool dedicated solely to projects developing on the EOS EVM. Learn more about this and other funding opportunities on EOS.
Want to learn more about the EOS EVM? Check out these resources:
- EOS EVM Mainnet Announcement
- EOS EVM Architecture Deep Dive
- EOS EVM Tokenomics Deep Dive
- EOS EVM Documentation
- EOS EVM Engineers Podcast
- EOS EVM Webinar
- Yield+ Portal
- Recover+ Portal
The EOS Network is a 3rd generation blockchain platform powered by the EOS VM, a low-latency, highly performant, and extensible WebAssembly engine for deterministic execution of near feeless transactions; purpose-built for enabling optimal Web3 user and developer experiences. EOS is the flagship blockchain and financial center of the Antelope framework, serving as the driving force behind multi-chain collaboration and public goods funding for tools and infrastructure through the EOS Network Foundation (ENF).
The EOS EVM is an emulation of the Ethereum EVM, housed within an EOS smart contract. It offers feature parity to other EVMs in the space but with unmatched speed, performance and compatibility. EOS EVM connects the EOS ecosystem to the Ethereum ecosystem by allowing developers to deploy a wide array of Solidity-based digital assets and innovative dApps on EOS. Developers can use EOS EVM to take advantage of Ethereum’s battle-tested open source code, tooling, libraries and SDKs, while leveraging the superior performance of EOS.
EOS Network Foundation
The EOS Network Foundation (ENF) was forged through a vision for a prosperous and decentralized future. Through our key stakeholder engagement, community programs, ecosystem funding, and support of an open technology ecosystem, the ENF is transforming Web3. Founded in 2021, the ENF is the hub for EOS Network, a leading open source platform with a suite of stable frameworks, tools, and libraries for blockchain deployments. Together, we are bringing innovations that our community builds and are committed to a stronger future for all.