- Evmos has maintained its weekly bullish growth since it announced its V10.0 upgrade.
- Despite its battery over the past year, EVMOS has returned more than 50% in profits to its holders since its lowest price of $0.2798.
Evmos (EVMOS), a Cosmos-based Inter-Blockchain Communication protocol has seen sustenance in its weekly growth despite the current slip in price over the past 24 hours. While Evmos is down by 9.31 percent on the daily to $0.4206, it is yet to pare off the gains accrued over the trailing 7-day period which currently comes in at 45.7 percent.
Evmos is a less-known but highly innovative protocol that seeks to maintain its dominance as the IP layer for blockchains. The protocol brands itself as one of the safest and most secure and decentralized ways to move assets across different blockchains, and unlock interoperability across multiple chains.
Evmos upgrade and interoperability advantage
While the outlook to general observers about Evmos may be gloomy, there is a good chance that the altcoin will return a good profit to its investors owing to the latest upgrade that was announced by the protocol.
1/ 2023, let’s go! Today, Evmos upgraded to v10.0! ☄️
1️⃣ UX improvements: @ledger CLI integration, auto conversion ERC20 <> IBC assets, Restake support
2️⃣ Prioritized mempool with EIP-1559 support for Cosmos tx’s
3️⃣ The latest Cosmos dependencies
Let’s dive in 👇
— Evmos ☄️ (@EvmosOrg) January 4, 2023
The protocol announced the launch of its v10.0, an upgrade that will allow it to connect with Ethereum-based protocols.
“The building blocks for interchain dApp development are here (with more on the way). This tooling enables development of user-friendly dApps. The sky’s the limit not only for our wonderful community of developers, but also for other ecosystems joining the Interchain,”
Evmos said in the Twitter thread, adding that,
“Starting with one of the most useful features, automatic ERC<>IBC [inter-blockchain communication] asset conversion is now live! No longer will users need to convert their Cosmos assets into their respective EVM [Ethereum virtual machine] asset types and vice-versa. This will be done under the hood for users!”
With Ethereum arguably the most robust Decentralized Finance (DeFi) hub around, most protocols create an avenue through Ethereum Virtual Machines (EVM) capabilities to connect with the DApps hosted on Ethereum.
This way, the overall functionality of the connecting protocol, in this case, Evmos can be enhanced as its users can connect to the bigger world. While Evmos has gained a reputation for connecting multiple protocols to the Cosmos world, the latest upgrade is a testament of its flexibility and targeted effort to connect its platform to other mainstream blockchains.
The interoperability of EVMs also implies that beyond Ethereum, Evmos users can also interact with projects on BNB Chain and Cardano amongst others.
Enhanced profit return
For Evmos, the latest upgrade will drive increased usage of the protocol, a move that will have a high impact on its native coin. This way, users can trust the coin and so, they might go on an accumulation spree in the near future.
At the moment, EVMOS is 90.78 percent below its All-Time High (ATH) price of $4.56 attained about 8 months ago. Despite this, the coin has given its recent buyers a significant return on their investments as it is up by over 50 percent from its lowest price point of $0.2798 inched toward the end of the year.
With enhanced fundamentals, chances are the token’s growth will be enhanced to print more impressive price surges in the coming days.