Blockchain scalability has been a hot topic in the crypto industry for quite some time. With Ethereum suffering from congestion that sent transaction fees skyrocketing, there has been an increase in Layer-1 EVM compatible blockchains on the market.
We take a look at some of the most popular and promising Layer 1 EVMs that are expected to make big strides in 2022 as the industry shifts its focus to Ethereum.
River of the Moon (Kusama)
Moonriver is Moonbeam’s Canarian network based on Polkadot, developed by the PureStake team. It is an EVM-compliant platform that enables developers to implement smart contracts and dApp front-end offices built for Ethereum in the Polkadot ecosystem.
All new code destined for Moonbeam is first sent to Moonriver, where it is tested and verified under real economic conditions, but without the pressure of a large market cap network like Polkadot.
Moonriver won the second parachain auction in Kusama overwhelmingly, raising more than 205,000 KSM in the group loan, worth 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 sister project based in Polkadot, Moonriver allocates most of its supply to the community: a total of 40% of MOVR’s supply is allocated to community incentives. Another 30% of the supply will be distributed as a reward to those who contributed to their group loan. Neither the Moonriver investors nor their team have received a token allocation.
As of 2022, the majority of the Total Value Locked (TVL) on Moonriver comes from its Ethereum bridge. A close second is decentralized exchanges (DEX), which account for 39.9% of the market share on the platform.
Moonriver remains the most active parachain on Kusama, processing almost 15 million transactions. By the end of 2021, the platform had 75 live integrations, more than 380,000 wallets, and more than 1 million MOVRs locked in collector staking.
To date, more than 3,000 ERC-20 tokens have been created 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 has been an incredible year! 🔥
Moonriver continues to be the most active parachute in @kusamanetwork with over 14.5 million transactions, over 380,000 wallets, over 1 million MOVRs locked into collector share, and much more!
Check out the Moonriver milestones in 2021 here 👇https://t.co/TP8wIVhvT3
– Red Moonriver (@MoonriverNW) December 30, 2021
Avalanche C-Chain (Avalanche)
As part of Avalanche’s integrated blockchains, C-Chain is the network’s proprietary contract chain. C-Chain is essentially a copy of Ethereum Virtual Machine (EVM), allowing developers to implement smart contracts built for Ethereum.
The C-Chain exists alongside two other blockchains: Exchange Chain and Platform Chain. As each chain takes care of specialized tasks, the network becomes much faster and more scalable than blockchains that run all processes on a single chain.
Avalanche’s broader goal of becoming a global asset exchange is made possible by C-Chain. The chain coordinates network validators, tracks active subnets, and makes it easy to create new ones.
The fuel that powers Avalanche is AVAX, its native utility token. Interoperable between subnets and the main network, Avalanche community members can stake the token to become network validators. The token has a market capitalization of $ 21.76 billion.
Users who don’t want to stake their AVAX tokens on the net can put them to good use in one of the dozens of major protocols that have been released on Avalanche. To date, more than $ 11 billion in value has been locked on Avalanche on dApps like Aave, Benqi, Trader Joe, Curve, and SushiSwap.
C-Chain derives its value in the Avalanche ecosystem from the popularity of loan protocols like these. C-Chain is Avalanche’s loan chain, representing the majority of Avalanche’s TVLs.
All of these features have drawn a huge and tight-knit community to Avalanche that has been pushing both its token and its utility to new heights and many believe the hype will continue well into 2022.
Aurora (NEAR protocol)
Aurora is an Ethereum Virtual Machine (EVM) created by the team behind NEAR Protocol. The network was designed as a turnkey solution for developers looking to operate their dApps on a high-performance, scalable and future-proof Ethereum-compatible platform.
Since the network runs on the NEAR protocol, it inherits the performance it offers. This enables the network to offer not only extremely fast but also very inexpensive transactions. Another great advantage that Aurora offers is its base currency. Unlike other Layer 1 EVM compliant chains, Aurora’s base currency is Ethereum’s native ETH.
Aurora Bridge, part of NEAR Rainbow Bridge, allows users to transfer their assets from Ethereum in a totally trust-free environment.
While Aurora shares the equipment and technology behind NEAR Protocol, it will operate as an independent and self-funded initiative. The network is governed by a DAO, making it one of the few EVMs that has let go of the reins and put control of the network in the hands of its community.
In the first quarter of 2022, the network is set to introduce staking of its native AURORA token, which is set to give the cryptocurrency a real-world utility. And with protocols like 1-inch, Band, ShowSwap, and DODO finding their home in Aurora, the token has the potential to unlock a host of new possibilities for its users.
Cosmos had the longest wait to achieve Ethereum compatibility, but the introduction of Evmos in September 2021 finally brought an EVM to the network.
Evmos is an independent chain of applications that is interoperable with the Ethereum mainnet and any other BFT and EVM compliant environment. Its integration with the Inter-Blockchain communication protocol (IBC) provides this compatibility and makes it easy for users and developers to move value between various chains.
The platform is the first IBC-compliant EVM-based chain in Cosmos, leveraging the Cosmos SDK to provide users with the composability, interoperability, and fast finality that Ethereum lacks. As such, Evmos can offer developers a compliant EVM ecosystem in which they can launch their Ethereum-based applications without having to rewrite their code.
This has the potential to significantly increase the number of projects that flock to the Cosmos Network, and in turn, push Cosmos’s native ATOM to new heights. The same can be applied to EVMOS, the platform’s native cryptocurrency, which will be launched from the air to all users who have spent gasoline on about a dozen different dApps on Ethereum and Cosmos. as well as EVM bridges. The token will also be awarded to victims of some of the biggest carpet recalls in 2021 in an effort the company calls “rektdrop.”
Given the growth experienced by platforms like Binance Smart Chain and Polygon after developing their own EVM, it’s safe to say that Evmos has the potential to propel Cosmos to the forefront of DeFi.
2022 will be the year of the EVM
The need for Ethereum-compatible chains has never been greater. With projects vying to deliver the highest performance at the lowest fees, these four EVMs will have a lot of work ahead of them in 2022. Competition in the space is heating up and will be one of the main driving forces for change and innovation in the crypto industry. .
Some say a player as big as Avalanche will dominate the market, while others believe newcomers to space like Aurora will see the most growth. However, it is still too early to tell which of these EVMs will have the biggest impact this year.
What is certain, however, is that low fees and low latency won’t be enough to make any of these Layer 1 EVMs a dominant force in the market. Other features, such as cross-chain interoperability and a good user interface, will attract the strongest community, and it is the community that will decide how far any of these projects will go.
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