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Evmos – Cryptocurrencypanther https://cryptocurrencypanther.com Latest Crypto News Tue, 09 Jan 2024 17:48:50 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.4 https://cryptocurrencypanther.com/wp-content/uploads/2021/07/cropped-Cryptocurrency-e1626714913653-32x32.png Evmos – Cryptocurrencypanther https://cryptocurrencypanther.com 32 32 Evmos Recovers $7.6 Million in Tokens from Former Co-Founder https://cryptocurrencypanther.com/2024/01/09/evmos-recovers-7-6-million-in-tokens-from-former-co-founder/ https://cryptocurrencypanther.com/2024/01/09/evmos-recovers-7-6-million-in-tokens-from-former-co-founder/#respond Tue, 09 Jan 2024 17:48:50 +0000 https://cryptocurrencypanther.com/2024/01/09/evmos-recovers-7-6-million-in-tokens-from-former-co-founder/

The Evmos Foundation has successfully reclaimed 59.4 million tokens, equivalent to $7.6 million, from Akash Khosla, its former co-founder. This development follows a period of uncertainty and operational disagreements that led to Khosla’s departure last year. The recovered tokens, which include both vested and unvested amounts, mark a step towards realigning the token distribution in favor of the current team and contributors actively involved in Evmos’ growth.

Khosla’s Decision and Its Impact

Khosla, who separated from Evmos due to differing views on operations, has expressed that returning the tokens aligns with the best interests of the project and the community. This move is seen as a corrective step following concerns that arose in May 2023 when Khosla allegedly attempted to offload many Evmos tokens in the market. The return of these tokens is expected to bolster the distribution strategy, ensuring that those dedicated to the project’s advancement retain control of the crucial resources.

Evmos Foundation’s Response

Evmos, a Cosmos-backed blockchain compatible with Ethereum applications, has faced challenges since its launch in 2022. Moreover,  the value of its native token plummeted by 98%, dropping from an initial price of $6.8 to around $0.13. This decline was exacerbated by the market reaction to the news of Khosla’s token sale. 

In response, the Evmos community has taken decisive actions to stabilize and enhance the token’s value. A noteworthy step in this direction is approving a proposal to burn 136 million tokens from the user incentives balance in the upcoming network upgrade. This strategy is part of a broader effort to improve the project’s tokenomics, particularly addressing the high inflation that has been a concern since the token’s inception.

Read Also: El Salvador’s Bitcoin Gamble Pays Off with $11.76M in Gains

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]]> https://cryptocurrencypanther.com/2024/01/09/evmos-recovers-7-6-million-in-tokens-from-former-co-founder/feed/ 0 With 99.56% of users in favor, Aave to be deployed on Evmos and the greater Cosmos ecosystem https://cryptocurrencypanther.com/2022/02/10/with-99-56-of-users-in-favor-aave-to-be-deployed-on-evmos-and-the-greater-cosmos-ecosystem/ https://cryptocurrencypanther.com/2022/02/10/with-99-56-of-users-in-favor-aave-to-be-deployed-on-evmos-and-the-greater-cosmos-ecosystem/#respond Thu, 10 Feb 2022 12:13:55 +0000 https://cryptocurrencypanther.com/2022/02/10/with-99-56-of-users-in-favor-aave-to-be-deployed-on-evmos-and-the-greater-cosmos-ecosystem/

The Evmos community has passed a proposal to deploy Aave V3 on Evmos.

This marks an important milestone for the Cosmos-based EVM-compatible chain as it seeks to launch its mainnet later this month.

Evmos is bringing the world’s third-largest lending protocol to Cosmos

Voting on a proposal to deploy the latest version of Aave to the Evmos network has ended, with 99.56% of the Evmos community casting their votes in support of the proposal.

First introduced on February 1st, the proposal seeks to deploy Aave V3 to the Evmos blockchain to expand lending not just to Evmos, but the greater Cosmos ecosystem as well. As Evmos was built to be a port of entry to the Cosmos ecosystem for Ethereum users, deploying a lending protocol as large as Aave would open up new opportunities for all of their communities.

Even though it’s the third-largest lending protocol on the market, Aave will most likely see significant growth following its deployment to Evmos.

The Cosmos ecosystem has seen steady growth in the past several months, seeing several interchain DEXes deployed weekly. Osmosis, a DEX deployed on Cosmos six months ago, has already become the second-largest DEX token by market capitalization, second only to Uniswap, and it’s in the top 10 DEXes both by volume and total value locked (TVL).

According to DeFi Llama, Aave currently has over $14 billion in TVL, which has been increasing steadily since the beginning of the month. Deploying to Evmos will enable Aave to capture a significant amount of user activity that has been booming in the Cosmos ecosystem.

The Cosmos ecosystem market cap is valued at over $124.5 billion collectively—mostly due to the significant jump in the number of IBC-enabled chains. IBC usage has also grown, surpassing 5 million transactions in the past 30 days.

Once its mainnet goes live, Evmos will also enable cross-chain applications to leverage the liquidity of Aave’s native token (AAVE) while being deployed to other Cosmos chains such as Terra. Evmos will also have support for The Graph and Gnosis Safe.

The core team also said that they are actively working with Chainlink to finalize support for Aave V3 before the mainnet launches later this month.

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