Evmos – a potential leader in Cosmos’ contribution to the web3 ecosystem – is now live! Evmos is a vital piece in the Cosmos ecosystem as it plans to bring a Cosmos SDK built, PoS blockchain that is compatible with Ethereum Virtual Machine (EVM) smart contracts.
Evmos brings together the best of Cosmos and Ethereum. Cosmos’ high scalability with fast finality and high throughput is achieved through Tendermint PoS implementation and has one of the largest and most impressive ecosystems consisting of numerous interoperable blockchains. Interoperability is achieved through inter blockchain communications protocol (IBC) and is the key to simplifying the access and interaction of a wide range of blockchain-enabled products and services. Ethereum was the first to make smart contracts widely accessible to developers and users, and have without doubt dominated the space in terms of volume and number of users. That said, Ethereum has faced scalability issues keeping up with the increased demand in the past years, resulting in excessively high gas fees. Evmos enables you to enjoy the benefits of both systems while mitigating some of the notable issues by introducing EVM smart contracts (and their developer community) to flexible and scalable Cosmos architecture – a very promising union for the future of the ecosystem.
Perhaps the most interesting feature of this launch is the distribution of their Evmos token. As opposed to a more traditional token distribution at genesis involving pre-sales (which might cause issues for decentralization of token holdings), 50% of Evmos token supply will be distributed through an immense airdrop (Rektdrop). This will result in an even distribution of tokens amongst an unusually wide group of community members. Eligibility to receive Evmos from the airdrop includes:
- ATOM & Osmosis delegators (snapshot November 25th, 2021 at 19:00 UTC)
- Selected ATOM & OSMO liquidity pools
- IBC Token Transfers to and from osmosis chain
- Individual users that voted on ATOM Governance Prop 44
- early adopters and active experimenters of EVM.
- More! Find more here: airdrop (Rektdrop).
Other than paying for transaction fees on the Evmos network, each EVMOS token will give rights to participate in staking and governance. Staking is critical to securing the Evmos network and rewards are distributed to participants as an incentive.
“We are happy to see the Rektdrop model promote decentralization and deeper community involvement while rewarding active Cosmos users (including our ATOM clients). This launch is very synergetic for us and helps build cooperation and intercommunication inside the ecosystem” Alexander Kondakov – Evmos Product Manager @ P2P Validator
P2P Validator are pioneers in the PoS space and have been selected to leverage their experience and expertise to help expand the Evmos network. Evmos token holders can “delegate” their tokens to the Validators of their choice, who will participate in the validation of transaction blocks and in doing so will receive staking rewards. After taking a fee to run their validator services, these rewards will then be redistributed back to delegators proportional to the delegation made.
You can find more information about Evmos staking, including guides on how to claim and stake your Evmos, staking mechanics, network overview and more here.
It is important to understand that staking comes with some risks. Evmos have implemented slashing to incentivize validators to conduct themselves and for delegators to select trustworthy validators.
Staking EVMOS tokens not only helps secure the network and earns you rewards, but gives you the chance to participate in governance and have a voice in the future of Evmos. Evmos stakers who do not vote will inherit the vote of their validator.
Taking into account all factors used in conjunction (staking rewards, slashing, governance), it is important for delegators to select validators they trust and who are aligned with their line of vision.
About P2P Validator
P2P Validator is a world-leading non-custodial staking provider with the best industry practices and proven expertise. We provide comprehensive due diligence of digital assets and offer only high-class staking opportunities securing more than 2.5 billion of USD value.
At the time of the latest update, P2P Validator is trusted by over 25,000 delegators across 25+ networks. We are a major player in all networks we support because of our experience, commitments, and our reputation. We pay special attention to the process of governance.
Want to stake EVMOS with us? Visit https://p2p.org/evmos to find out more about Evmos staking.
If you have any questions, feel free to join our Telegram Chat – https://t.me/P2Pstaking, we are always open for communication.