Evmos is a scalable, high-throughput Proof-of-Stake blockchain that is fully compatible and interoperable with Ethereum. It’s built using the Cosmos SDK which runs on top of Tendermint Core consensus engine.
Evmos allows for running vanilla Ethereum as a Cosmos application-specific blockchain. This allows developers to have all the desired features of Ethereum, while at the same time, benefit from Tendermint’s PoS implementation. Also, because it is built on top of the Cosmos SDK, it will be able to exchange value with the rest of the Cosmos Ecosystem through the Inter Blockchain Communication Protocol (IBC).
The goal of Evmos is to unite the Cosmos and Ethereum communities. Evmos is a Cosmos-based blockchain that is interoperable with the Ethereum mainnet. Specifically, Evmos is interoperable with all EVM-compatible environments and other Byzantine-Fault Tolerant (BFT) environments via the Cosmos Inter-Blockchain Communication (IBC) protocol, making it practical for users and developers to interact between chains. Developed by Tharsis Labs, Evmos brings EVM-compatibility to the Cosmos (ATOM) ecosystem of blockchains.
Here’s a glance at some of the key features of Evmos:
Web3 and EVM compatibility
High throughput via Tendermint Core
Horizontal scalability via IBC
Fast transaction finality
Evmos enables these key features by:
Implementing Tendermint Core’s Application Blockchain Interface (ABCI ) to manage the blockchain
Leveraging modules and other mechanisms implemented by the Cosmos SDK.
Utilizing geth as a library to promote code reuse and improve maintainability.
Exposing a fully compatible Web3 JSON-RPC layer for interacting with existing Ethereum clients and tooling (Metamask, Remix, Truffle, etc).
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Evmos was first conceived in 2016 as “Ethermint,” or the Ethereum Virtual Machine (EVM) running on the Tendermint consensus protocol of Cosmos. In April 2021, Tharsis Labs was awarded funding of 100,000 ATOM tokens by the Cosmos Hub community to make the concept of Ethermint into reality. Evmos is a layer-one blockchain that intends to deliver EVM-on-Cosmos, hence the rebranded name of “Ev-mos.” In February 2022, Tendermint announced a rebrand to become Ignite.
Some of the primary features of Evmos include multichain interoperability and the ability to move value between chains. In addition, through its token economics, Evmos is seeking to strike a better balance in terms of incentives and rewards among the following three network stakeholders: users, developers, and validators. Evmos expands upon the idea of a token as network fuel — captured primarily by block proposers/miners/validators — to include more value for users and developers, seeking to achieve better alignment of stakeholders. Evmos is scheduled to launch its mainnet and token airdrop in the first quarter of 2022.
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Evmos enables decentralized interoperability between Ethereum-based applications and Cosmos’ ecosystem of independent decentralized blockchains, including Cosmos, Terra, Crypto.org Chain, Osmosis, and many more.
Evmos’ EVM compatibility and launch with IBC enabled allows developers to build with the desired features of Ethereum within a Tendermint environment, allowing users, and their assets, from across the Cosmos ecosystem to access the utility seen on Ethereum. Due to its EVM-compatibility Evmos will likely be a hotspot in the Tendermint ecosystem for web3 development.
Validator operators can earn participatory rewards in exchange for taking part in securing the network and adding new blocks to the chain, while any token holder can delegate their Evmos tokens to a validator to earn a share of rewards.
At genesis, there will be an allocation of 100 million Evmos set aside in a strategic reserve. This strategic reserve will be controlled by a multisig DAO owned by the foundation, initially composed of members from the development team and Cosmos community. It will be expanded in the future and will be transparent about its decision making.
It will be used to fund initiatives through grants and support validators through delegation who are highly active in the network, beyond just running an institutionally backed node. This could include providing relayer services, building out explorers, maintaining open source tooling and deploying dashboards that show overall market growth on the network. The Evmos contributors value the idea of offering more to active participants in the network to funnel growth for everyone, including passive token holders. It will also be used to align strategic partners for the Evmos project through fundraising. Any fundraising through the DAO will be subject to vesting periods.
