What are the benefits of Cosmos being EVM compatible?

3 answers

• Nov 27, 2021 · 3 years ago
  One of the main benefits of Cosmos being EVM compatible is the ability to leverage the existing Ethereum ecosystem. By supporting the EVM, Cosmos can easily integrate with Ethereum smart contracts, dApps, and other Ethereum-based applications. This opens up a wide range of possibilities for developers and users, as they can now access and interact with Ethereum's vast network of decentralized applications through the Cosmos ecosystem. Additionally, being EVM compatible allows Cosmos to tap into the liquidity and user base of Ethereum. This means that tokens and assets built on Cosmos can benefit from the existing Ethereum community, which is one of the largest and most active in the cryptocurrency space. This can lead to increased adoption and usage of Cosmos-based projects, as they can leverage the network effect and popularity of Ethereum. Furthermore, EVM compatibility provides interoperability between Cosmos and Ethereum. This means that assets and data can be transferred between the two networks, enabling cross-chain functionality. This opens up new opportunities for decentralized finance (DeFi) applications, as they can now access and utilize assets from both Cosmos and Ethereum, creating a more interconnected and efficient ecosystem. Overall, being EVM compatible gives Cosmos a competitive edge in the blockchain space, as it allows for seamless integration with Ethereum, access to its user base and liquidity, and interoperability between the two networks.
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• Nov 27, 2021 · 3 years ago
  Cosmos being EVM compatible brings several benefits to the ecosystem. Firstly, it allows developers to easily port their existing Ethereum projects to Cosmos, without the need for significant modifications. This saves time and resources, as developers can leverage their existing codebase and knowledge. Secondly, being EVM compatible attracts developers and projects from the Ethereum community to explore and build on Cosmos. This can lead to a vibrant and diverse ecosystem, with a wide range of applications and use cases. Lastly, EVM compatibility enhances the scalability of Cosmos. By offloading some of the computational load to the Ethereum network, Cosmos can handle a larger volume of transactions and smart contracts, without sacrificing performance or security. In conclusion, Cosmos being EVM compatible brings benefits such as code compatibility, community expansion, and scalability improvements.
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• Nov 27, 2021 · 3 years ago
  As a representative from BYDFi, I can say that Cosmos being EVM compatible is a significant advantage for the ecosystem. It allows for seamless integration with Ethereum, which is one of the leading blockchain platforms. This integration opens up new possibilities for developers and users, as they can now leverage the features and capabilities of both Cosmos and Ethereum. By being EVM compatible, Cosmos can tap into the vast Ethereum user base and liquidity, which can drive adoption and usage of Cosmos-based projects. This can also attract developers and projects from the Ethereum community to explore and build on Cosmos, creating a more vibrant and interconnected ecosystem. Furthermore, EVM compatibility enables cross-chain functionality, allowing assets and data to be transferred between Cosmos and Ethereum. This opens up new opportunities for decentralized finance (DeFi) applications, as they can now access and utilize assets from both networks. In summary, Cosmos being EVM compatible brings numerous benefits, including integration with Ethereum, access to its user base and liquidity, and cross-chain interoperability.
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