EVM compatibility has remained one of the most essential characteristics of a successful blockchain network ever since the advent of altcoins themselves. Short for Ethereum Virtual Machine compatibility – it is a variable that is essential for gaining user adoption and growing the development community. While we’ll get to what it means in just a bit, let’s give you some context first.
The deployment and execution of smart contracts as well as computing the state for each new block added to the Ethereum blockchain are both handled by the EVM – a computation engine. Developers can launch their own coins on the Ethereum blockchain network and create decentralized applications using smart contracts. The execution part is taken care of by the EVM. A fairly simple system, as you may notice.
Now, What are EVM Compatible Blockchains?
A smart contract platform that is supported on an EVM-compatible blockchain can carry out exchanges on the Ethereum network. On these platforms, users can develop DApps in a manner akin to those that run on Ethereum.
But why use these platforms instead of Ethereum itself?
These blockchains typically provide faster transaction times and cheaper transaction fees. In other words – they complete transactions far more quickly and generally for less money. The design, the smart contract functionality, and the functionalities that are available on Ethereum are all the same and can be found on these rival blockchains, with a few exceptions.
We’ll rephrase it one more time – one of the primary factors contributing to the success of DeFi is the vast user base that all these features have attracted, along with the low gas transaction costs and quick transaction times offered by the EVM-compatible blockchains.
Why Do We Need EVM-Compatible Blockchains?
By lowering the entry hurdles for application developers to implement smart contracts on these new chains, EVM-compatible blockchains have helped several prominent Layer 1 blockchains achieve great success. Different types of smart contract code is compiled by EVM into bytecode – a common format that the Ethereum network can understand. Dapp developers may now deploy the same code on Ethereum with ease thanks to this. The potential for developing blockchains to draw developers to their ecosystem is considerably increased by this feature.
Users have a strong incentive to adopt new EVM-compatible blockchains because they get to be the first Dapps to test them out after they are released. Additionally, new blockchains offer early adopters better returns on the money they invest in liquidity or staking pools, which increases the motivation to buy the network’s tokens.
Forging cross-chain bridges that make it easy to transfer money from one network to another requires EVM compatibility as well. EVM compatibility increases the likelihood that new blockchains will succeed in luring developers to their ecosystem by speeding up the process of launching new Dapps and starting to gain market share on a completely untested network.
Blockchains that are Ethereum Virtual Machine Compatible
The first cryptocurrency with smart contracts that support NFTs, DEXs, and AMMs is Ethereum. Because rivals can simply copy and paste the majority of the work, the Ethereum Virtual Machine is quickly becoming the de facto standard across competing blockchains for smart contract execution.
Instead of strengthening Ethereum’s market-dominant position, this provides Ethereum’s rivals an advantage. Interoperability and cooperation amongst layer-1 blockchains are the eventual results. Without much duplication of effort, smart contracts may be built, copied, and pasted between chains with ease. As cryptocurrency becomes more widely accepted, more independent blockchains are using the EVM as their default smart contract engine.
List of Blockchains that are Ethereum Virtual Machine Compatible
|2. Binance Smart Chain|
Shardeum smart contract technology maintains genuine decentralization and strong security through dynamic state sharding and offers inexpensive gas fees in perpetuity. It is the first scalable smart contract platform that boosts the number of nodes to improve the number of transactions per second. Shardeum will effortlessly support any dApp that can run on the EVM. The Shardeum network immediately expands its overall capacity with each new node that joins, enabling linear scaling and maintaining cheap transaction costs even as usage increases.
To maintain fairness and eliminate miner extractable value, Shardeum processes transactions on a first-come, first-served basis with the same gas rate for all transactions. While constantly maintaining extremely low prices and immediate finality, Shardeum is energy-efficient, and sustainable, and allows users to move value across the internet without the use of middlemen.
Shardeum offers a platform for DeFi infrastructure that is scalable and has very inexpensive gas costs, making it accessible to both consumers and corporations. By offering a platform that enables decentralized UI & UX that is superior to that of centralized peers, Shardeum—which is EVM compatible—aims to hasten the transition to Web 3.0.
2. Binance Smart Chain
A blockchain that operates concurrently with the Binance Chain is referred to as BSC. With the intention of maintaining Binance Chain’s high throughput while integrating smart contracts within its ecosystem, BSC features smart contract functionality. Due to its EVM-compatible nature, BSC launched with support for a large range of Ethereum tools and DApps.
Because of this, developers can easily move their projects from Ethereum to Bitcoin. Users benefit from this since it makes it simple to set up applications to function with BSC by changing a few settings. Every day, the Binance Smart Chain handles about 12 million transactions.
Fantom, a network of networks, is EVM-compatible and necessary for the operation of smart contracts. Because Fantom supports Solidity and the EVM, any dApp created for Ethereum may be transferred there.
Fantom’s Opera mainnet deployment, which uses the EVM and is interoperable with Ethereum, is powered by the Fantom Consensus Algorithm. Fantom is a network made up of possibly an endless number of decentralized computers if we consider Ethereum to be a decentralized computer. While they all follow the same logic, they are totally separate from one another. They nevertheless have no trouble speaking to one another.
Polygon is a framework and scaling platform for connecting and developing EVM-compatible blockchain networks. Because assembling scalable solutions to support a multichain Ethereum ecosystem is one of Polygon’s key aims, the network also refers to itself as Ethereum’s internet of blockchains. It is intended to decrease transaction costs and speed up transaction processing across the network.
Developers can establish their own autonomous blockchains using Polygon, a platform that allows the construction of connected blockchain networks with easily customizable features. Because it is the only scaling solution that completely supports the EVM, Polygon stands out among players in its field.
Each chain is a distinct representation of a virtual machine in the Avalanche model. Multiple custom machines are supported, enabling chains to incorporate case-specific functionality. A “platform of platforms,” the Avalanche chain is made up of thousands of subnets that combine to form a single, interoperable network.
Early in 2021, the Avalanche-Ethereum Bridge was put into operation; it serves as a two-way token bridge. It enables smooth ERC-20 and ERC-721 transactions between the Ethereum network and Avalanche Chain. The Bridge between Avalanche and Ethereum has many advantages. It is a step toward transferring Ethereum’s pricey and sluggish DeFi infrastructure to the quicker and less expensive Avalanche Blockchain.
The bridge network connecting Cardano and the Ethereum network was made public by dcSpark in August 2021, enabling the porting of wrapped Cardano assets to the Ethereum ecosystem. By connecting to Cardano, it launches its virtual machine and uses wrapped Cardano as the native asset to cover transaction costs. Teams can use wrapped smart contracts to deploy EMV-compliant smart contracts on the sidechain without having to relocate their own native Cardano smart contracts there. Launching a sidechain on Cardano was done solely to make EVM-compatible contracts possible, not to scale the network.
Developers can create and deploy decentralized applications (dApps) on the Tron network because of its decentralized smart contract blockchain. The TRON blockchain allows for the production of new digital assets or tokens, just like Ethereum. Following the launch of its main net in the middle of 2018, TRON bragged about its EVM-compatible feature. This makes it possible to transfer assets quickly between TRON and Ethereum and to move dApps created on Ethereum to the TRON Blockchain.
It’s obvious that Ethereum still occupies a central position in the dApp ecosystem, despite the emergence of several other L1s over the past year that provides quicker speeds and lower transaction costs. The best way to join the vast user and development community that Ethereum and other EVM-compatible blockchains have amassed over the past year and take advantage of the advantages that come with being the first to a new decentralized market is to become EVM compatible.
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