EVMOS Project Analysis

What is EVMOS?

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, the consensus of which is Tendermint consensus.

Colloquially, Evmos is the EVM of Cosmos ecosystem, which allows dApps of Ethereum to run on Cosmos. Also, smart contracts on Evmos can communicate with other programs of Cosmos ecosystem through the Inter Blockchain Communication Protocol(IBC).

EVMOS has some features:

● Compatibility with Web 3.0 and Ethereum

● High throughput runs on top of Tendermint Core consensus engine.

● The horizontal scalabilty based on the IBC.

● Fast transaction finality.  

According to the EVMOS official site, developers can seamlessly deploy smart contracts on it through leveraging existing Ethereum ecosystem tooling and software.

EVMOS Ecosystem

（all cards: 64)

Ethereum Transactions EVMOS supports

● Dynamic Fee Transactions(EIP-1559)

● Access List Transactions(EIP-2930)

● Legacy Transactions(EIP-2718)

EVMOS Token

The EVMOS token is used for POS staking, governance proposals, distribution of fees to validator and users, gas consumption for running smart contracts on the EVM.

The base denomination of EVMOS token is aevmos. Aevmos can be compared to wei on Ethereum. In order to maintain parity with Ethereum, 1 evmos = 1018 aevmos, which matches Ethereum denomination of : 1ETH= 1018 wei.

When the time we are writing this article, the real time price of EVMOS Token on CoinMarketCap is around 1.49 dollars. The open price of EVMOS Token was 3.8 dollars. 24 hours trading volume of it is around 0.95 million dollars. The formal listed time of EVMOS Token was May 6^th, 2022. As an asset listed on secondary market recently, CoinMarketCap does not provide its market-cap and circulating supply. Thus we suppose that the trading of this coin is not

active enough for now.

Image Source: CoinMarketCap

The data of CoinMarketCap also shows that the main exchanges for EVMOS spot trading currently are MEXC, DigiFinex, Bitget and ZT。

There was no sale for pre-mined/minted EVMOS tokens. They airdropped all tokens.The initial supply of EVMOS Token are 200 million. The supply target of it is to issue 1 billion Evmos tokens in 4 years with over 300 million tokens being issued during the first year. The initial supply split between the airdrop participants(40%), the community pool(10%)and a strategic reserve(50%).

Newly issued tokens are distributed in the following way,

● Staking Rewards:40%

● Team Vesting: 25%

● Usage Incentives: 25%

● Community Pool: 10%

It is easy to find that, based on the initial supply and real time token price of EVMOS, the market cap of it can be ranked a relatively high position on market. However, the rank of it on CoinMarketCap is #3007 when writing this article. Furthermore, CoinMarketCap does not show its market cap at all. Thus there are maybe some hidden problems we do not know.

Cosmos Coins

EVMOS accounts can own Cosmos coins in their balance, which are used for operations and transactions with other Cosmos programs.

ERC-20 Tokens

Evmos is compatible with ERC20 tokens and other non-fungible token standards (EIP721, EIP1155) .

Competitors

There is viewpoint that the reasonable benchmark of EVMOS should be THORChain(RUNE), which is ranked #55 by market cap for now. Certainly, RUNE itself can be taken as a multi-chain protocol also works for Cosmos ecosystem, with a market cap of around 780 million dollars. However, obviously, RUNE is not an appropriate benchmark for EVMOS. RUNE is a cross-chain AMM instead of a EVM. Furthermore, while THORChain uses Tendermint and Cosmos-SDK, smart contract address of it is on BNB Beacon Chain.

In our opinion, the appropriate benchmark of EVMOS maybe GLMR, which is an EVM-compatible blockchain on Polkadot. Notably, Cosmos ecosystem is not as welcomed as Polkdot system, which may weak the value of EVMOS program to some extent.

Coclusion

Theoretically, EVMOS is a reinforcement for Cosmos ecosystem, which can make Cosmos ecosystem more complete. But it is notable that, EVMOS once happened to serious technical failure during the process of upgrade on March 2022, which delayed the originally scheduled upgrade till next month.

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