All about EOS EVM, its standing against zkEVM and zkSync Era, and more

EOS has claimed that its EVM is considerably faster than Polygon and Solana.
The token’s price increased after the launch, but later registered a decline.

EOS Network Foundation [EOS] recently launched its EOS EVM, an emulation of the Ethereum Virtual Machine, deployed as a smart contract on the blockchain. Ignas, a popular Twitter account that posts insights about DeFi and other crypto spaces, highlighted EOS EVM’s features and capabilities in a 17 April tweet.

1/6 EOS launched the EOS EVM chain.

It offers $EOS performance with the resources of the Ethereum community.

EOS EVM claims to be 25x faster than AVAX and 3x faster than Solana or Polygon.

— Ignas | DeFi Research (@DefiIgnas) April 17, 2023

How much are 1,10,100 EOSs worth today?

A-Z about EOS EVM

The EOS EVM runs decentralized applications written in Solidity, the native programming language of Ethereum [ETH]. The solution was developed to tackle the challenges faced by Ethereum developers, such as scalability.

The blockchain’s new EVM aims to solve this problem by successfully combining the strong performance of the EOS Network with the easily accessible resources of the Ethereum community. The newly launched EVM is designed to complement Ethereum and accelerate the network’s mass adoption.

EOS EVM vs. competitors

Ignas’ tweet mentioned that EOS EVM claims to be 25 times faster than Avalanche [AVAX] and three times faster than Solana [SOL] or Polygon [MATIC]. Better speed can be a key factor in attracting new users. Apart from the speed, ENV committed to investing $20 million in GameFi and EOS EVM projects to further the growth and adoption of EOS. But will it be enough to entice the community?

The question can be better answered after checking the performance of its competitors, such as Polygon’s zkEVM. As per Dune’s data, zkEVM’s unique depositors have declined sharply, which can be good news for EOS EVM. A similar decline was also noted on zkSync Era’s unique wallet counts, giving EOS EVM an opportunity to grow.

Source: Dune

EOS network since EVM launch

It was interesting to see that on the day of the EVM launch, the blockchain’s network value spiked as its TVL increased. However, the uptrend was short-lived, as it declined over the following days.

Source: DeFiLlama

Despite the EVM launch, the network’s development activity remained low in April 2023. Nonetheless, EOS remained a topic of discussion in the crypto community as its social volume remained relatively high throughout the last 30 days.

Source: Santiment

Realistic or not, here’s EOS market cap in BTC’s terms

The network’s token reaction was positive

Soon after the EVM was released on 13 April, the blockchain’s native token’s price action turned bullish. However, the upward momentum halted soon as its price went down over the coming days.

While its price increased, positive sentiments around EOS also spiked. Another good news for the token was its green funding rate, reflecting its demand in the futures market. At the time of writing, the token was trading at $1.21, with a market capitalization of more than $1.3 billion.