Evmos hopes to lure Ethereum developers to IBC by deprecating Cosmos transactions
The IBC-built EVM chain announced Cosmos transactions would be deprecated by 2024 Q3, streamlining the software
Satheesh Sankaran/Shutterstock modified by Blockworks
On the Cosmos-based EVM chain Evmos, Cosmos transactions and Ethereum transactions have been operating under different standards, leading to complications as these two types of transactions struggle to decode each other effectively.
Evmos plans to relieve this technical headache by only supporting Ethereum-formatted transactions by 2024 Q3, it announced in a blog post Tuesday. Despite this strategic shift, the protocol emphasized that Evmos is not exiting the Cosmos ecosystem. Additionally, Evmos’ founder suggested that the move could help bring Ethereum developers to the IBC.
Evmos functions as an Ethereum Virtual Machine (EVM) compatible blockchain that integrates the Cosmos IBC protocol, allowing it to operate as an EVM within the Cosmos network. Evmos raised $27 million via token sale in late 2022.
“The wallets and the tools that they are already used to on Ethereum do not work easily on Cosmos,” Küllmer said. “We want to make it very easy for the developers and users that are already interacting with Ethereum wallets to interact with any Cosmos application specific blockchain.”
The Interchain Foundation, a non-profit focused on Cosmos adoption, made onboarding Ethereum developers a large part of its 2024 roadmap, Blockworks previously reported.
In the lead-up to fully embracing Ethereum-formatted transactions by Q3 2024, the protocol has committed to burning all Cosmos transaction fees during this interim period. This action will effectively remove these fees from circulation, signaling a shift towards revised token economics for the EVMOS token. Küllmer indicated that further details on the new tokenomics will be unveiled next week.
Evmos (EVMOS) was worth around $0.07 at the time of publication.
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