Evmos (previously known as Ethermint) went online on the Cosmos network on Wednesday, following years of development.
With the debut, consumers and developers will be able to access it as a Layer 1 blockchain on Cosmos, an interoperability standard with over 250 apps and services.
The Evmos launch, in particular, allows users to deploy Ethereum smart contracts and assets in the Cosmos ecosystem. Note that Evmos was supposed to launch in February, however it was postponed due to technical difficulties.
Tharsis, Evmos' development team, came up with the name Ethermint in 2016. Evmos is different from most other Cosmos chains in that it is completely compatible with the Ethereum Virtual Machine, a computational environment utilized by Ethereum developers.
The Evmos team thinks that by using the EVM technology, it would appeal to Ethereum developers and attract applications and assets from them.
EVM has become the most commonly adopted smart contract standard in the previous year, and it is now used by a number of blockchains attempting to mimic Ethereum's success. Avalanche, Polygon, BNB Chain, Fantom, and Moonbeam are among them.
This compatibility allows Evmos applications to communicate directly with Terra, a Cosmos-based blockchain with $29 billion in crypto assets and the third-largest stablecoin, TerraUSD (UST).
Terra's board has previously recommended a UST collaboration with Evmos and set aside $8 million to increase Evmos liquidity.
EvmoSwap, QuantumSwap, Diffusion Finance, Nomad, Coslend, and other decentralized exchanges, money markets, and NFTs are among the applications slated to launch on Evmos, including EvmoSwap, QuantumSwap, Diffusion Finance, Nomad, Coslend, and others.