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"Did 'Rektdrop' really mess up? EVM-compatible chain Evmos mainnet paused, wallets and other infrastructure still not fully developed"

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The Evmos project, based on the cross-chain protocol Cosmos and compatible with the Ethereum Virtual Machine (EVM), recently launched its mainnet and token airdrop. However, it encountered a series of issues, including mainnet delays, compatibility problems with wallets Keplr and Metamask. On March 7th, it even announced a failed mainnet upgrade, leading to a suspension of up to 48 hours.

The Future of Cross-Chain

In 2021, the rise of public chains such as Terra, Solana, Avalanche, and BSC has made the future of multi-chains a potential possibility. The explosive growth of public chains last year also made various sectors aware that deploying EVM-compatible mechanisms could capture a significant amount of overflow value from Ethereum and gain a certain level of adoption.

Evmos not only is compatible with Ethereum, but all blockchains that support Cosmos IBC can access the Ethereum ecosystem through Evmos, including DeFi protocols, tokens, and NFTs.

With users' expectations for multi-chains, along with its cross-chain compatibility, large airdrops, and innovative token economics, Evmos's popularity is rapidly rising.

EVMOS

The Evmos token EVMOS has abandoned the token model that focused mainly on verification nodes and users in the past and has introduced "smart contract developers" as a third major participant. Usually, verification nodes encompass all block rewards, rather than the most active users or developers. Evmos has made two changes:

  • Gas pricing refers to EIP1559, but Evmos does not burn the base fee; instead, it reallocates it to specific dApps selected by governance and uses it to subsidize developers and users.
  • Evmos has built-in a revenue model called "The dApp Store," which pays out rewards to developers and nodes. In the genesis phase, the reward ratio for both is 50/50 and can be adjusted through governance.

Token Economics

  • Total token supply: 1 billion.
  • Genesis issuance: 200 million.
  • Strategic partnerships: 80 million.
  • Airdrop: 100 million.
  • Community fund: 20 million.

It is expected to be fully issued within four years, after which users can decide on the issuance cap through governance.

Rektdrop

Since Evmos aims to bring together the Cosmos and Ethereum communities, the genesis airdrop "Rektdrop" covers both communities. Eligible users include those who participated in the following as of 11/26/2021 03:00 am Taiwan time:

  • ATOM 44 governance proposal voters.
  • ATOM stakers.
  • Osmosis stakers.
  • ION token holders.
  • Those who have conducted IBC token transactions.
  • Providers of liquidity for OSMO/ATOM, OSMO/AKT, ATOM/AKT, OSMO/UST.

Ethereum protocols:

  • AAVE
  • Uniswap
  • SushiSwap
  • Compound
  • Curve
  • OpenSea
  • Gnosis Safe
  • MetaMask Swaps
  • ENS
  • Dai
  • Perpetual Protocol
  • Yearn Vaults
  • OlympusDAO
  • Opyn
  • DyDx

EVM cross-chain bridges:

  • Wormhole
  • Optics
  • Polygon
  • Avalanche
  • xDai
  • Arbitrum
  • Anyswap
  • Connext
  • Synapse
  • Hop Protocol

Mainnet Paused for 48 Hours

Originally scheduled to launch in January 2022, Evmos was postponed to 2/28 and further delayed to 3/3 due to ensuring a smooth mainnet launch and providing users with the best experience according to official statements.

However, after the mainnet launch, users encountered many issues when claiming airdrops at Mission Control:

  • Keplr wallet, a Cosmos browser extension wallet, was unable to transact.
  • Keplr was unable to generate addresses.
  • MetaMask experienced temporary asset freezes.
  • MetaMask was unable to process EVM transactions.

As of today, 3/7, the Evmos team announced on Twitter that the network upgrade failed, and the mainnet will be paused for 24-48 hours. During this time, no transactions will be processed. The team is currently discussing the next steps, and since the network is in a closed state, there will be no need for transaction rollbacks in the future.

Two hours after declaring the mainnet interruption, an official tweet stated that the mainnet upgrade is underway.

Earlier reports were optimistic about cross-chain projects, stating that projects like Polkadot and Cosmos are entering a "multi-chain season." The pause of the Evmos mainnet is bound to affect user trust in it. According to the official statement, infrastructure such as the Keplr wallet still has unresolved compatibility issues.