Saturday, July 13, 2024

In 2022, will a non-EVM chain overcome compatible chains?

At the core of the Ethereum network is EVM (Ethereum Virtual Machine). It is used to deploy and execute smart contracts. Among the chains in the top 10 list, 80% work with it. Even Solana and Terra-like chains not working on EVM are offering compatible solutions or work with the accounting system of Ethereum. Examples include Moonbeam of Polkadot, Neon of Solana, Aurora of NEAR, and others

Beneficial for Both Developers and Users

A chain compatible with EVM is useful for developers in various ways. The code execution interface has similarities with EVM. Developers can deploy protocols on the chain quickly and easily. They do not have to write codes from scratch. The advantage for users is that such a chain comes with a faster settlement, cheaper gas fees, and an address format similar to Ethereum. Users can migrate to a new chain quickly. Ecosystem expansion and traffic acquisition become better with EVM compatibility. These advantages make the chain user-friendly. Many new chains are progressing quickly and replacing Ethereum.

Advantages of a Non-EVM Chain

These chains overcome Ethereum’s limitations and allow more space for innovation. More innovative and differentiated applications can be created. There are more opportunities to create ecosystem barriers and establish high migration costs for the users. The disadvantages include difficulty in migrating users and projects to other chains and bigger entry barriers for the developers because of high costs.

EVM-compatible chains offer easy migration and scalability features. Projects have easy access to the users. The disadvantages include fewer innovations due to strict EVM and Ethereum rules. Public chain platforms get customers and grow quickly during their initial phase, but they face tough competition from other Ethereum chains. Both EVM and non-EVM chains have their advantages and disadvantages. Project developers should assess these factors before selecting the system most suitable for their project.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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