Evmos (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 which runs on top of the Tendermint Core consensus engine.

Basics

• Based in:
• Started in / Announced on:
• Ethermint v0.1.0 has been released (2-10-2020).
• Testnet release: Evmos 10/12/2021
• Mainnet release: airdrop was scheduled for 15-2-2022, then later scheduled for 28-2-2022 then got delayed again to 2-3-2022.

History

• Used to be Ethermint; '"scalable, high-throughput' PoS blockchain, fully compatible and interoperable with Ethereum Smart Contracts."
• From this thread (9-2-2022):

"EVMos’ genesis is in Ethermint project that sought to bring the EVM to Cosmos. The project rebranded to EVMos in September 2021."

Audits & Exploits

• Bug bounty program can be found [insert here].

Bugs/Exploits

• After an unsuccessful upgrade during its initial launch in March that led to the team halting the entire chain, Evmos re-launched on Apr 28th.

• From The Defiant (7-3-2022):

"The Rektdrop went live on Mar. 3. However, many eligible users were unable to claim their tokens due to technical problems. The Evmos team released a thread addressing the issues. On Mar. 6, the team tweeted that the Evmos network was undergoing an upgrade. A little over an hour later, a subsequent tweet announced that the ‘network upgrade has unfortunately failed.’ The blockchain is currently paused with no transactions being processed."

Governance

Treasury

• From this thread (9-2-2022):

"DAO treasury controlled by multisig; fund initiatives and support development"

Token

Launch

• Airdrop got announced on 15-12-2022. The snapshot for the airdrop was taken on November 25, 2021. After the airdrop was pushed to later dates twice, 20M more tokens got added to it as compensation (28-2-2022).

Token Allocation

• From Citadel One (1-3-2022):

"There was no sale for premined Evmos tokens.

- 50% ‘Strategic’ (To DAO initially composed of the dev team and Cosmos community members, used for grants, supporting validators and active participants in the network, partnerships through fundraising)

- 40% Airdrop

- 10% DAO treasury (Governance)

In the first year 300M more tokens will be released, as seen in the chart, making it highly inflationary. Newly distributed tokens will be distributed on a per-block basis:

- Staking rewards: 40%

- Team vesting: 25%

- Usage incentives: 25%

- Community pool: 10%"

• From this thread (9-2-2022):

"Initial supply: 200m tokens ‐ Rektdrop: 80m ‐ DAO treasury: 20m ‐ Strategic reserve: 100m Rektdrop to Cosmos eco (ATOM & OSMO stakers) & gas drop to Eth eco

High initial inflation; half life decay to reduce issuance Per‐block release: ‐ Staking rewards: 40% ‐ Team (vesting cliff): 25% ‐ Usage incentives: 25% ‐ Community pool: 10% Initial usage incentives are gas rebates; in future AVAX Rush like liquidity mining"

Utility

• From Citadel One (1-3-2022):

"EVMOS is not just a fee and staking token. It will be the first token on an EVM that drives governance outcomes for the EVM. But it also serves as a vehicle to determine future economic outcomes that align the three main actors (Developers, Users, and Validators).

Token holders are responsible for steering the DAO and dictating the fate of all on-chain assets that travel through the Evmos port-of-entry to Cosmos. The network is targeting the vast majority of tokens to be owned and controlled by everyone other than the team. Here’s what we expect it will be used for:

1. Paying developers and network operators for their services via a built-in shared fee revenue model (the dApp Store)
2. Voting on protocol upgrades
3. Registering tokens on the ERC20 module for EVM-IBC integration with ERC20s
4. Allotting usage incentives for applications on Evmos
5. Enabling precompiles for useful, high priority functionality"

• From this thread (9-2-2022):

"Fee gas pricing based on EIP 1559 but no token burn. “The dApp Store” model: ‐ Protocol fees split 50/50 (can be altered in future) btwn validators & dApp deployers ‐ Rewards developers based on usage of their dApp; dApps go through governance to get approved"

Technology

• Whitepaper or docs can be found [insert here].
• Code can be viewed [insert here].

Implementations

• Built on: Cosmos
• Programming language used: Cosmos SDK and EVM

Transaction Details

• Capacity (TPS):
• Latency:

How it works

• From this thread (9-2-2022):

"EVMos is first IBC enabled EVM L1 blockchain; built w/ Cosmos SDK, Tendermint Core as consensus. Goal = “port of entry” Ethereum ‐> Cosmos"

• From Citadel One (1-3-2022):

"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)."

Oracle Method

• DIA oracles are live (28-4-2022).
• Band Protocol testnet integration (3-5-2022)

Their Other Projects

CEVmos

• From Citadel One (1-3-2022):

"In December 2021, Evmos announced a partnership with Celestia to build CEvmos, Celestia-EVM on Cosmos. Celestia is a layer 1 built to handle data availability and settlement but not execution, allowing devs to utilize their own execution environment and using Celestia’s data availability and security.

CEVMos utilizes Celestia and EVMos to create a modular stack: EVMos for settlement, Celestia for data availability."

Roadmap

• Can be found [Insert link here].
• From this thread (9-2-2022):

"Testnet went live 10/12/2021; mainnet launch expected late Jan. 2022 but pushed to 2/28/2022 Currently integrating infrastructure necessary for mainnet; have pipeline of projects CEVMos in future; Celestia still working on testnet"

Usage

Projects that use or built on it

• From this thread (9-2-2022):

"Proposal to launch Aave v3 on EVMos No specifics but team announced pipeline: ‐ 4 DEXes ‐ Lending protocol (Aave) ‐ 2 perps trading ‐ 3 NFT marketplaces ‐ 15 other dApps"

• Diffusion; taking the first lead as the main EVMos DEX (4-5-2022).

Team, Funding and Partners

Team

• Full team can be found [here].
• Built by Tharsis
• Frederico; CEO, has been in the Cosmos ecosystem since 2018 while working at All In Bits.
• Ethermint used to be worked on by ChainSafe.

Funding

• Raised $27M in a token sale led by Polychain Capital plus Galaxy, Huobi Ventures, HashKey (2-11-2022).
• Funded by a Cosmos grant (9-2-2022).

Partners

• From this thread (9-2-2022):

"EVMos has partnered with Nomad + Connext for bi‐directional bridge btwn Ethereum & Cosmos Cosmos Hub based Gravity Bridge will also enable ERC‐20 token bridging to Cosmos.

In mid‐Dec. 2021, EVMos announced partnership with Celestia to build modular tech stack for EVM dApps; it will be rollup centric at the execution layer ‐ Data availability: Celestia ‐ Settlement: EVMos EVM ‐ Execution: rollups (zk‐RU or optimistic RU)"

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