Building applications on different blockchains can be challenging due to the competition for limited resources and end users. One major obstacle is the inflow of developers and availability of familiar and easy-to-use tooling. This can limit the speed at which an ecosystem can develop and the scale at which applications can be built.
EOS EVM aims to address these challenges by enabling Ethereum-like transactions on the EOS Network through a smart contract-based Ethereum Virtual Machine (EVM), allowing developers to seamlessly build Ethereum-based applications on EOS to take advantage of its world class performance, reliability, and liquidity.
With the introduction of EOS EVM, Ethereum-based projects can tap into the previously inaccessible audience and liquidity of EOS without needing to rewrite their code in C++. As a result, users will now get to enjoy enhanced user experiences on EOS without losing out on Ethereum’s battle-tested open source code, tooling, libraries, and SDKs.
EOS EVM introduces new synergies that bring out the best of both Ethereum and EOS to finally put to rest the Ethereum killer narrative. EOS is not an Ethereum killer, it is very much an Ethereum enabler, bringing enterprise grade performance to Solidity developers looking to build next-gen Ethereum applications.
EOS EVM Token Economy to Drive Value and Utility to EOS
A decision has been made whereby the EOS token will now be leveraged as the native utility token used for paying gas fees within the EOS EVM. The previously announced plans for an $EVM token economy for what was branded as ‘Trust EVM’ has also been removed from scope.
What Happened to Trust EVM?
Last January, the ENF began funding a working group called EVM+ to begin the development of a smart contract-based EVM as a public good for the EOS Network. A product was later announced in partnership with an external team of Ethereum veterans called Trust EVM, which would be incubated under the ENF with the intent to build out an independent business model that would utilize the EOS EVM technology without diverting internal resources away from the ENF or EOS token holders for its own ecosystem development.
Plans were made for this product to introduce an $EVM token, which would be leveraged for governance within the EVM, paying gas fees, developer grants, and to subsidize RPC node incentives within the Trust EVM ecosystem. This business decision was inspired by similar models that had been successful for other layer 1 protocols launching EVM products such as Aurora (NEAR Protocol), Evmos (Cosmos), and Neon EVM (Solana). An IEO was planned for raising external capital through a popular launchpad as well as a generous airdrop program for EOS token holders to align incentives between ecosystems.
As time went on, the ENF received an incredible amount of feedback from the EOS community and other key stakeholders which led to the decision we’re announcing today whereby a new token will no longer be introduced for the EOS EVM.
Since the planned RPC node subsidy has been removed from the scope for the EOS EVM, the ENF will be operating the initial RPC infrastructure as a public good to ensure that the network is stable at launch. Other entities will also be able to operate their own RPC nodes.
As part of the new gas economy, the EOS EVM smart contract will accumulate gas fee revenue on each transaction, which will be periodically burned as a deflationary mechanism to offset network inflation in amounts relative to network usage. More information will be released in a future update that dives deeper into the specific economics.
As part of this pivot away from introducing an external token, we will also be transitioning away from the Trust EVM name and branding. Moving forward, we will simply refer to the product as “EOS EVM” to better connect it to the EOS Network and its brand recognition. Over the upcoming weeks, we will be migrating the legacy public facing Trust EVM materials including documentation, API endpoints, and block explorer to eosnetwork.com.
Silkworm-based EOS EVM Testnet Deployed to Jungle 4
Coinciding with today’s announcement on the new utility being created for the EOS token, we are also excited to share that the latest version of the EOS EVM has been deployed to the Jungle 4 testnet!
This latest version is the first to leverage the cutting edge speed and performance introduced with a major architectural shift to Silkworm as the execution client for EOS EVM. Silkworm is a C++ implementation of the Ethereum protocol based on the Erigon architecture and uses libmdbx as the database engine.
EOS EVM v0.2 Updates
- Silkworm-backed infrastructure
- Full crypto pre-compile support leveraging latest Leap features
- 1s EVM block time – After comparing performance benchmarks between .5s and 1s blocks, the 1s blocks were shown to have a higher throughput and better compatibility: Read More
- Achieve as high as 800+ swaps per second
EOS EVM Contract account: evm4antelope
Wrapper Account: evmtxwrapper
Ethereum Compatible RPC Endpoint
EOS EVM Block Explorer:
Jungle 4 Block Explorer:
With the latest testnet release, we will continue battle testing the EOS EVM technology alongside other developers in the community and making final improvements. At least one more upgrade and testnet release is expected leading up to a planned mainnet launch in 10-12 weeks.
We will be providing plenty more updates between now and then, so stay tuned as we introduce our industry leading enterprise-grade EVM on EOS to the rest of the world!
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 protocol, serving as the driving force behind multi-chain collaboration and public goods funding for tools and infrastructure through the EOS Network Foundation (ENF).
EOS Network Foundation
The EOS Network Foundation (ENF) is a not-for-profit organization that coordinates financial and non-financial support to encourage the growth and development of the EOS Network. The ENF is the hub of the EOS Network, harnessing the power of decentralization as a force for positive global change to chart a coordinated future for EOS.