The DAO will ensure to not overstake to maintain decentralization of the network. The strategic reserve will not be used to market, sell or control the network. The community will own more in the end since the reserve will be used up toward the public good. We’re hoping the token release schedule will result in more active players on the network other than the foundation.
Evmos is a decentralized proof of stake blockchain in the Cosmos ecosystem. It is Ethereum Virtual Machine (EVM)-based, meaning it is fully compatible with the Ethereum network. Evmos’ goal is to bring the world of Ethereum-based applications and assets to the interoperable networks of the Cosmos ecosystem, while aligning developer and user incentives and aiming to innovate in the space of EVM and interchain composability.
Built using the Cosmos SDK with Tendermint Core consensus, Evmos offers the fast finality and high-throughput of Cosmos-based blockchains. By using Ethereum’s EVM, developers can deploy their Ethereum-based applications in the Tendermint consensus environment with lower transaction fees, faster transaction speeds, and security provided by proof of stake consensus.
Evmos has also enabled Cosmos’ Inter-blockchain Communication Protocol (IBC), a protocol that allows for the direct sharing of tokens and data among the Tendermint-based chains that use it. Therefore EVM applications deployed on Evmos can also be accessed by participants in networks across the broader Cosmos ecosystem, including Cosmos, Terra, Crypto.org Chain, Osmosis, Cronos, Sentinel, and Secret Network, and many more. Users from all 28 IBC-enabled independent blockchains will be able to access the utility seen on Ethereum, including decentralized exchanges, marketplaces, lending protocols, NFT applications, gaming, and more, as developers deploy their mature application logic from Ethereum directly on Evmos.
Evmos is an evolution of Ethermint, a proof of concept introduced in 2016 as a way to deploy EVM-based smart contracts on Tendermint in order to use proof of stake for their consensus. Ethermint had a vision of supporting all Ethereum tooling, just as Evmos does today, to create the same developer experience for Solidity smart contract developers on Tendermint as the developers had on Ethereum. Following the launch of the IBC in March of 2021, the Tharsis core dev team proposed pushing forward the Ethermint initiative via community governance in Cosmos’ Proposal #44. The proposal, now manifested as Evmos, passed quickly with 98.31% community approval in April of 2021.
As the original name Ethermint — a portmanteau combining the words Ethereum and Tendermint — suggests, Evmos is an implementation of the EVM developed using the Cosmos SDK, running on Tendermint Core’s delegated Proof-of-Stake (PoS) consensus and networking engine, which is a Byzantine-Fault Tolerant (BFT) system. Thus, Evmos enables projects to deploy Ethereum-compatible code while obtaining the benefits of Tendermint PoS consensus, including fast layer-one finality in about seven seconds, low transactions fees, a modular smart-contract ecosystem of application-specific chains, and environmentally friendly electricity usage without high-cost equipment.
Inter Blockchain Communication (IBC)
At the heart of Cosmos ecosystem is the Inter Blockchain Communication Protocol (IBC), which sets the table for an interoperable base layer 0 to now be used to transfer data packets across thousands of independent networks supporting IBC. Naturally, the next evolutionary milestone is to enable cross-network smart contracts. This enables Juno smart contracts to interoperate with all IBC enabled networks, regardless of wasm support on external networks.
The Juno blockchain is built using the Cosmos SDK framework. A generalized framework that simplifies the process of building secure blockchain applications on top of Tendermint BFT. It is based on two major principles: Modularity & capabilities-based security.
Agreement on the network is reached via Tendermint BFT consensus.
Tendermint BFT is a solution that packages the networking and consensus layers of a blockchain into a generic engine, allowing developers to focus on application development as opposed to the complex underlying protocol. As a result, Tendermint saves hundreds of hours of development time.
