Evmos is one of the mostly highly anticipated projects launching in the Cosmos Eco-system. An EVM compatible Cosmos chain, this will bring all the Ethereum smart contract functionality into the IBC world.
Evmos is an application-agnostic chain that will be interoperable with the Ethereum Mainnet, EVM-compatible environments, and other BFT chains via IBC, making it easy for users and developers to easily interact between chains.
Source: Evmos Blog
Having recently announced the EVMOS "Rektdrop" The team behind the project have targeted both ETH users and the core base of the Cosmos eco-system. There is a whole range of categories of people that will be eligible for the airdrop, with the snapshot being taken on Nov 25, 2021.
Just some of the qualification categories for the drop:
Voters on ATOM governance prop 44 - which funded the development of EVMOS from the Cosmos reserves.
ATOM delegators - Equal allocations for all, excluding delegators to centralized exchange validators.
OSMO delegators.
OSMO/ATOM LP's on Osmosis.
OSMO/AKT, ATOM/AKT and OSMO/UST LP's
ION holders
IBC users.
Users of a number of ETH contracts like AAVE, Uniswap, Sushiswap and many others.
Users of various EVM bridges.
Victims of various hacks and rugs, including MEV attacks, Thorchain, Iron finance and more.
This is a fascinating dynamic and it will be interesting to see if many of these ETH users claim and use their airdrop allocation, and give the new Evmos chain a test run. By targeting the Cosmos and Eth communities, the team is obviously positioning itself as the synergistic link between the two. Will be fascinating to see how this goes.
This airdrop is expected soon, with the last blog post suggesting Mid January (which is now).
200 Million tokens on Genesis
80 Million of these go to the airdrop.
20 million to a community pool.
100 million to a strategic reserve.
No VC's, no pre-mines at all.
Over the first year, this will be a high inflation token with another 300 million tokens released in year one. Staking rewards will comprise 40% of these tokens. So, staking will reward with a very high return. My first thoughts on this is that staking the airdrop, asap, will be key to building a position for the long run. If you have a long term perspective on this project, staking and compounding will be heavily rewarded.
My initial impression is that the tokenomics are broadly similar in design to Osmosis. That also involved no VC's (initially, some have invested later on) and high early inflation. 25% of inflation going to the team in my opinion aligns incentives for the team to build value over time. 25% to Usage incentives will drive adoption and growth in TVL and usage of the network.
Overall, I like that a high portion of tokens are going to the airdrop, and high early inflation will incentivize people to become active on the network early on. A similar model has proven hugely successful for Osmosis, which is widely recognized as one of the best airdrops in recent times.
I can't wait for this one. Highly anticipated across the Cosmos, if you only follow one new Cosmos project this is likely to be the one to follow. We see lots of EVM chains around, all of which have a range of benefits and challenges. Ethereum itself is dominant, but high fees keep many people away. BSC, Polygon and others all have their tradeoffs.
EVMOS is likely to be a very successful alternative to these, and is definitely a project I will build a core position in for the long run. EVM contracts on a Cosmos base layer, fully connected to IBC and the growing list of IBC chains just seems to be a no brainer for me. Staking my Rektdrop, building and compounding, participating in various LP's and farming options when they all come to life. The EVMOS ecosystem will become a core component of my portfolio, alongside Osmosis, Comdex and others.
Of course, none of this is financial advice, please do your own research.
Many Leofinance community members will qualify for this "Rektdrop" through the Eth drop categories, and Thorchain in particular. Are you going to claim when it is live?
Thanks for reading, don't forget to follow me on Hive and twitter to keep up to date with the latest news from the cosmos.
Cheers,
JK.
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