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EOS EVM v0.5.0 Launches, Facilitating Yield+ Liquidity Mining on EOS EVM

blockchainreporter.net + 3 more 31 May 2023 13:27, UTC

This week marked a significant milestone for the EOS community as EOS EVM v0.5.0 achieved code completion and is set to go live on the mainnet in the near future. As the first major release of EOS EVM since the launch of the mainnet, this achievement holds great importance. It’s worth noting that the initial launch of EOS EVM on the mainnet took place less than 7 weeks ago, highlighting the remarkable speed of development within the EOS network since the establishment of the EOS Network Foundation.

In this article, we will provide a comprehensive overview of the key feature updates introduced in this release. Notably, the inclusion of the Yield+ Liquidity program on the EOS EVM side of the protocol stands out, offering significant liquidity advantages to dApps operating on the EOS EVM. Moreover, this release opens up new opportunities for yield farming within the EOS ecosystem, enabling DeFi traders to explore novel avenues for maximizing their returns.

An In-Depth Look at EOS EVM v0.5

The dedicated team of EOS EVM engineers has invested weeks of tireless effort into this code release, and their hard work has undeniably yielded fruitful results. Version 0.5 is poised to enhance the performance and user experience of the EOS EVM ecosystem through several impactful improvements. One of the most thrilling highlights of this release is the integration of Yield+ into the EOS EVM ecosystem.

Yield+ introduces a liquidity rewards program specifically tailored to attract DeFi dApps and bolster the Total Value Locked (TVL) on the EOS network. By incentivizing DeFi dApps with tokens based on the total value of deposits they attract and retain within the EOS ecosystem, Yield+ aims to foster growth and engagement. Since its launch on August 28, this program has demonstrated success on the EOS native network, with regular updates on its impact being shared with the vibrant EOS community.

Given that the majority of DeFi programs in the industry are built on the EVM standard, it was imperative to extend this program’s availability to dApps on the EOS EVM. The introduction of EOS EVM v0.5 accomplishes precisely that and is poised to play a significant role in boosting the Total Value Locked (TVL) on the EOS EVM. When considering the favorable factors of performance, low fees, and speed offered by EOS, it becomes evident that EOS EVM has positioned itself as the preferred blockchain for both DeFi protocols and users alike. DeFi protocols interested in participating in the Yield+ program can find further details at tokenyield.io.

In addition to Yield+, the code release of EOS EVM encompasses several other updates that, while they may appear less captivating to the average user, hold immense value by prioritizing optimization, performance, and enhancing the overall developer experience. These updates aim to maximize efficiency, streamline processes, and elevate the user experience for developers, thereby fostering an ecosystem that is conducive to innovation and growth.

These updates include the following:

Adding support for read-only transaction execution in EVM contracts, a pivotal component required for seamless integration of Yield+ with the EOS EVM.
By eliminating advanced execution limitations, the nested call level has been expanded, enabling the utilization of contract use cases that may have previously been declined.
With the inclusion of the “inevm” table in the ABI, users can now conveniently explore the aggregated EOS balances within the EVM environment using an EOS block explorer.
An optional additional argument called “to” has been introduced to the modified withdrawal action.
As part of the latest update, the EOS EVM Contract will now actively reject any non-EOS tokens, such as USDT, that are sent to it. It is important to note that the trustless bridge currently does not offer support for tokens other than EOS.
In the event of a failed validation for a pushed EVM transaction, the system now provides a more detailed and informative error message.
The latest update addresses a bug in the history index of the EOS EVM Node, effectively resolving the issue. Furthermore, additional bugs in the EOS EVM RPC have also been fixed.
The latest update introduces a configurable permission feature in the tx_wrapper.

The Release Strategy for EOS EVM v0.5

Following the completion of code development for EOS EVM v0.5 this week, the EOS engineers have wasted no time in devising a comprehensive strategy for the smart contract upgrade. Currently, the testnet upgrade is underway, and pending a successful run on the testnet, the deployment on the mainnet will follow in the near future. This sequential approach ensures thorough testing and validation before implementing the upgrade on the live network, promoting a smooth and reliable transition process for all stakeholders involved.

The EOS EVM’s Journey of Innovation Has Only Just Begun

The launch of EOS EVM v0.5 marks a significant milestone for EOS as it introduces the highly anticipated Yield+ Liquidity incentive program to DeFi dApps on the EOS EVM. Additionally, this release incorporates important technical updates aimed at enhancing optimization, performance, and the overall user experience for developers. Despite the comprehensive nature of this update, the EOS EVM engineers show no signs of slowing down and continue their relentless pursuit of further advancements and improvements within the EOS EVM ecosystem.

This update represents just the beginning of a series of planned releases that will be rolled out to the community in the upcoming months. Furthermore, a comprehensive EOS EVM product roadmap will be made available in the near future, providing the community with a clear understanding of the exciting developments and initiatives in store for the EOS EVM. By sharing this roadmap, the EOS EVM team aims to foster transparency, enabling the community to stay informed and engaged as they anticipate the future enhancements and advancements of the EOS EVM ecosystem.

For developers, dApps, and Web3 projects, the present moment presents an excellent opportunity to build on EOS. The introduction of Pomelo‘s Season 6 has brought forth exciting prospects, including a substantial $158,000 matching pool reserved for projects focused on creating public goods on EOS. Notably, a dedicated pool of $65,000 is exclusively allocated for projects that are developing on the EOS EVM. To explore these funding opportunities and discover more about other avenues for financial support on EOS, be sure to delve into the available resources.

If you’re interested in delving deeper into the EOS EVM, we recommend exploring the following resources: