Is Evmos the Key to Connecting ETH and Cosmos?
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Evmos is an EVM hub, serving as a bridge between ETH and the Cosmos ecosystem, two different areas of crypto with unique user bases, UXs, and wallets.
In this twitter space, Evmos discusses upcoming events, how they handled recent IBC issues, and the most recent passed proposals. Evmos is also joined by Huobi Incubator and Diffusion Finance to discuss their recent integrations and partnerships with Evmos.
Read our notes below to learn more.
IBC Issues
Last week, IBC transfers were disabled on the Evmos dashboard.
This was caused by the airdrop period ending in September, causing all unclaimed tokens to be clawed back into community pool.
Some tokens were mistakenly clawed back, including from the IBC module account tokens.
A proposal was passed to give back the tokens from the community pool, restoring full IBC functionality and transfers.
Community pool now includes over 100m EVMOS tokens.
Governance Roundup
Commonwealth (forum platform used for community governance) released stats which reveal Evmos as a top community that uses the platform.
Evmos has an active community that uses commonwealth to agree on outcomes of certain proposals before there are posted on-chain.
Recent passed proposals:
Proposal #65: proposal to white label staked ATOM.
Proposal #68: proposal to white label USK, Kujira’s stable coin.
IBC coins need to be whitelisted by governance to be converted to ERC-20 tokens.
Tokens need to be ERC-20s to be used in Evmos smart contracts and DeFi.
Proposal #67 by the Kinesis (stablecoin protocol on Cosmos) team, proposes that 99k Evmos tokens be given in incentives for certain bridged stable asset pools.
Kinesis has been building on Evmos for a while.
If these incentives go well, there will be more in the future.
Community has control over what token swaps are enabled.
Ledger and Keplr Updates
Integration with Ledger and Keplr wallet has been a long-requested feature.
Team is working on integrating Ledger with the Evmos CLI.
Evmos core development team is working on enabling the display of ERC-20 tokens in Keplr wallet.
This will allow users to use dApps on Evmos and other EVM chains without having to transfer keys or tokens from Keplr to Metamask.
New Features
Currently, a major UX flaw is that users from the Cosmos ecosystem have to swap their tokens for EVM-compatible versions.
Team is working on enabling automatic conversions of IBC tokens into ERC-20 tokens.
This feature will also work for withdrawing ERC-20s into IBC tokens.
Liquid staking is coming to Evmos.
Proposal 64
Proposal aims to kickstart DeFi on Evmos.
It proposes providing significant token liquidity mining incentives for select Diffusion pools (Diffusion is an Evmos native AMM).
This will lower slippage and encourage deposits of liquidity.
The community came together to create this proposal.
This proposal could serve as framework for providing more incentives for other dApps in the future.
Proposal #64 passed, and inspired proposal #67.
Diffusion Finance:
Protocol recently hit $1m TVL again.
Incentives are ready to be launched, team is just waiting for a few more days for certain UI and ecosystem features to be ready.
Incentives include 3 categories:
Major incentives: receives 50% of incentives in EVMOS / ATOM, EVMOS / WETH, and EVMOS / WBTC pools.
Minor incentives: receives 15% of incentives in EVMOS / OSMO, EVMOS / JUNO, and EVMOS / DIFF pools.
Stablecoin incentives: receives 35% of incentives in EVMOS / axlUSDC, EVMOS / ceUSDC, EVMOS / gUSDT, and EVMOS / gDAI pools.
WETH and WBTC will be the Axelar wrapped versions of these assets(Axelar automates cross-chain swapping: read our notes to learn more).
To bridge from Cosmos to Evmos, bridge assets from the Cosmos Hub via the IBC channel, which can be accessed by checking the mintscan Evmos relayers.
Users should use Keplr to create a new connection with the channel and then send funds to Evmos address.
When the assets have bridged, you can use the Evmos dashboard to convert the assets.
Huobi Hackathon
Upcoming Evmos community pool-sponsored event: Covalent One Million Wallets Hackathon.
Evmos was present at Cosmoverse and Devcon.
Jenny, Senior Operating Manager at Huobi Incubator:
Huobi Hackathon concluded with over 174 submissions and over 865 participants across 74 countries.
The project collection started on July 18th and ended on September 20th.
Grant prize was won by Evmos Staking House, a leverage staking service for EVMOS holders.
Hackathon included 12 track winners and two EVM migration winners (read this post for details on the winning projects).
Event achieved a conversion rate of 37.7%, 5% higher than most.
Q&A
Q: Will the next upgrade include the Ledger fix for Keplr?
A: It will include changes to Evmos binary but there are changes on Keplr side that need to happen, which should happen soon.
Q: When will Keplr support Diffusion Finance?
DIFF ERC-20 support will be ready soon after incentives launch.
Changes will be made to Evmos repo and Keplr wallet repo.
Q: Will community wallets be used for other things besides funding new projects?
Yes, community is discussing token swaps with other L1s.
In the past, they’ve been used to fund integrations, incentives.
As governance evolves, use cases will grow.
Q: Is the idea of a potential airdrop or a mechanism to reduce selling pressure for stakers being discussed?
Hasn’t been discussion of another airdrop.
Users should contribute to governance discussion on the Evmos commonwealth forum.
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