Evmos hopes to lure Ethereum developers to IBC by deprecating Cosmos transactions

On the Cosmos-based EVM chain Evmos, Cosmos transactions and Ethereum transactions have been operating under different standards, leading to complications as these two types of transactions struggle to decode each other effectively.

Evmos plans to relieve this technical headache by only supporting Ethereum-formatted transactions by 2024 Q3, it announced in a blog post Tuesday. Despite this strategic shift, the protocol emphasized that Evmos is not exiting the Cosmos ecosystem. Additionally, Evmos’ founder suggested that the move could help bring Ethereum developers to the IBC.

Evmos functions as an Ethereum Virtual Machine (EVM) compatible blockchain that integrates the Cosmos IBC protocol, allowing it to operate as an EVM within the Cosmos network. Evmos raised $27 million via token sale in late 2022.

The project’s co-founder Federico Kunze Küllmer said that by only supporting Ethereum transactions, Evmos hopes to make it easier for Ethereum developers to start working in Cosmos.

“The wallets and the tools that they are already used to on Ethereum do not work easily on Cosmos,” Küllmer said. “We want to make it very easy for the developers and users that are already interacting with Ethereum wallets to interact with any Cosmos application specific blockchain.”

The Interchain Foundation, a non-profit focused on Cosmos adoption, made onboarding Ethereum developers a large part of its 2024 roadmap, Blockworks previously reported.

In the lead-up to fully embracing Ethereum-formatted transactions by Q3 2024, the protocol has committed to burning all Cosmos transaction fees during this interim period. This action will effectively remove these fees from circulation, signaling a shift towards revised token economics for the EVMOS token. Küllmer indicated that further details on the new tokenomics will be unveiled next week.

Evmos (EVMOS) was worth around $0.07 at the time of publication.

Get the news in your inbox. Explore Blockworks newsletters:

Blockworks Daily: The newsletter that helps thousands of investors understand crypto and the markets, by Byron Gilliam.
Empire: Start your morning with the top news and analysis to inform your day in crypto.
Forward Guidance: Reporting and analysis on the growing intersection of crypto and macroeconomics, policy and finance.
0xResearch: Alpha directly in your inbox. Market highlights, data, degen trade ideas, governance updates, token performance and more.
Lightspeed: Built for Solana investors, developers and community members. The latest from one of crypto’s hottest networks.
The Drop: For crypto collectors and traders, covering apps, games, memes and more.
Supply Shock: Tracking Bitcoin’s rise from internet plaything worth less than a penny to global phenomenon disrupting money as we know it.