The EOS network has launched a testnet for the EOS Ethereum Virtual Machine (EVM) feature, which is set to be deployed on the mainnet in April as part of a broader revitalization plan. The EVM will be housed within an EOS smart contract and is designed to offer high-speed transactions at low fees for users and developers. The move aims to support decentralized finance (DeFi) development on the EOS network, which is expected to enhance the value of EOS tokens.

EVMs provide the environment in which all Ethereum accounts and smart contracts exist, functioning as a virtual computer used by developers to create decentralized applications (dapps). When implemented on other blockchains, EVMs can enable developers to build dapps and DeFi applications similar to those developed on Ethereum.

EOS plans to utilize EVMs in its future plans and views it as the blockchain’s “second innings.” The foundation recognizes that many developers have left EOS for Ethereum, where the majority of decentralized application development is occurring. The EVM compatibility is therefore crucial to EOS’s potential, not only technically but also from a business perspective. The foundation aims to attract more Solidity developers and users to EOS, and an EVM on EOS serves as a bridge to achieve this.

The EOS EVM contract is accessible on eosio.evm, and a token bridge for transferring Ethereum-based tokens that are compatible with EOS is operational on EOS’s native tokens remained relatively unchanged in the past 24 hours.