- The EOS EVM testnet has just gone live.
- This testnet alongside its security audit is the last step before mainnet launch in mid-April.
Ahead of the official launch of the EOS blockchain’s Ethereum Virtual Machine (EVM) compatibility, a new testnet has gone live, setting one of the final paces for the eventual launch of the protocol on April 14. According to a Press Release shared with Crypto-News Flash, the detailed security audit of the EOS EVM is the next major milestone to cross to eventually get the much anticipated EVM Mainnet to go live.
The push to enhance its smart contract adaptability is growing by a very large mile amongst legacy layer-1 protocols. Already, EOS is advancing as one of the most versatile blockchain protocols, further positioning the EOS EVM as one of those that will drive higher transaction throughput and low cost.
As described by the EOS protocol, the smart contract functionality is embedded within the parent protocol’s smart contract, taking advantage of the security of both EOS and Ethereum. Per its design, EOS said it plans to offer unmatched speed, performance, and compatibility.
Providing the Soft Landing for Embrace
EOS has been preparing for the launch of its EVM compatibility for quite some time. As reported earlier by Crypto-News Flash, the protocol launched a $20 million Grant that it hopes will be issued to developers and innovators that are looking to build new solutions on the EOS EVM tool.
BREAKING NEWS
EOS Network Ventures (ENV) is making a formal commitment to invest $20M directly into $EOS EVM and GameFi projects!
In addition to being BY FAR the fastest EVM, EOS EVM will also have the most funding available for builders.#EOS is officially open for business! pic.twitter.com/xAYIHoLB4O
— Yves La Rose (@BigBeardSamurai) March 20, 2023
According to the protocol, the grant it is providing will also be complemented by other funding options available for its developers including those from Pomelo and the ENF Grant Framework.
One major reason why developers favor the development of their applications on any network is the strength of the other platforms they can network with. As an EVM-compatible protocol, EOS EVM can interact with other protocols irrespective of whether or not they are resident on Ethereum or not.
The robust liquidity potential that projects building on EOS EVM will gain access to will also be colored by the current partnerships that the parent chain is inking at this time. Per the press release shared, the ENF has announced a partnership with Multichain, a cross-chain protocol serving the Web3.0 world.
Through the role of Multichain, projects on the EOS EVM can easily make swaps from one to the other, further expanding the reach of the entire protocol. The new smart contract function is described as a high-performant protocol and the parent chain is doing all it can to encourage adoption across the board.
Trailing Filecoin Virtual Machine
Just like EOS, Filecoin has also made a pivot into the EVM world with its Filecoin Virtual Machine (FVM) which launched earlier this month. The FVM protocol also received a very robust welcome as users looked forward to benefiting from both the decentralized data storage capabilities of Filecoin and the smart contract offerings.
With non-smart contract native protocols making their way into the DeFi world, we can expect a more defined evolution of the crypto ecosystem moving forward.
