In a new development, the Osmosis protocol is set to integrate Ethereum Virtual Machine (EVM) compatibility, marking a significant milestone in the decentralized exchange's evolution. The proposal to add EVM support, facilitated through the integration of evmOS, has officially passed, ushering in a new era of interoperability and expanded user experiences within the Osmosis ecosystem.
What is evmOS?
evmOS is a plug-and-play solution developed by the Evmos core protocol team, designed to bring EVM compatibility to non-EVM chains. By integrating evmOS, Osmosis will gain full access to EVM functionalities, enabling seamless interaction with Ethereum-compatible wallets like MetaMask, alongside Cosmos-native wallets such as Keplr and Leap. This integration will not only attract a broader user base but also enhance liquidity and generate additional taker fees, part of which will be shared with the evmOS development team as part of a revenue-sharing agreement.
EVM Wallet Integration
Users will be able to interact with Osmosis using EVM wallets like MetaMask or Rabby, offering a familiar and seamless experience similar to other EVM-based platforms. This will enable Cosmos transactions to be signed directly through EVM wallet widgets.
Solidity Smart Contract Deployment
Osmosis will support the deployment and execution of Solidity smart contracts, allowing developers to run Ethereum-compatible bytecode on the Osmosis chain. This will open the door for a variety of new decentralized applications and services within the Osmosis ecosystem.
Token Display and Transfer
Users will be able to display and transfer both Osmosis-native tokens and ERC-20s within EVM wallet interfaces like MetaMask. This integration will be powered by the Single Token Representation v2 (STRv2) and EVM Extensions, ensuring a smooth and unified asset management experience.
Alternative Gas Token Options
Osmosis can now set a different default gas token for EVM transactions, offering flexibility in transaction fees. For instance, USDC could be used as the primary gas token for EVM transactions on Osmosis, enhancing user convenience.
Revenue Sharing and Future Plans
The implementation of EVM on Osmosis will be accompanied by a protocol revenue-sharing agreement with evmOS. A portion of the taker fees generated from EVM wallet transactions on Osmosis will be allocated to the evmOS team, incentivizing them to drive EVM transaction volume and contribute to the protocol's success. This agreement will last for three years, during which Osmosis will receive continuous upgrades and access to the latest evmOS features.
Integration Timeline
The integration process is expected to take approximately eight weeks, including both the technical integration and the go-to-market launch. Once completed, the Osmosis protocol will be fully equipped to tap into the vast potential of EVM users, further solidifying its position as a leading decentralized exchange within the interchain.
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