Evmos is creating more room for growth by adopting Interchain Security (ICS) from the Cosmos Hub using $ATOM.
Here is a brief overview of what this is all about and why it is significant for Evmos.
Why is this necessary?
Evmos is famous for its technology and notable partnerships. It also faces challenges like every other platform. It has the issue of low liquidity and the inability to connect with other Cosmos chains.
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These challenges make it hard for different projects to commit to this chain. This chain will overcome these challenges and become a reliable platform for developers and projects when it adopts ICS. That’s not all. The result of adopting ICS will be massive:
- Improved Security with ICS
Interchain Security allows Cosmos Hub validators to secure this chain. It will enable this cosmos chain to be more secure and efficient in operation.
- Increased Liquidity
Evmos faces a low liquidity challenge, which will be a matter of the past when it adopts ICS. The upcoming Hydro system on the Cosmos Hub will let projects bid for liquidity, with at least 30% allocated to ICS chains.
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This cosmos chain is in an excellent position to secure liquidity and attract significant projects.
- Better Integration and Composability
ICS will enable this cosmos chain to interact with other Cosmos chains. Developers can deploy their projects on Evmos and access assets on the Cosmos chain. Adopting ICS has made Evmos attractive to significant projects.
Adjustments for EVMOS Token and Validators
When Evmos implements ICS, $ATOM will be used to pay the gas token for transactions from EVMOS. Here’s the thing: EVMOS will still be vital for you in governing EVMOS decisions.
Also, the adoption of ICS will introduce a buy-and-burn mechanism. This mechanism allows you to use the fees you earn in ATOM to buy and burn EVMOS’ tokens, maintaining its value. Validators will also upgrade to governors. They will, in turn, perform less work behind the scenes while collecting rewards. This change will decrease sales pressure and enable validators to gain as governors.
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Next Steps
ICS will send an on-chain proposal and submit it on this chain for community approval. The Evmos team will also handle the technicalities of this adoption. After the community approves the proposal, this chain will transition to ICS.
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