Blockchain scalability has been a hot topic in the crypto industry for a long time. With Ethereum suffering from congestion causing transaction fees to rise, there has been a rise in the Layer-1 EVM compatible blockchain in the market.
We take a look at some of the most well-known and most promising EVMs that are expected to make strides in 2022 as the industry shifts its focus away from Ethereum.
Moonriver is the Polkadot-based Moonbeam Canary Network, developed by the PureStake team. It is an EVM compatible platform that allows developers to deploy smart contracts and front office dApps built for Ethereum in the Polkadot ecosystem.
All new code intended for Moonbeam is shipped to Moonriver first, where it is tested and verified under real economic conditions, but without the pressure of a high-market network like Polkadot.
Moonriver won the second Parachin auction in Kusama by a landslide, raising more than 205,000 SM NIS in the crowd, valued at about $52.5 million at the time. The public’s interest in Moonriver can be explained, at least in part, by the platform’s community-centric approach. Unlike its Polkadot-based sister project, Moonriver dedicates the majority of its supply to the community – a total of 40% of MOVR’s supply is dedicated to community incentives. Another 30% of the offer will be distributed as rewards to those who contributed to her group loans. Neither Moonriver’s investors nor its team received a token allocation.
As of 2022, the majority of Moonriver’s total insured value (TVL) comes from its Ethereum bridge. Soon second is decentralized exchanges (DEXs), which account for 39.9% of the market share on the platform.
Moonriver remains Kusama’s most active parachute, handling nearly 15 million transactions. By the end of 2021, the platform had 75 direct integrations, over 380,000 wallets, and over 1 million MOVRs locked into the aggregator.
To date, more than 3,000 ERC-20 tokens have been generated on the Moonriver network, cementing its position as a dominant force not only in the Kusama ecosystem, but also in the larger crypto ecosystem.
2021 was a great year! 🔥
Moonriver is still the most active parachin in the world Tweet embed With 14.5 Million+ Transactions, 380K+ Wallets, 1 Million+ MOVR Locked in Pooling, and More!
Check out Moonriver’s milestones in 2021 here 👇 https://t.co/TP8wIVhvT3
– Moonriver Network (@MoonriverNW) December 30, 2021
Avalanche C-Series (Avalanche)
The C chain is part of the avalanche integrated blockchain, a chain of contracts owned by the network. The C chain is essentially a copy of the Ethereum Virtual Machine (EVM), which allows developers to deploy smart contracts built for Ethereum.
The C chain exists along with two other blockchains – the exchange chain and the platform chain. As each chain handles specialized tasks, the network becomes much faster and more scalable than a blockchain that manages all operations in a single chain.
Avalanche’s broader goal of becoming a global asset exchange is made possible by the C-chain. The chain coordinates network validators, tracks active subnets, and facilitates the creation of new networks.
The fuel that powers the avalanche is AVAX, its original utility code. Interoperable across subnets and the mainnet, members of the Avalanche community can token to become network auditors. The market capitalization of the token is $21.76 billion.
Users who don’t want to share their AVAX tokens on the network can use it well in one of the dozens of major protocols launched at Avalanche. To date, it has been over $11 billion in value locked On Avalanche via dApps like Aave, Benqi, Trader Joe’s, Curve and SushiSwap.
C-Chain’s derives its value in the avalanche ecosystem from popular lending protocols like these. Series C is the transition chain to the lending avalanche, which accounts for the majority of TVL in Avalanche.
All of these features have attracted a huge and tightly knit community to the avalanche that has been pushing both its symbolism and utility to new heights and many believe the hype will continue into 2022.
Aurora (NEAR Protocol)
Aurora is an Ethereum Virtual Machine (EVM) created by the team behind the NEAR protocol. The network is designed as a turnkey solution for developers looking to run their dApps on an Ethereum-compatible, high-throughput, scalable and future-proof platform.
Since the network runs on the NEAR protocol, it inherits the performance it provides. This enables the network to offer not only very fast transactions but also very cheap transactions. Another major feature that Aurora offers is its base currency. Unlike other Layer-1 EVM compliant chains, Aurora’s base coin is the original Ethereum coin.
The Aurora Bridge, which is part of the NEAR Rainbow Bridge, allows users to transfer their Ethereum assets in a completely untrusted environment.
While Aurora shares the team and technology behind the NEAR protocol, it will be run as an independent, self-funded initiative. The network is governed by the DAO, making it one of the few EVMs to relinquish the reins and put control of the network into the hands of its community.
In the first quarter of 2022, the network is set to offer a staking service for its native token AURORA, which is set to give the cryptocurrency a real interest in the world. And with protocols like 1inch, Band, ShowSwap, and DODO all finding their home on Aurora, the token has the potential to open up countless new possibilities for its users.
Cosmos has had the longest wait for Ethereum compatibility to come true, but the introduction of Evmos in September 2021 finally brought EVM to the network.
Evmos is an application-neutral chain that is interoperable with the Ethereum mainnet and any other BFT and EVM compatible environments. Its integration with the Inter-Blockchain Communication (IBC) protocol provides this compatibility and makes it easier for users and developers to transfer value between different chains.
The platform is the first IBC-compliant, EVM-based chain on Cosmos, which takes advantage of the Cosmos SDK to provide users with the scalability, interoperability, and fast end-to-end that they otherwise miss from Ethereum. As such, Evmos is able to offer developers a convenient EVM ecosystem that they can run their Ethereum-based applications without having to rewrite any of their code.
This has the potential to significantly increase the number of projects flowing into the Cosmos network, thus pushing the original Atom of Cosmos to new heights. The same can be applied to EVMOS, the platform’s native cryptocurrency, which will be airdropped to all users who have spent gas on about a dozen different apps on Ethereum and Cosmos. In addition to EVM bridges. The token will also be offered to victims of some of the biggest rug rolls in 2021 in an effort the company calls “rektdrop.”
Given the amount of growth that growth platforms like Binance Smart Chain and Polygon saw after developing their EVM, it’s safe to say that Evmos has the potential to push Cosmos to the forefront of DeFi.
2022 will be the year of EVM machines
The need for Ethereum-compatible chains has never been greater. As projects race to deliver the highest productivity at the lowest fees, these four devices will be decommissioned in 2022. Competition in the space is heating up and it will be one of the major forces driving changes and innovation in the crypto industry.
Some say an avalanche-sized player will be dominating the market, while others believe new entrants to the space like Aurora will see the biggest growth. However, it’s still too early to tell which of the EVMs will have the biggest impact this year.
What is certain, however, is that the low fees and low latency will not be enough to make any of the Tier 1 EVMs a dominant force in the market. Other features such as cross-threading interoperability and a good user interface will be what will attract the strongest community – and it is the community that decides how far any of these projects will go.
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