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The open-source blockchain platform EOS has announced the beta launch of its Ethereum Virtual Machine (EVM) mainnet, aimed at improving interoperability between its network and the Ethereum Blockchain.
The EOS Network Foundation (ENF) has also established a strategic alliance with market maker and investment firm DWF Labs through a $60 million investment agreement to promote the platform’s expansion and development.
EOS Introduces EVM Mainnet
As stated in a press release distributed to CryptoPotato, the EOS EVM will be implemented on the EOS Network as a smart contract. Developed in Solidity, the native programming language of Ethereum, the EVM will be accessible to developers, supported by a variety of tools, resources, and open-source code libraries.
In light of Ethereum’s scalability issues and slower transaction speeds, the EVM is intended to enhance the network with its rapid operational capabilities. The EOS virtual machine will connect the two blockchains, allowing access to Ethereum’s extensive resources while utilizing its one-second block interval speeds and processing over 800 swaps per second at minimal costs.
With the EVM, Solidity developers will have straightforward access to EOS’s scalable network infrastructure, funding initiatives, and Ethereum’s resources.
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Yves La Rose, founder and CEO of the EOS Network Foundation, remarked:
“Our aim is to establish an interoperable future where the divides between blockchains, developers, and end users are closed. EOS EVM accomplishes this. With EOS EVM, it is now considerably simpler for Ethereum developers and end users to benefit from the low fees, ultra-fast speeds, and dependability of the EOS Network. EOS EVM marks a significant achievement and reflects our dedication to a multi-chain future.”
EOS Foundation Collaborates With DWF Labs
Additionally, through the $60 million strategic partnership, DWF Labs will assist the EOS Network in two primary ways. The investment firm plans to acquire EOS tokens valued at $45 million and invest $15 million into EOS-based enterprises and projects.
“Our strategic partnership will allow us to explore new opportunities and transform the blockchain ecosystem together, equipping developers with the tools and resources necessary to foster a more decentralized and interconnected future,” stated Andrei Grachev, Managing Partner of DWF Labs.
The collaboration between the EOS Network and DWF Labs will direct their resources toward advancing the EOS ecosystem, revealing new possibilities in the web3 domain.
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