Governance practices and decisions are communicated through different types of documents and design artifacts:
On-chain governance proposals
Architecture Decision records
Technical standards / specifications
While the network is governed by a DAO through on-chain governance, there is a foundation to be staffed in the beginning by members of the development team and Cosmos community. In the future, the foundation DAO will be expanded. The foundation controls the multi-signature strategic reserve fund.
Powered by the Tendermint Core consensus engine, Evmos uses a set of 150 validators who run full nodes and participate in on-chain governance by broadcasting votes containing cryptographic signatures signed by private keys. Validators not only propose and commit new blocks to the chain but also participate in on-chain treasury governance by voting on community proposals. In return for their work, validators receive revenue in the form of Evmos tokens. Each validator’s voting influence is determined by the weight of their tokens at stake (i.e., bonded as collateral). Tokens can either be staked directly by a validator or delegated to them by an Evmos holder.
Delegators are holders of Evmos tokens who cannot or do not want to run a full node themselves. These stakeholders delegate their tokens to validators and receive a portion of the staking revenue in return for their delegation. Delegators must perform due diligence and be responsible for their choice of validators because both parties not only share in the staking revenue but also any slashing penalties that may occur due to validator misbehavior. Delegators have the option to change their selection of validators. Delegating to validators with a lower percentage of voting power helps ensure decentralization of the network, so delegators play an active and critical role in overall network health. If a token delegator does not vote on a proposal, it inherits the vote of its validator, according to the Cosmos SDK.
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Launch & Initial Token Distribution
Launch Style: Fair Launch, Airdrop
Distribution Date: 03/02/2022
Initial Supply: 200,000,000
The network genesis includes an airdrop to reward past participation in the Cosmos and Ethereum ecosystems. The airdrop is designed to maximize fairness by making eligibility dependent on multiple categories rather than a single qualifier. Evmos calls the airdrop a “rekt drop” because it helps early crypto adopters who got rekt (i.e., wrecked by losses), rugged (i.e., rug pulled by exploits or other means), or paid high Ethereum gas fees on certain widely used applications, such as Uniswap, Compound, OpenSea, and others. The snapshot date for eligibility criteria was November 25, 2021.
Finally, the airdrop includes token distributions to important organizations and individuals who have made critical contributions to the development of Evmos. This portion of the airdrop includes teams working on the Cosmos Software Development Kit, Tendermint and IBC Core, Ethermint library, Orijtech, and certain individuals who have made major contributions to Evmos. There was no sale of premined Evmos tokens.
Newly released tokens will be distributed in the following way, on a per-block basis:
Staking Rewards: 40%
Team Vesting: 25%
Usage Incentives: 25%
Community Pool: 10%
Token Uses: Vote, Access, Work
There are four types of rewards on Evmos:
Transaction fees are distributed equally amongst active set validators in EVMOS, though the ability to accept any Cosmos-based token as a payment can be enabled in the future via governance. Application developers will also receive a percentage of all EVM transaction fees, split between the transaction’s validators and the Evmos dApp Store’s application developers.
Inflationary rewards (Block Provision) are the percentage of EVMOS’s inflation distributed pro-rata to all active participants in the network.
Proposer rewards are a bonus 1–5% reward for a validator successfully proposing a block in consensus, with the reward increasing based on the number of precommits included for the previous block.
Usage incentives make up 25% of the block emissions as an additional incentive, including deferred gas rebates and liquidity mining, with additional incentives possible via governance.
General Emission Type: Deflationary
Precise Emission Type: Decreasing Inflation Rate
General Consensus: Delegated Proof-of-Stake
Mining Algorithm: Byzantine-Fault Tolerant (Tendermint)
As a Cosmos-based chain, Evmos uses Tendermint consensus, which is a Byzantine-Fault Tolerant model. Consensus and network security are achieved through a distributed network of independent validators, who propose new blocks to be added to the chain and conduct verification. Individual token holders are free to choose which validator to use when staking their tokens.
