Evmos, the port-of-entry from Ethereum to Cosmos, today sees its core developer, Tharsis Labs, announcing it has raised $27M in Seed funding to accelerate the growth of its ecosystem of interoperable dApps. The round was led by Polychain Capital with participation from Galaxy, Huobi, HashKey, Coinbase Ventures, Circle Ventures, Asymmetric as well as a number of angel investors from around the Web3 space.
Evmos is the foremost EVM-compatible blockchain built using the Cosmos SDK and empowers developers to easily launch dApps that work seamlessly across ecosystems. The project began as a community-funded initiative, with the core team building the open-source Ethermint library for making a Cosmos blockchain that’s fully compatible with the EVM. Now with the successful launch of Evmos, the premier blockchain built on the Ethermint library, this token sale will support more development by Tharsis Labs on Evmos and the accelerated growth of the Evmos ecosystem.
“Evmos is ushering in a new wave of EVM dApp development and innovation by empowering developers with a simple solution for cross-ecosystem compatibility,” said Federico Kunze Küllmer, Co-Founder of Evmos. “As we look ahead, we’re excited to be empowering dApp builders with the best place to launch their products by enabling native interoperability, aligning developer incentives with the use of their dApps, and making it easy for them to launch their own appchains when they’re ready.”
Since going live near the end of April, projects have flocked to Evmos. A variety of DeFi products are enabling users to swap, lend, and borrow both ERC20 and IBC tokens, NFT and gaming applications are cropping up, and much more. The possibilities are vast when building on Evmos. IBC and Interchain Accounts paired with full EVM compatibility make managing assets across the Interchain and EVM simple and unlock powerful asset management use cases. And Evmos makes launching dApps a breeze because developers can implement the same Solidity or Vyper smart contract code on Evmos as they would on any other EVM.
A variety of infrastructural products have also come to Evmos. A range of wallets, for instance, give Evmos users the ability to manage both their ERC20 and IBC assets from one place. Crucially, Evmos supports both the Metamask and Keplr wallets, popular in the Ethereum and Interchain ecosystems. Products like Fireblocks, Gnosis Safe, Aegis Custody, and Anchorage Custody have partnered with Evmos to give institutional capital better access to Evmos, while Flux Protocol, DIA, and Redstone have brought their cross-chain oracles to the ecosystem.
“It has been incredible to witness Evmos coming to life through community funding from the Cosmos Hub and post-launch through the active participation of the community, which is engaged and growing,” said Josh Rosenthal, Portfolio Manager at Polychain Capital. “We’re excited to now lend our support to further Evmos’ mission of enabling dApps to span the EVM and Interchain ecosystems.”
The Evmos community is the lifeblood of the ecosystem and has played a crucial role in everything from spurring development to crisis recovery. Already, the community has leveraged its substantial community fund to sponsor events like the Evmos Momentum Hackathon, which saw over 150 developers submit projects, and the upcoming One Million Wallets Hackathon. And in the face of setbacks like the Nomad bridge attack, the community responded with multiple proposals that have been effective in restoring TVL on the platform to levels even higher than before the exploit.
Evmos is committed to empowering dApp developers in a variety of ways. Not only is launching on Evmos designed to be as streamlined a process as possible, but Evmos is pioneering a new approach to sustainably compensating developers. Instead of transaction fees going entirely to validators or being partially burned as they are on Ethereum, Evmos has pioneered a fee split mechanism that directs half of each transaction fee to the developers whose dApp is being used.