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EOS EVM Thrives Amidst Q2 EOS Network Slump – report

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Since its launch on April 13th, 2023 the EOS EVM network has made remarkable progress. Its unique architecture, which includes an execution layer, support for cryptographic primitives, 1-second block times, and full Ethereum RPC compatibility, has brought new value to its ecosystem.

Despite a decline in the overall EOS network during Q2, the EOS EVM has demonstrated significant growth. According to Messari, a data analytics and research platform, there have been an average of 5,100 daily transactions and 316 new addresses since the launch of the EOS EVM. While these numbers may appear relatively low, it is important to consider that the EOS EVM is still in its early stages. Furthermore, the EOS EVM finished the quarter with over $1 million in Total Value Locked (TVL).

One notable development in Q2 was the bridging of $4.3 million EOS to the EVM by 616 unique addresses. Surprisingly, only $1.4 million EOS were bridged back from the EVM, indicating a net inflow of nearly $3 million EOS via the EOS native <> EVM bridge.

In terms of USD value, the net inflow from the EOS native bridge alone surpassed $3 million. However, the report emphasized that nearly 2 million $EOS of the bridged funds came from an address associated with an exploit of the DeFi protocol PayCash. The stolen funds were then transferred to thousands of addresses on the EVM in smaller portions, according to the report.

Based on the user engagement statistics, the average daily active addresses on the EOS EVM decreased by 16% in Q2. This decrease is primarily attributed to a spike of over 436,000 daily active addresses on January 31, 2023.

Per the report, the spike was mainly due to users interacting with the EOS system contract rather than a specific dApp. Excluding this spike, the average daily active addresses only saw a 3% decrease quarter-over-quarter. Additionally, there was a notable retention rate of 14% for addresses from April to May 2023.

Network Validators

Shifting focus to the validator landscape on EOS, a total of 61 validators earned rewards at the end of Q2. Over 201 million $EOS, valued at approximately $153 million, were staked and voted for validators, representing around 17% of the circulating supply.

In terms of hosting locations for validators, Hong Kong and the Cayman Islands have emerged as the most popular, with each hosting four validators. Overall, Asia stands out as the most prominent region, hosting a total of ten validators.

When it comes to milestones, upgrades, and the roadmap, the EOS Network Foundation (ENF) has played an active role in advancing development on both EOS native and EOS EVM.

The EOS EVM received its first upgrade in June with version 0.5.0. This update addressed bugs, introduced support for read-only transaction execution, and enabled Yield+ on the EVM.

Looking ahead, the ENF and the development team are currently working on implementing a new consensus mechanism, with operations scheduled to launch on November 28, 2023.

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