The Evmos team has announced its attention-grabbing new plans. According to the team, they aim to offer ERC-20 compatibility for Cosmos tokens by focusing on EVM support. Altiplanic, the core development firm of the Layer-1 blockchain network Evmos, has revealed that it is working on a software mechanism that will facilitate the use of various assets within the Cosmos ecosystem as ERC-20 tokens.
Innovation in the Blockchain Field
This planned integration will eliminate the need for “wrap tokens” by allowing the direct use of non-ERC-20 compliant tokens on Evmos EVM-based dapps. It will also address some technical challenges within the ecosystem. Federico Kunze Küllmer, the founder of Evmos and CEO of Altiplanic, made the following statement regarding this matter:
“This functionality will enable users, wallets, and developers to seamlessly utilize all Cosmos native assets without the need to change their preferred tools on EVM or perform any wrapping or unwrapping operations.”
The expected mainnet version of this mechanism, which includes both native and ERC-20 assets, is planned to be available by the end of the year. The Ethereum Virtual Machine (EVM), which stands for Ethereum and Evmos, provides a software environment responsible for processing and executing the software logic in smart contracts in blockchain ecosystems like Ethereum.
Process to be Completed by Year End
Evmos operates as an EVM-compatible blockchain ecosystem supporting decentralized applications from both Ethereum and Cosmos ecosystems. This poses different challenges in maintaining compatibility between the two ecosystems. Although there is an ERC-20 EVM standard, most chains within the Cosmos ecosystem use a different format that lacks token metadata, which includes only value and quantity information for crypto assets.
The software development firm has acknowledged that the absence of native ERC-20 support for Cosmos tokens is a problem for the client software and developers on Evmos, and they are currently planning to address this issue.
With the planned use of a software module called the “ERC-20 Extension,” Cosmos assets will be able to exist on Evmos. This module will merge ERC-20 and native Cosmos token formats into a single standard interface to simplify the process for developers. This feature will soon be available on the Evmos test network, with a mainnet launch planned by the end of the year.
