Welcome to the world of blockchain technology, where EVM (Ethereum Virtual Machine) compatible blockchains are revolutionizing the landscape of decentralized applications (dApps) and smart contracts. These blockchains are designed to be fully compatible with the Ethereum ecosystem, offering unparalleled flexibility and interoperability. Leveraging the same EVM bytecode and supporting programming languages like Solidity and compatible EVM chains make it seamless for developers to port their Ethereum-based applications with minimal modifications. They provide a vast playground for developers and users, inheriting the rich ecosystem of tools, libraries, and community support from Ethereum, while offering unique features and advantages.
With EVM-compatible blockchains, developers can unlock new opportunities for scalability, interoperability, and customization. They offer alternatives for overcoming the limitations of Ethereum’s transaction throughput and gas fees and provide interoperability bridges for seamless communication between different blockchain networks. Furthermore, EVM-compatible blockchains encourage experimentation and innovation, allowing developers to tailor their solutions to specific use cases and requirements.
Join the revolution of EVM blockchains and explore their boundless potential for building a decentralized future. With their compatibility, scalability, and versatility, EVM-compatible chains are shaping the landscape of blockchain technology and paving the way for the next generation of dapps and smart contracts.
What are EVM Compatible Blockchains?
EVM (Ethereum Virtual Machine) compatible blockchains are smart contract platforms that operate on a blockchain network that is fully compatible with Ethereum. This means that users can develop decentralized applications (dapps) on these platforms in a similar manner as they do on Ethereum, and these dapps can interact with the Ethereum network.
One of the main reasons for using these EVM blockchains is their potential for faster transaction times and lower transaction fees compared to Ethereum. Transactions on these blockchains are typically completed more quickly and at a lower cost. These platforms offer the same smart contract functionality and features as Ethereum, with only a few exceptions.
The success of decentralized finance (DeFi) can be attributed, in part, to the large user base and the advantages of low gas transaction costs and quick transaction times provided by EVM blockchains. These factors have attracted users to these blockchains, providing an alternative to Ethereum for building dApps and conducting transactions.
In summary, EVM-compatible blockchains offer an innovative contract platform compatible with Ethereum, allowing for the development of dapps and smart contracts similarly. These blockchains often provide faster transaction times and lower transaction fees, making them an attractive choice for developers and users in the blockchain ecosystem, including the booming DeFi space.
Why Do We Need EVM-Compatible Blockchains?
There are many reasons why blockchains that are compatible with EVM have become essential to the blockchain ecosystem. First, many Layer 1 blockchains have been successful because they make it easier for application developers to implement smart contracts on new EVM chains. Dapp developers can quickly deploy the same code on Ethereum thanks to the ability to compile different types of smart contract code into bytecode, a common format that the Ethereum network can understand. This increases the likelihood that developers will adopt these new blockchains.
In addition, once new EVM compatible chains are released, users can test dapps on these networks, providing further incentives for their adoption. The motivation to buy tokens of the new network is bolstered by early adopters being offered higher returns on their investments in liquidity or staking pools. Forging cross-chain bridges that allow easy transfer of assets between different blockchain networks also requires EVM compatibility. New decentralized applications (dapps) can be released, and market share can be gained more quickly through a network of EVM compatible chains.
By lowering the bar to entry for developers, incentivizing user adoption, and allowing blockchain interoperability with other blockchains, EVM-compatible blockchains play a crucial role in the blockchain ecosystem. Their widespread adoption and success are attributed mainly to their interoperability with Ethereum’s virtual machine and smart contract features.
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.
😃Excited to learn about the key elements of EVM? Check these article on EVM Vs Non-EVM & What is EVM Wallet to get an in-depth understanding about EVM.
Top 7 EVM Compatible Blockchains
- Binance Smart Chain
Shardeum smart contract technology maintains genuine decentralization and strong security through dynamic state sharding with very low and constant gas fees in perpetuity. It is the first scalable smart contract platform that increases the number of nodes to proportionally increase TPS. Shardeum network instantly expands its overall capacity with each new node that joins, enabling linear scaling and maintaining cheap transaction costs even as usage increases. Shardeum will further effortlessly support any dapp that can run on the EVM and you will not have to worry about rising gas fees again.
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, linear scaling and auto-scaling allows the network to be sustainable and efficient so users can move value across the internet without the use of middlemen. Through dynamic state sharding, the network will crucially retain atomic and cross shard composability for a smooth developer experience.
