Written by Luis Paradela|Posted on August 25, 2023
Ethereum is known for being a pioneer in smart contracts and the Ethereum Virtual Machine (EVM) remains popular among Web3 developers. Perhaps less well known is that EVM is not bound to Ethereum and is currently being deployed on other blockchains. Here are three predictions for what is next for EVM in 2023.
Smart contract developers prefer the EVM as evidenced by the multiplication of decentralized apps or dApps. Many of these dApps are on other different EVMs, however, they are simply forks. While the forks often serve a purpose, like cheaper transaction costs on one blockchain versus another, it is overall costly in time and resources to maintain these multichain deployments. That’s why in the future it is likely that applications will consolidate and focus on interoperability with other ecosystems.
Along with this consolidation, there will be an increase in specialization in different EVMs to attract specific types of applications. Known as application-specific EVMs, their purpose is to cater to specific classes of applications like DeFi and infrastructure. In other words, there will be space for EVMs with specialized functionality.
While Vitalik Buterin vision for Ethereum is a multi-rollup ecosystem, there will be many EVM blockchains that are independent but interoperable. Many, like Evmos, will develop their own specific extended EVM functionalities.
This growing collection of EVMS will be most valuable when they are completely composabe, allowing dApps on one chain to interact with dApps on other chains.
As developers create new EVM blockchains they will need to find solutions for launching their products as quickly and easily as possible. They are likely to converge on Ethermint, an open-source EVM library maintained and developed by Evmos. Ethermin is attractive because it combines the EVM and Cosmos software development kit (SDK). In other words, blockchains made with Ethermint are interoperable with Cosmos modules.
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