EOS Network Foundation (ENF) engineers are constantly pushing the envelope in the areas of performance and interoperability, and today we are showcasing those efforts with an overview of the upcoming EOS EVM v0.6.0 release, set for October 16th!
This update not only brings significant technical enhancements to the underlying infrastructure of the EVM, but also introduces a new set of features to enhance the DeFi capabilities of the ecosystem. Perhaps the most anticipated element of this release is the ability for users to bridge USDT from the EOS Native layer to the EOS EVM in a completely trustless manner.
Bringing innovation to DeFi on EOS EVM with a trustless USDT bridge!
This release will mark an important milestone in the development of the EOS ecosystem as seamless interaction between EOS Native and EOS EVM is achieved.
EOS EVM v0.6.0 enhances the functionality of the trustless bridge while keeping the platform fully compatible with the EVM. Previously, only EOS could cross the trustless bridge, but after upgrading to EOS EVM 0.6.0, the EOS Native version of USDT will broaden its horizons, and USDT will be represented by an ERC-20 token on the EOS EVM.
Given the importance of USDT in DeFi, this development is expected to expand the total value locked (TVL) and liquidity of native EOS and EOS EVM. Although this new feature is currently limited to USDT and EOS, future upgrades are expected to include more EOS Native tokens.
Stablecoins like USDT are indispensable in the DeFi space and provide a range of benefits, including:
Reduced volatility: Stablecoins promise consistent value. This consistency provides a reliable medium for transactions and hedging in DeFi protocols.
Liquidity of trading pairs: As the backbone of many decentralized exchanges (DEX) and DeFi platforms, stablecoins ensure efficient and liquid trading pathways.
Risk Management: Traders use stablecoins to protect themselves in case of market volatility.
Facilitating DeFi protocols: Stablecoins are the preferred collateral for DeFi lending protocols. They provide users with a way to earn interest or take out loans on their holdings.
Decentralized remittances: Stablecoins have become the first choice for cross-border transactions on DeFi platforms due to their stable value.
Stability of liquidity mining: Stablecoins are the first choice for liquidity mining, which can bring stable returns and thus increase participation.
Simplified onboarding: For newcomers to the world of DeFi, stablecoins are an easy starting point.
Inter-VM Communication
This release adds two new mechanisms that provide the necessary foundation for extending the trustless bridge far beyond its initial capabilities:
Calling an operation
EOS EVM contracts now have a new operation called “call”, allowing any contract on EOS Native to call functions on the EOS EVM.
Bridge Information
EOS EVM introduces a new feature called “Bridge Message” that allows strictly verified messages to be passed between EOS EVM and EOS Native, enabling EOS EVM to call functions on Native.
The release of the EOS EVM bridge contract demonstrates how these mechanisms can be used to enable other tokens on EOS (such as USDT) to be transferred to the EOS EVM side and then back to the EOS Native side via a trustless bridge, but they open the door to unlocking much more.
With these new features in place, we are witnessing the emergence of “cross-machine virtual communication.” The EOS EVM, the blockchain virtualization on EOS, can now begin to take advantage of EOS Native multi-signature capabilities and more. This is a truly unprecedented development that creates a best of both worlds situation.
Combined, these mechanisms create the potential for highly novel use cases to emerge between EOS Native and the EVM, including:
ERC-20 token bridge.
Cross-chain transactions.
Cross-chain Oracle.
Native+EVM DEX aggregator.
Native multi-sign in EVM.
NFT bridge (AtomicAssets<=> ERC721).
Cross-VM arbitrage between DeFi dApps.
Offloads a lot of computation from EVM to EOS Native.
Aggregate liquidity across virtual machines.
Members of the EOS developer community are already exploring potential implementations of these use cases. It will be very exciting to see how various teams building on EOS Native and the EOS EVM take advantage of their newfound capabilities.
EOS EVM v0.6.0 Unveiled
To achieve the above advancements, the EOS EVM underwent a series of complex technical adjustments which are described in more depth in their respective github repos linked below.
The trustless bridge frontend introduces the ability to seamlessly transfer USDT (EOS) tokens between the EOS Native environment and the EOS EVM environment with a convenient user interface.
The EOS EVM smart contract modifications simplify the EOS EVM components in the eos-evm repository, laying the foundation for further expansion of the trustless bridge.
The EOS EVM node has been separated into its own repository, EOS EVM-node, and has undergone significant improvements.
The EOS EVM trustless bridge has undergone many changes to accommodate advanced features, especially the ERC-20 bridge contract and the deposit agent contract.
Essentially, EOS EVM v0.6.0 is a game changer. It offers a refreshed DeFi experience, powerful technical upgrades, and a trustless USDT bridge. For those keen to dive deeper, here’s an introduction to the EOS EVM as well. If you’re ready to try it out, visit EVM Trustless Bridge to start your journey today.
Additional Resources:
Testnet Block Explorer
https://explorer.testnet.evm.eosnetwork.com/
Trustless Bridge Frontend v0.9.0-rc1
https://github.com/eosnetworkfoundation/evm-bridge-frontend/releases/tag/v0.9.0-rc1
EOS EVM Contract v0.6.0-rc1
https://github.com/eosnetworkfoundation/eos-evm/releases/tag/v0.6.0-rc1
EOS EVM Bridge Contract v0.1.0-rc1
https://github.com/eosnetworkfoundation/evm-bridge-contracts/releases/tag/v0.1.0-rc1
EOS EVM node v0.6.0-rc1
https://github.com/eosnetworkfoundation/eos-evm-node/releases/tag/v0.6.0-rc1
EOS Network
The EOS network is a model of the blockchain 3.0 era, powered by EOS VM. EOS VM is a low-latency, high-performance and scalable WebAssembly engine that enables near-invisible deterministic transaction execution. The EOS network is designed for Web3 and is committed to achieving the best Web3 user and developer experience. EOS is the flagship blockchain and financial center of the Antelope protocol, and through the EOS Network Foundation (ENF) as a tool for multi-chain collaboration and the development of public infrastructure products, it further improves the infrastructure and drives the rapid development of EOS.
EOS EVM
EOS EVM is a simulation of Ethereum EVM and resides in EOS smart contracts. EOS EVM will provide the same functionality as other EVMs in the field, but with unparalleled speed, performance, and compatibility advantages. EOS EVM connects the EOS ecosystem with the Ethereum ecosystem, allowing developers to deploy a large number of Solidity-based digital assets and innovative dApps on EOS. Developers can use EOS EVM to take advantage of Ethereum's battle-tested open source code, tools, libraries, and SDKs while taking advantage of EOS's superior performance.
EOS Network Foundation
The EOS Network Foundation (ENF) was created to create a prosperous, decentralized future for the EOS ecosystem. ENF is ushering in a new round of Web3 change by encouraging active participation from key stakeholders in the EOS ecosystem, supporting community projects, providing ecosystem funding, and supporting the construction of an open technology ecosystem. As the center of the EOS network and a leading open source platform, ENF was founded in 2021 and has a stable set of frameworks, tools, and blockchain deployment libraries. Together, we have achieved innovation in community building and are committed to creating a stronger future for all.
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