Evmos, a Layer 1 blockchain that supports decentralized applications from the Ethereum and Cosmos ecosystems, has announced its plan to use native Cosmos assets as ERC-20 tokens via EVM Extension software at Devconnect Istanbul, a conference for developers and enthusiasts of the Cosmos network.
According to a blog post by Evmos, the EVM Extension software will enable the seamless conversion of Cosmos tokens (such as ATOM, OSMO, or IBC vouchers) to ERC-20 tokens and vice versa on the Evmos blockchain. This will allow users to access the benefits of both the EVM and Cosmos runtimes, such as using Cosmos tokens for DeFi protocols, and NFTs, or paying transaction fees with stablecoins on Evmos.
Evmos Will Introduce a Software Module Called ERC-20 Extension
The EVM Extension software will be implemented using a module called “ERC-20 Extension”, which will register a one-to-one mapping of native Cosmos coin denomination to ERC-20 token contract address, called “Token Pair”. Users can create new Token Pairs through governance proposals on Evmos, and once approved, they can convert their tokens without the need to wrap or unwrap them.
Evmos claims that this functionality will provide a unified token model for Evmos, accommodating both native and ERC-20 tokens, and will enhance the interoperability and composability of the Cosmos ecosystem. Evmos also plans to launch EVM bridges to other EVM-based chains, such as Ethereum, Polygon, and Binance Smart Chain, to allow the transfer of existing ERC-20 tokens to Evmos and use them as Cosmos coins.
The network recently unveiled its strategy to gradually replace certain Cosmos infrastructure tools with those compatible with Ethereum or EVM, such as MetaMask. Despite this shift, Evmos will continue to support Cosmos code to ensure the functionality of applications through unique code modules known as EVM Extensions.
Evmos is one of the projects that aims to bring Ethereum compatibility to the Cosmos network, along with others such as Ethermint, Neon EVM, and Gravity Bridge. Evmos is expected to launch its mainnet by the end of this year, after raising $27 million in a funding round led by Polychain Capital.
