Evmos updates and plans
Lately, we had the second episode of our Citizen Odyssey stream - the format where we chat with our guests, who are the prominent Cosmos explorers. This time we talked with Evmos team member Adonis. We talked about the recent past, the present, and the future of Evmos and are happy to share what we’ve learned!
The recent launch of Evmos was remarked as very successful both for users and validators, although, according to Adonis, there was a slight security vulnerability in the airdrop functionality. This issue was resolved by an upgrade that patched this vulnerability. Unfortunately, it wasn’t adequately tested at first but later was halted, brought back straight away, and finally relaunched on King’s day in Amsterdam.
AAVE deployment is one of the greatest and most awaited upcoming additions to Evmos. AAVE is a decentralized lending system that allows users to borrow and earn interest on crypto assets without the intermediaries that run on the Ethereum blockchain. Instead, a method of smart contracts enables these assets to be managed by a distributed network of computers running its software. Participants deposit funds they wish to lend, which are then collected into a liquidity pool. After that, borrowers can withdraw tokens from those pools when they take out a loan. The tokens can be traded or transferred as a lender wishes. Before the launch of Evmos, there’s been a governance proposal to implement AAVE on Evmos. This proposal was unanimously approved. The deployment of Aave expands lending to the bigger Evmos and Cosmos ecosystems. As a result, Evmos will become the gateway for the users of Ethereum and other EVM chains to the Cosmos. It will also introduce developer-focused incentives and interoperability across Cosmos chains. Evmos already supports The Graph and Gnosis Safe to finalize support to enable a fully functional AAVE deployment over the mainnet.
There are multiple apps fully integrated with Evmos. For example, Diffusion Finance and Cronus Finance are fully permissionless and composable automated market makers fully built on Evmos. Another one is the Kinesis exchange which allows users to manage their spending and savings from a single account and purchase gold and silver. There is also Coslend - the first money market and lending platform on Evmos. Ultimately, there is an extensive Orbital Apes NFT collection launched exclusively on Evmos. Regarding upcoming projects, it is important to mention Tornado.cash, a fully decentralized protocol for private transactions on Ethereum that uses smart contracts and accepts ETH deposits. Evmos is planning on building support for the cross-chain contracts that can make calls to other chains so that everyone can create entirely new apps.
