This week EOS EVM developments have taken most of the spotlight as it shows a sign of continued adoption and support from multiple blockchain ecosystems. Initially, it was thought that most adoption would come from the Ethereum blockchain which constantly experiences high transaction fees.
Surprisingly though, due to the compatibility of the Ethereum Virtual Machine (EVM) with so many blockchain projects and ecosystems, it has seen adoption from all spheres of the EVM ecosystem and beyond.
WIth the EOS EVM running transaction on EOS’ mainnet, its success continues to translate to the adoption of EOS and the demand of its token. EOS EVM plays a big role in EOS’ growth, as well as the revitalization of its image, as the two are integral pieces to creating a highly performant environment for the mass adoption of blockchain.
The EOS Network Foundation (ENF) conducted an AMA interview with Neutroswap, the second biggest DeFi platform on EOS EVM by total value locked (TVL). Neutroswap also boasts the fastest growing DeFi community on EOS EVM. The interview, which was broadcast live on Twitter, will be published again on ENF socials in the coming days.
Following that, this week the ENF will be conducting another live AMA interview with a DeFi platform, this time with Noah Swap the leading platform on EOS EVM. Noah Swap commands a 77% TVL share across EOS EVM’s entire DeFi ecosystem. In total, Neutroswap and Noah Swap contribute to a dominating TVL share of 98%. The remaining 2% is distributed across four other platforms.
Since EOS EVM launched on April 14 it has seen its growth and adoption fueled by its DeFi sector. At its peak the DeFi sector on EOS EVM amassed a TVL share of $2.5 million, which has since receded with the crypto market to just [under $1 million ($939,000)](https://defillama.com/chain/EOS EVM).
The attraction that these DeFi platforms have towards EOS EVM is its much cheaper fees and faster transactions. A combination that’s well-suited for high volume transactions as we’ve seen with gambling and gaming dApps on EOS.
An initiative called ‘AirDrip’ has been initiated to provide free gas (EOS) for new users that are migrating or moving assets from Multichain’s ecosystem to the EOS EVM. Recently, leading to the initial launch of EOS EVM, the EOS Network Foundation (ENF) partnered with Multichain to expand EOS EVM’s cross-chain capabilities.
As a result of that partnership this AirDrip campaign is being initiated to make it easier for users across Multichain’s vast ecosystem to make the initial move into EOS EVM without needing to go through certain hoops in order to pay for gas.
“To improve the user experience of the EOS EVM, the 1st (sic) few transactions of users entering the ecosystem with Multichain will receive complimentary gas.” - EOS Network Foundation
Multichain’s ecosystem supports 93 blockchains, 2500+ tokens across the different blockchains, and has a total value locked (TVL) of $1.47 billion, with a total volume of over $100 billion. All this value within the Multichain ecosystem can be transferred between the 93 participating blockchains, including EOS EVM.
The latest monthly Program & Operations Health Report by the EOS Network Foundation (ENF) was published this past week. The report gives the EOS/EVM and Antelope communities an insight into the operations of the ENF. Adding another layer of transparency for the community-centric Foundation.
This health report tracks the progression of each of the projects that have been funded through the ENF Grant Framework to build on EOS. Details about each of the projects being tracked include key milestones, issues and risks, highlights and accomplishments.
Notable developments from this month’s report include the presentation of Hypha DAO on the EOS Jungle4 Testnet, the completed launch of Hubspot, and the launch of an EOS EVM email campaign. As well as an EOS Network rebranding project, to be followed by the rebuild of the ENF website.
Read the detailed report - June Program & Operations Health Report
In another instance of the growing support for the EOS/EVM ecosystem, BitKeep has announced its partnership with the EOS Network Foundation (ENF).
“BitKeep is excited to announce our partnership with [the] EOS Network Foundation, a force for positive global change, charting a coordinated future for the EOS Network through decentralization and community.” - BitKeep
The partnership will see BitKeep integrate EOS EVM into its wallet; making it easy for its 10+ million users worldwide to interact with it. BitKeep users will also be able to swap the over 255,400 supported tokens with EOS and other EOS EVM tokens.
Additionally, this partnership sees EOS and EOS EVM dApps (decentralized applications) such as Upland and Noah Swap get listed on the BitKeep DApp Store. Making it easier for users to directly access them and add them on their ‘favorites’ list.
As of writing EOS is trading at $0.63 (down from last week’s price of $0.67). EOS is currently doing $76 million in daily trading volume, and its market cap sits at $694 million. This week worryingly sees EOS drop six spots to 55th position by market cap rankings. All stats are based on CoinMarketCap data.