Thread by @GravityX_Cap

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EVM is the defacto standard among blockchain developers with a huge community for support. This has led other EVM-compatible chains to explore this system and non-EVM chains to buidl EVM-compatibility layers on top of that.

Let’s take a deep dive into this 🧵

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After launching with limited success, the so-called “Ethereum killers” are building solutions on top of the chains to support EVMs. For instance, Polkadot’s Moonbeam, @NEARProtocol Aurora, @cosmoshub Evmos & @solana Neon.

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What is EVM?

The Ethereum Virtual Machine (EVM) is responsible for defining the rules for calculating a new valid state from block to block. The #EVM is a robust sandboxed virtual stack within each Ethereum node, responsible for contract bytecode execution.

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ETH Developers are leading the web3 development activity with around 4,000+ monthly active developers. It continues to have the largest ecosystem of tools, apps, and protocols and is 2.8x larger than the 2nd-largest ecosystem. One out of five new #Web3 developers work on ETH

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Solidity & EVM are the de-facto standard for the Blockchains

Ethereum was first to allow on-chain smart contract execution & for this, they published Solidity, an EVM-compatible coding language. Almost every successful dApps uses Solidity & EVM for smart contract execution.

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As #Ethereum started gaining traction, a lot of different tools appeared to ease & speed up the implementation and deployment of smart contracts over Ethereum (and thus the EVM). You are probably aware of names like #Truffle, #Ganache, #Infura, #OpenZeppelin, #Hardhat, etc.

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Ethereum was the first network to deploy smart contracts & is still the gold standard among competing blockchains. But due to its size & the enormous number of users, scalability has now become an issue.

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EVM compatible blockchains

Other permissionless blockchains quickly reacted to the current $ETH problems by offering lower gas fees & faster transactions. But instead of developing new way of implementing smart contracts, developers simply copied parts of the $ETH network

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What do they offer?

For Consumers, EVM-compatible chains offer cheaper gas prices, faster transactions & the same address format as $ETH leading to a user-friendly environment. It accelerates traffic & ecosystem expansion as $ETH users can transition to other chains easily.

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For #Developers, an EVM-compatible chain establishes a code execution environment comparable to the #EVM. It implies that Ethereum developers may deploy protocols to the chain quickly & easily without having to create the code from scratch.

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There is a huge ecosystem developed around EVM-compatible chains such as @avalancheavax, @binance, @FantomFDN & Layer 2 solutions such as Arbitrum & Optimism. The comparison of such EVM-based smart contract platforms can be found 👇

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Moving to Non-EVM chains

Various blockchains stepped in to solve the Ethereum scalability issue which doesn't support EVM & uses different virtual machine standards such as CosmWasm. Popular examples of these chains are Solana, Cosmos, Near Protocol & @Polkadot .

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Non-EVM enabling EVM on top of it

Initially, chains released without EVM had superior designs, like popular programming language & speed. After including EVM compatibility these chains abandoned their original goal of developing an alternative tech stack to Ethereum's.

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Moving to projects built for EVM compatibility on non-EVM chains

-Aurora on @NEARProtocol
-Moonbeam on @Polkadot
-Evmos on @cosmoshub
-Neon on @solana
-Oasis Emerald Paratime on @OasisSwap_org
-@Algorand announced plans

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Aurora is a technology that enables Ethereum contracts to be executed in a more performant environment- NEAR blockchain, a contemporary layer-1 blockchain that is fast (2-3 second transaction finalization), scalable & carbon neutral.

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Polkadot & Cosmos are multi-chain blockchains that support Moonbeam & Evmos, respectively. They chose not to implement #EVM alongside the main VM, but rather to dedicate a single subchain to it.

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Moonbeam is the platform that supports EVM compatibility & #dApp deployment on Polkadot. With the continuous deployment of projects to #Moonbeam, it has become pivotal in bringing utility & interoperability to the network.

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#Evmos on Cosmos is an application-agnostic chain that will be interoperable with the Ethereum Mainnet, EVM-compatible environments & other BFT chains via IBC, making it easy for users & developers to easily move value between chains.

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Neon is a virtual machine that allows developers to use Solana's scalability, liquidity & Ethereum's tools. This means dApp developers get low gas fees, faster transactions, parallel transaction processing, high throughput, and access to the Solana market.

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Emerald Paratime on the Oasis Network aims to reduce transaction costs by increasing throughput to over 1000 transactions per second. This EVM supports DApps, including #DeFi, #NFT, #Metaverse, & crypto gaming projects. It also enables cross-chain inter-operability.

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Algorand recently announced $20 million in funding to accelerate development in its ecosystem. Foundation officials said $10 million in grants would go to developers that can provide solutions for EVM compatibility.

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Rollups with EVM compatibility

zkEVM is a virtual machine that executes smart contracts in a way that is compatible with zero-knowledge-proof computation.

#Hermez zkEVM is an optimised zk EVM-compatible tech that offers full OPCODE compatibility and Ethereum’s security.

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#Scroll ZK rollup is an EVM-compatible rollup with a strong network, a robust outsource mechanism that incentivizes rollers to generate ZK proofs, and is compatible with all existing Ethereum infrastructures without any modification.

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The EVM environment can serve as an entry point for assets from EVM chains into these underlying chains. Users will select the bridge that is convenient & safe for them. The graphic below depicts Cosmos Hub & Evmos interacting with EVM chains.

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EVM is the de facto standard for smart contract execution. It facilitates liquidity movement from the $ETH chain to these faster, cheaper & scalable #EVM solutions. Moreover, with growing developer communities around EVMs, it will resolve most issues with the main ETH chain