On October 16, the EOS Network Foundation (ENF) will launch v0.6.0 of the EOS EVM, the virtual machine powering the network and its smart contracts. The latest iteration of the EVM comes bearing a host of new features that will make it the most sophisticated software deployed on EOS to date. Hopes are high that v6 will mark a new era for the revitalized EOS.
The EOS EVM was designed to connect EOS to Ethereum and its family of layer2 chains that utilize the EVM. When blockchains are running the same virtual machine, it’s much easier to move assets between them. It’s also easier for developers to create cross-chain apps that can, for example, execute a transaction on Chain B in response to an action that occurs on Chain A.
The release of the EOS EVM brought EOS in from the cold, so to speak, joining its ecosystem with that in place on Ethereum. But because the EOS network has different architecture, the EOS EVM performs significantly better than other EVM chains, supporting over 800 tx per second. Its introduction has also meant that Ethereum developers can code EOS dapps using Solidity, the most commonly used smart contract language. With v6 of the EOS EVM, these core capabilities have been bolstered by a number of new features.
Trustless Bridging and Other Innovations
There are many things that make up a successful blockchain network, ranging from community support to active developers building applications upon it. But from a tech perspective, the virtual machine controlling it is critical. The EOS EVM has been customized to meet the needs of the EOS network, and with v6 the ENF has pulled out all the stops, noting: “This release will mark a key milestone in the EOS ecosystem’s journey, as seamless interaction between EOS Native and EOS EVM is enabled.”
One of the key features that v6 will bring to the table is trustless bridging. This is a major breakthrough in enabling liquidity to be moved onto the EOS network without incurring custodial risk. With v6, it will be possible to move USDT onto EOS, which is sure to increase TVL on the network and open up new possibilities for DeFi deployment.
There are other improvements coming too with the new EOS EVM including a number designed to improve communication between the EOS EVM and EOS Native VM. Enhanced bridge messages can be passed between the two, introducing cross-machine virtual communication. This will add value for developers building on EOS and allow dapps operating on the EOS EVM to utilize things such as multisig on EOS Native.
Doing DeFi the EOS Way
One of the primary goals in releasing the EOS EVM in the first place was to kickstart a wave of decentralized finance on EOS. In recreating the best bits of Ethereum, such as the EVM and Solidity support, coupled with the superior scalability already inherent to EOS, conditions are ripe for DeFi innovation to flourish. Since launching in April, the EOS EVM has given birth to a range of DeFi primitives, from wallets to DEXes. These are the first pieces in the puzzle.
The release of the EOS EVM v6 will commence the next chapter of DeFi on EOS, not least on account of the ability to move ERC20 USDT directly from Ethereum. With v5 of the EOS EVM, the ENF launched Yield+, an initiative designed to increase the TVL on the network. There’s currently around $17M in total value locked from the 10 protocols supporting the initiative. Once v6 debuts on October 16, this figure should grow further.
A Milestone in a Long Journey
While not the end of the journey by any means, the release of EOS v6 will be a major step forward in everything the ENF has been working towards with the EOS EVM. Many of the key milestones on the EVM roadmap have already been ticked off, but there’s plenty more in the pipeline. The EOS EVM Incentive Program, offering developers up to $50,000 for deploying on the network, remains active.
In the past, the EOS network has struggled to attract a significant number of third party developers to build on it, preventing its ecosystem from reaching critical mass. This has partially been due to devs being required to familiarize themselves with the workings of the EOS VM.
With the EOS EVM, building on EOS is now as simple as deploying a dapp on any other chain. As a result, the framework is in place for supporting a broad range of applications centered around decentralized finance. v6 of the EOS EVM should hasten that trend, bringing more developers and ultimately users onboard.