Evmos is a layer 1 EVM-compatible blockchain that's been gaining newfound popularity among crypto traders and investors.
On Evmos, users are able to stake EVMOS tokens to earn rewards, access decentralised applications and trade Evmos based NFTs.
Birthed from the Cosmos ecosystem, Evmos utilises a proof of stake network consensus to give users and developers the ability to seamlessly transfer data between Ethereum and Cosmos networks.
What is Evmos?
Evmos is a proof-of-stake network that takes the best of the Cosmos ecosystem and combines it with Ethereum interoperability. Through Evmos, users are able to run Ethereum smart contracts on the Cosmos blockchain, effortlessly connecting the two networks without additional hassle.
In addition, the Cosmos International Blockchain Protocol allows the Evmos blockchain to link several decentralized applications and run them on different protocols to extract joint liquidity.
The Evmos ecosystem was built with network interoperability and scalability in mind.
Staking on Evmos
To stake Evmos, investors must first choose a validator to designate their tokens to. Some validators give more Evmos rewards than others. Potential stakers should search around for the best deal when it comes to staking rewards.
The Evmos token plays an essential role in the governance of the network by enabling core developers, validators, and stakeholders to vote on key elements regarding the future of the blockchain.
Since its release in April 2022, the Evmos token has performed well for some investors. After launching, the token rose to just under $7.00 before falling to lows between $1.39 - $3.00. Since September 2022, the token has slowly appreciated in price to where it currently ranges between $2.60 - $3.34.
Follow Planet Crypto on Twitter.