Cosmos will soon get a new hub that will support the Ethereum Virtual Machine. Cross-chain activity between the two blockchains will be possible thanks to a new Cosmos hub that is compatible with the Ethereum Virtual Machine.
Bridge will be launched by Cosmos Hub.
On Cosmos, a project aimed at enabling interoperability across EVM-compatible blockchains is launched.
Evmos, or "EVM-on-Cosmos," is a protocol that will enable Ethereum-based contracts to interact inside the Cosmos ecosystem.
Hubs serve as relay chains, connecting several chains. There are presently two additional hubs in the network: the Cosmos Hub and Kava.
Tharsis, the project's development team, stated in a blog post that the project's emphasis will be on "making it simple for [Ethereum] Smart Contracts to install and interact inside the Cosmos."
Ethermint was the initial brand name for Evmos. It was founded in 2016 with the goal of providing a link between Ethereum and other cryptocurrencies. Due to trademark problems, the team was unable to pursue its initial goals. Since then, it has renamed and changed its approach.
Tharsis got a grant from the Cosmos community pool in April for 100,000 ATOM (about $2 million at the time) to create an ecosystem of EVM-based chains on the network.
Many non-EVM Layer 1 blockchains, such as Polkadot and Solana, intend to enable Ethereum contracts in some way. Ethereum is the most commonly used blockchain, and it has evolved into a center for the fast growing DeFi and NFT industries. Other blockchains that are compatible with the Ethereum Virtual Machine may improve liquidity on their networks by enabling Ethereum assets.
According to the blog post, Evmos hopes to have Cosmos fully compatible with EVM by the end of the year. However, it intends to deploy a testnet first. That is set to go live the following week.
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