Cosmos Ecosystem Overview
This year, the Cosmos ecosystem has been on the breakthrough with the growth of Terra, Osmosis, etc., with a combined TVL of $30B+.
For the context: Cosmos is an ecosystem of blockchains that can communicate through standard IBC (inter-blockchain communication).
Chains built on the cosmos ecosystem have higher throughput and faster finality time than Eth L1's.
Why Evmos is Necessary:
Instead of EVM, most of the chains on Cosmos run on CosmWasm VM. As a result, most Dapps are built using Rust or Go, which is a significant adoption hurdle for the core smart-contract developers who are only familiar with EVM's solidity.
EVMOS, an EVM chain with IBC compatibility on Cosmos, helps facilitate the interoperability between EVM-based and CosmosSDK chains.
With EVMOS, developers familiar with EVM and solidity can quickly build IBC compatible dApps using codes already written for Eth
Bringing EVM compatibility to Cosmos has numerous benefits:
- tap into $30B+ TVL within Cosmos Ecosystem without rewriting the code.
- Improve UX by having a standard interface for multiple use cases ( NFT marketplace, DEX, etc.)
- Higher TPS and faster finality
Expanded Evmos Capability through Celestia
There is an exciting collaboration with Celestia on CEVMOS, which will expand EVMOS's rollups capability by using Celestia as a Data Availability layer and Evmos as a Settlement layer.
By using Celestia as a DA layer, EVMOS's rollups enable more throughput, scalability, and better experimentation on the execution layers.
I have my thesis on Celestia and Modularity here:
Innovative Tokenomics:
Another experiment that EVMOS does uniquely is to give dApps a percentage of gas fees instead of burning it. Subsequently, developers are more incentivized by bringing value-add to the users instead of charging high platform fees.
Launch Issues:
Objectively, it is not a secret that Evmos's launch hasn't gone smoothly.
But to be fair, I haven't seen any chain that has launched without any issue either.
Kudos to the TharsisHQ for quickly discovering the issues within 48 hours of launch.
Conclusion:
Evmos enables interoperability between EVM-based and Cosmos-based chains providing common layers and interface for protocols to interact with each other.
The introduction of Evmos will have significant applications in blockchains scalability and experiment on executions layers as we are seeing in collaboration with Celestia.