Evmos has announced the successful launch of EVM Extensions to support advanced cross-chain functionalities for decentralized applications between two major ecosystems in the Web3 space.
Evmos is a blockchain network that creates and ships the foundational tools necessary for developing the cross-chain applications of the future. For the first time ever, EVM Extensions will empower developers to deploy smart contacts and applications that tap into the advanced functionality and high customization abilities within IBC and other Cosmos features without deploying a custom appchain. EVM extensions, alongside Cosmos outposts, will allow users to manage liquidity and access applications on multiple networks all in one interface.
“For the first time ever, EVM Extensions make it possible to customize smart contracts and applications with the functionality of IBC and other Cosmos SDK modules,” says Federico Kunze Küllmer, Co-Founder of Evmos. “Developers can now create their own business logic that automatically connects with smart contracts and app chains in the Cosmos ecosystem, freeing them from the limitations of a single blockchain. This takes the capabilities of the EVM beyond its original specifications––with new use cases for interoperable applications and blockchains like cross-chain DeFi, ReFi, and NFTs––without breaking equivalence with Ethereum’s execution layer.”
EVM Extensions unlock new use cases for interoperable applications:
- Cross-chain Liquid Staking Derivatives (LSDs) for projects like Lido Finance and Coinbase to introduce their offerings to Evmos and allow users to stake assets while simultaneously deploying Liquid Staking Derivatives across ecosystems
- Cross-chain DeFi such as enabling access to liquidity on Osmosis the leading DEX on Cosmos, via an official Osmosis Outpost on Evmos
- Cross-chain ReFi with access to eco-credit registries on Regen Network, a sustainably focused blockchain marketplace
- Cross-chain NFT interoperability with Stargaze Zone, a decentralized community-owned NFT app chain in the Cosmos ecosystem
Evmos has developed this functionality so that EVM-based blockchains can leverage advanced interoperability and send IBC transactions to other chains in the Cosmos ecosystem.
Evmos partnered with DoraHacks to kick off the launch of EVM Extensions with a global virtual “EVM Extension Hackathon” with $98K in prizes for cross-chain builders. Project submissions are open until May 26th. Sign up here: https://dorahacks.io/hackathon/EVM/detail
Evmos is the leading Ethereum Virtual Machine-based blockchain in the Cosmos ecosystem, providing compatibility to dApps across any number of EVM and Cosmos-based blockchains. The Evmos mainnet launched in March 2022.