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 aims to accelerate world’s transition to Web3.
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.
Benefits of EVM Compatible Blockchains
So, what are the benefits of EVM-compatible blockchains? The answer can be summarized in the following points:
1. Familiarity and Interoperability
EVM-compatible chains leverage the same EVM bytecode and support the same programming languages, such as Solidity, as Ethereum. This makes it easy for developers familiar with Ethereum to transition and build on these blockchains without learning new languages or tools. It also enables seamless interoperability between different EVM-compatible blockchains and the Ethereum network, transferring assets and data across other EVM chains.
2. Flexibility and Customization
EVM-compatible blockchains provide developers with a flexible and customizable environment to build decentralized applications (dapps) and smart contracts. They inherit the rich ecosystem of tools, libraries, and community support from Ethereum while offering unique features and advantages that can be tailored to specific use cases and requirements.
3. Scalability and Cost-Effectiveness
EVM compatible chains often offer faster transaction times and lower transaction fees than Ethereum. This can improve scalability and cost-effectiveness for dapps and users, making transacting and interacting with the blockchain more affordable and efficient.
4. Early Adoption Opportunities
Being compatible with the EVM also allows early adopters to participate in launching new EVM-compatible blockchains. Early adopters can potentially earn higher returns on their investments in liquidity or staking pools and be among the first to test and use dapps on the new network.
5. Interconnected Ecosystem
EVM-compatible blockchains enable the creation of cross-chain bridges, allowing for seamless communication and exchange of assets between different blockchain networks. This opens up possibilities for new use cases and collaborations across other EVM-compatible blockchains and the Ethereum network.
In summary, EVM-compatible chains offer familiarity, interoperability, flexibility, scalability, and early adoption opportunities, making them a popular choice for developers and users in the blockchain ecosystem.
What are the Use Cases of EVM Compatible Blockchain?
Some of the use cases of EVM (Ethereum Virtual Machine) compatible blockchains include:
1. Decentralized Finance (DeFi)
Creating decentralized financial applications like decentralized exchanges (DEXs), lending/borrowing platforms, stablecoins, and yield farming.
2. NFT Marketplaces
Building marketplaces for non-fungible tokens (NFTs) for digital art, collectibles, virtual real estate, etc.
3. Gaming and Virtual Worlds
Developing blockchain-based games and virtual worlds where players can own and trade in-game assets using smart contracts.
4. Supply Chain and Traceability
Creating transparent and traceable supply chain solutions to track goods, verify authenticity, and ensure compliance.
5. Governance and DAOs
Building decentralized autonomous organizations (DAOs) and governance systems for transparent decision-making and voting on proposals.
6. Tokenization and Crowdfunding
Tokenizing real-world assets like real estate, art, and commodities and enabling crowdfunding campaigns through ICOs or STOs.
7. Interoperability and Cross-Chain Bridges
Facilitating the seamless transfer of assets and value across different blockchain networks through cross-chain bridges.
8. Decentralized Identity
Creating decentralized identity solutions for privacy, security, and ownership of personal data.
9. Social Media and Content Platforms
Building decentralized social media and platforms where users control their data and content.
10. Supply Chain Finance
Enabling decentralized financing solutions for supply chain management, such as invoice factoring, trade finance, and inventory financing.
These are just a few examples of the wide range of use cases to which EVM-compatible chains can be applied, showcasing their versatility and potential for innovation in various industries and applications.
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.
Frequently Asked Questions (FAQs)
1. Are EVM Compatible Blockchains Fully Decentralized?
Yes, EVM compatible blockchains are generally considered to be decentralized. However, it’s important to note that while these EVM blockchains are designed to be decentralized, the degree of decentralization can vary depending on various factors such as the network’s governance model, consensus mechanism, and the distribution of nodes. For instance, blockchains with a smaller number of validators may be more centralized than one with a larger number of validators.
2. How Can I Interact with EVM Blockchains as a Developer or User?
As a developer, you can interact with Ethereum Virtual Machine (EVM) compatible blockchains with the use of various tools, libraries, and interfaces. As a rule of thumb, learning programming languages like Solidity would do you a lot of good too.
As a user, you can interact with EVM compatible blockchains in many different ways by using Ethereum wallets and interacting with dapps.
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Last Updated on November 23, 2023