The EOS Network Foundation or ENF announced on April 21 that it had completed the work required to bring the Ethereum Virtual Machine to the EOS network. The new virtual machine – dubbed Trust EVM – runs as a smart contract on the EOS blockchain.
The EVM launch is part of a “new revitalization plan” for the EOS network and aims to attract Ethereum developers. Trust EVM is currently available as a Developer Preview Testnet.
According to a press release, the EVM runtime environment maintains full compatibility with the rest of the EOS ecosystem for decentralized applications (dapp), allowing tokens to be moved between environments.
ENF Managing Director Yves LaRose called:
“Our first product, the Trust EVM, will usher in the next generation of DeFi and GameFi with limitless possibilities when it comes to combining the speed, throughput and cost of EOS for Solidity-based applications running on the EOS EVM to be executed. Trust EVM will revolutionize the DeFi landscape as it exists today.”
EOS Network Foundation
In December 2021, the EOS community voted to stop payments to Block.one, the company behind, among other things, the development of the EOSIO software and the codebase underlying the EOS and WAX blockchains.
The community’s “coup” was initiated due to an alleged lack of financial transparency and the slow progress of the EOS network. Following the event, the EOS Network Foundation (ENF), which represents the community, took over building the network.
The foundation said in the press release:
“Since the dismissal of Block.one and the acquisition of the EOSIO codebase, the ENF has pursued a multi-pronged strategic approach to evolve EOS into the industry-leading Web3 smart contract platform and blockchain ecosystem. Since the beginning of this year, the ENF has established several working groups in many subject areas, published four research papers with 75 EOS improvement proposals, formed a protocol development coalition with $8 million in funding for its first year, and tripled our team size.”
The EOS Network Foundation (ENF) is a non-profit organization that coordinates financial and non-financial support to encourage the growth and development of the EOS Network.
Access to popular toolkits and SDKs
EVM integration addresses previous developer tooling issues by giving developers access to open source code libraries, SDKs, and popular toolkits like Hardhat and Truffle.
According to ENF, the EOS network processed over 120 million transactions daily during peak periods, which translates to almost 4000 transactions per second with no network outages or disruptions.