EOS EVM, the Ethereum-compatible version of the EOS network, has undergone a significant upgrade with the release of v0.6.0. This update brings a range of new features and improvements that make the network more developer-friendly. One of the main highlights is the support for USDT, which can now be bridged onto EOS EVM in a trustless manner.
Additionally, the EOS Network Foundation has improved compatibility between the original EOS network (EOS Native) and EOS EVM. This allows developers to create applications that draw their logic from EOS Native events, paving the way for decentralized finance (DeFi) platforms for lending, saving, and trading on EOS EVM.
While some of the improvements in v0.6.0 may not be immediately noticeable to end users, they will contribute to a better user experience as more EOS EVM dapps are developed. The ability to bridge USDT from the EOS Native layer to EOS EVM in a trustless manner is seen as a major benefit of this upgrade.
In addition to USDT support, this upgrade also introduces two-way support between EOS Native and EVM. Altcoins can now be bridged between chains, and enhanced cross virtual machine communication brings further advantages. For example, a dapp can be deployed on the EVM chain while drawing its logic from the Native chain.
The EOS Network Foundation is particularly focused on bringing DeFi to life on EOS EVM, with trustless Tether bridging being seen as instrumental in achieving this goal. The foundation highlights several reasons why this is beneficial for DeFi on EOS, including increased liquidity, improved risk management, support for new DeFi protocols, suitability for decentralized remittances and yield farming, and easier onboarding for new users through stablecoins.
While there is still progress to be made in catching up with other EVM chains in terms of DeFi activity, there are reasons to be optimistic about EOS EVM’s prospects. The EOS Network Foundation is actively supporting DeFi protocols through grants and technical improvements, and the superior scalability of EOS EVM compared to other chains works in its favor.
The release of v0.6.0 marks a major step in transforming EOS EVM into a fertile ground for decentralized finance innovation. While there is more work to be done, this upgrade brings EOS EVM closer to becoming a DeFi playground.
Hot Take: EOS EVM Upgrade Boosts DeFi Potential
With the release of v0.6.0, EOS EVM has taken a significant step forward in enhancing its capabilities for decentralized finance (DeFi). The upgrade introduces support for USDT and improves compatibility between EOS Native and EVM, making it easier for developers to create DeFi applications on the network. Trustless Tether bridging is seen as a key feature that will drive liquidity, risk management, and new DeFi protocols on EOS EVM. While there is still progress to be made, the focus on DeFi by the EOS Network Foundation and the scalability advantages of EOS EVM bode well for its future as a thriving DeFi ecosystem.
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