On Tuesday, a testnet for the Ethereum Virtual Machine (EVM) feature of EOS went live, and the feature is scheduled to go live in April.
The EVM is contained within an EOS smart contract, and its primary objective is to provide users and developers with high-speed transactions at low transaction fees. This action is being taken with the intention of eventually enhancing the development of decentralized finance (DeFi) on the EOS network, which will ultimately result in the accumulation of value for eos tokens.
EVMs are shorthand for Ethereum Virtual Machines, which describe the environment in which all Ethereum accounts and smart contracts are stored. This environment functions as a virtual computer that developers can use to build decentralized applications (dapps). EVMs, when deployed on other blockchains, can give developers the ability to build decentralized applications (dapps) and applications for decentralized finance (DeFi) in a manner comparable to how they would do so on Ethereum.
EVMs are a significant part of EOS’s future plans, which are being marketed as the “second innings” of the blockchain.
According to a post published by the foundation in January, “many of the developers who have left EOS have done so not because they want to, but because Ethereum, for all its deficiencies, is where the action is.”
“EVM compatibility is essential to the potential of EOS, not only from a purely technical standpoint, but also from a business point of view.” It is essential that we welcome more Solidity developers and users to EOS, and an EVM on EOS is an excellent bridge to do just that,” it added at the time. In the end, it is essential that we welcome more Solidity users to EOS.
The EOS EVM contract can be accessed at eosio.evm, and a token bridge that enables compatible Ethereum-based tokens to be transferred to EOS is now operational at bridge-testnet2.trust.one. In the past twenty-four hours, there has not been any significant movement in the native tokens of EOS.