There are 150 validators securing the network at genesis. However, the number of potential validators can be adjusted by governance. Validators and their delegators are rewarded proportionally based on the amount of tokens staked. While each validator is free to choose its own commission rate, there is a minimum required commission rate of five percent.
There are two types of nodes on Evmos (Reference can be checked here):
Validator nodes are responsible for validating transactions and committing new blocks to the blockchain
Full nodes store the full state of the blockchain and retrieve blockchain data when called
A validator must operate both a validator node and a full node (both included in a Coinbase Cloud validator node cluster), while read/write infrastructure only requires use of a full node.
The Evmos active set is made up of the 150 validators with the most overall staked EVMOS (including self-bonded and delegated stake). A validator is chosen to propose the next block based on its total stake relative to the overall amount staked across all validators (i.e. if 10 EVMOS are staked to Validator A and 100 EVMOS are staked across all validators, Validator A will be selected to propose a block 10% of the time).
Blocks can not be proposed for inclusion in the chain if they do not have at least ⅔ (66%) of precommits for the previous block, in the form of other validator signatures. To incentivize non-empty block proposals and better networking between validators, the percentage reward received by a validator for successfully proposing a block increases as the percentage of precommits included in the block increases from 66% to 100%. You can learn more about this in the ‘Rewards and economics’ section below.
Delegation is enabled on Evmos, and there is no minimum to stake one’s EVMOS to a validator. Delegators who do not actively participate in Evmos governance automatically inherit the votes of the validator to which they are staked. Validators on Evmos charge a percentage commission rate fee to their delegators in exchange for providing the service of participation, which is deducted prior to delegators’ reward distribution.
When registering a validator on the network, referred to on Evmos as “declaring candidacy,” the validator operator must declare the validator’s initial commission rate, maximum daily commission rate change (the highest percentage by which a commission rate can be changed in one day), and the maximum commission rate. These parameters can never be increased once a validator has declared its candidacy, though the operator can decrease them at any time.
As of 2022–5–7, the last verified JUNO number of active nodes is 2,614 (US$3.85/EVMOS).
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Why run Evmos nodes?
Validators have an outsized say in the governance votes affecting network parameters, rewards rates, transaction fees, units of accepted transaction fee currencies, and more, because delegators who do not actively participate in governance automatically inherit the vote of the validator they are staked to.
Evmos is expected to become a hot-spot for web3 applications and asset transfers, due to its ability to connect Ethereum-based and EVM-compatible applications to the interoperable Tendermint and Cosmos ecosystem — making it a great fit for developing blockchain-backed web3 applications.
Risks of participation on Evmos
Slashing is enabled on Evmos. If a validator does not behave as expected in the network, both the validator’s self-bonded stake and any delegators’ stake can be slashed, incentivizing delegators to stake their EVMOS to validators who operate safely.
There are a number of poor validator behaviors which result in slashing on Evmos:
Double-signing: Signing two blocks at the same block height will lead to slashing on Evmos, though the punitive parameters for double-signing have not yet been defined.
Downtime: A validator missing more than 95% of the preceding 10,000 blocks will result in a slashing of 0.01%.
Unavailability: A validator being offline for a set number of blocks will lead to slashing, and if the validator passes an upper limit of missed blocks it will be unbonded and removed from the active set, though the parameters for unavailability have not yet been defined.
Poor security resulting in malicious behavior: A validator’s total stake may still be slashed if it is the victim of a distributed denial of service (DDoS) attack, if its private key is compromised, or if its other poor behavior is similarly unintentional — highlighting the importance of choosing secure, highly-available participatory infrastructure.
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Why Choose Us to Manage Your Assets
- We have started 7/24 staking services since 2018, and have managed over $100 million assets.
- We run highly available and redundant nodes in different data centers to achieve continuous operations.
- We are actively participating in community and governance, disclosing information frequently.