EOS EVM Launches Beta Mainnet After Over a Year of Development

The long-established EOS project has finally rolled out the beta mainnet for its EOS EVM (Ethereum Virtual Machine), a simulated version of Ethereum's VM, after a year of development focused on EVM compatibility.

The EOS EVM will go live as a smart contract on April 14th.

The integration process took longer than anticipated because EOS uses C++ programming language, whereas EOS EVM needs to run dApps written in Solidity, Ethereum's programming language. Solidity is utilized by most Web3 developers and supported by a broad range of open-source tools and libraries. This critical difference led EOS to face challenges in finding suitable talent for this significant transition.

The project commented:

"EVM compatibility is crucial for EOS's development potential, both technically and commercially. Ultimately, it is essential to attract more Solidity developers and users to EOS."

EOS aims to build a platform capable of processing thousands of transactions per second (tps), offering faster and more cost-effective performance compared to Ethereum. EOS EVM is expected to handle 800 tps, which is impressive compared to Ethereum’s 15-20 tps.

Launched in 2018, EOS is remembered for its "most successful ICO of all time," having raised a massive $4.1 billion. However, EOS's development path since then has not been smooth.

At the beginning of 2021, Block.one, the company behind EOS, shifted focus away from the EOS project to concentrate on developing the Bullish exchange. The situation deteriorated to the point where CTO Dan Larimer, a key figure in building EOS, announced his departure from Block.one.

It wasn’t until late 2021 that EOS founder Yves La Rose called upon the community to help "revive" EOS. However, this period marked the beginning of the project's gradual decline from being dubbed "the most promising in DeFi."

The current price of EOS is $1.29, up 7% in the past 24 hours.

1H Chart of EOS/USDT on Binance at 12:35 PM, April 14, 2023