EOS, an open-source blockchain platform, has announced the beta launch of its Ethereum Virtual Machine (EVM) mainnet to improve interoperability between its network and Ethereum Blockchain. The EOS Network Foundation (ENF) has also signed a strategic investment deal of $60 million with market maker and investment firm DWF Labs to support the platform’s growth and development.
EOS Unveils EVM Mainnet
The EOS EVM will be released as a smart contract on the EOS Network, and developers will have access to it, as well as many tools, resources, and open-source code libraries that support it. The EVM is designed to complement the Ethereum network’s scalability challenges and slow transaction speeds with its rapid operational ability. The EOS virtual machine will bridge the two blockchains, gaining access to Ethereum’s extensive resources while implementing its low fees, one-second block interval speeds, and over 800 swaps per second.
Solidity developers will now have easy access to EOS’s scalable network infrastructure and funding programs, as well as Ethereum’s resources through the EVM.
Yves La Rose, founder and CEO of the EOS Network Foundation, stated: “With EOS EVM, it is now significantly easier for Ethereum developers and end users to take advantage of the low fees, ultra-fast speeds, and reliability of the EOS Network. EOS EVM is a significant milestone and represents our commitment to a multi-chain future.”
EOS Foundation Partners With DWF Labs
DWF Labs will now support the EOS Network in two ways following the $60 million strategic partnership: purchasing EOS tokens worth $45 million and investing $15 million into EOS-based businesses and projects. The alliance between EOS Network and DWF Labs will channel their resources toward facilitating the growth of the EOS ecosystem.
Andrei Grachev, the Managing Partner of DWF Labs, said: “Our strategic partnership will enable us to explore new horizons and revolutionize the blockchain ecosystem together, providing developers with the tools and resources they need to bring about a more decentralized and connected future.”