EOS Launches Testnet for EVM Integration, Boosting DeFi Development
• EOS has launched a testnet for its Ethereum Virtual Machine (EVM) feature before its April release.
• EVMs serve as the virtual computer environment for Ethereum accounts and smart contracts and are utilized by developers to create decentralized applications (dapps).
• The launch of the EOS EVM comes after the platform committed $20 million to direct investments in EOS EVM and GameFi projects.
EOS Unveils Testnet for EVM Integration
EOS has launched a testnet for its Ethereum Virtual Machine (EVM) feature before its April release. The EVM is integrated within an EOS smart contract to provide users and developers with high-speed transactions at low fees, which is expected to bolster decentralized finance (DeFi) development on the EOS network.
What Are EVMs?
EVMs serve as the virtual computer environment for Ethereum accounts and smart contracts and are utilized by developers to create decentralized applications (dapps). When integrated into other blockchains, EVMs allow developers to build DeFi apps similar to those created on Ethereum (ETH).
Why Is This Important?
EOS plans to make EVMs a key component of its future growth as it seeks to attract developers who have left the platform for Ethereum. In January, the foundation highlighted that EVM compatibility is vital to EOS‘ potential, both technically and from a business perspective.
Commitment To The Project
The launch of the EOS EVM comes after the platform committed $20 million to direct investments in EOS EVM and GameFi projects.
Current Market Performance
Despite the crypto market heating up for altcoins, the price of EOS is trading with a bearish bias at $1.098, down almost 1.53% in the past 24 hours. However, trading activity is up 81% in the same period, indicating token holders are selling off their EOS to minimize losses.