• Not long after the launch of the EOS EVM Mainnet, the EOS network has hit another major milestone. 
• According to an official press release, EOS EVM v0.5.0 successfully reached code completion this week. 

The EOS network has been growing at an unprecedented pace. Recent developments highlight multiple milestones attained by the network. According to a recent press release, the EOS EVM v0.5.0 has finally reached code completion. The goal was attained this week and is scheduled to go live on the mainnet soon.

It is worth noting that this is the first major EOS EVM release since the launch of the EOS EVM mainnet, which went live less than 7 weeks ago.

The milestone is extremely significant for the EOS network and its entire community, as it highlights the quick pace at which network development is taking off. This marks the second most valuable milestone attained by the network since the launch of the EOS foundation.

After weeks of working on the code release, the team of developers have rolled out what network players believe will pay off in the long term, as the v.05 is well positioned to improve the performance and user experience of the EOS EVM.

EOS network developers are working on bigger upgrades

With the new release comes the integration of Yield+ on the EOS EVM. Yield+ can benefit the DeFi ecosystem in a number of ways, as the illiquidity rewards program is created to attract DeFi dApps and boost the Total Value Locked (TVL) on the EOS network. The liquidity program launched on EOS native on August 28th. It provided consistent reports on the impact being shared with the EOS ecosystem. The liquidity program rewards tokens to DeFi dApps based on the total value of their deposits that have been stored in the EOS ecosystem.

“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 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.” The press release read.

It is worth noting that there are several updates yet to be released. However, Yield+ is one of many that has been added to the code release of EOS EVM.

Detailing the EOS EVM v0.5 release strategy, the press release added that engineers on the EOS network have already begun to strategize a thorough plan for the smart contract upgrade. Shortly after that is done, the tesnet upgrade which is currently in process, will be deployed. However, this will depend on how smooth the tesnet release runs.