Telos, a next-generation blockchain platform, today announced it is launching the Telos EVM Mainnet, a fully EVM-compatible layer-1 chain. The Telos EVM is a non-Ethereum fork, Ethereum virtual machine (EVM) that runs existing Solidity and Vyper contracts without modification, just like Ethereum, but with 30X greater speed, around 1% of the cost of Ethereum gas fees and at a fraction of the energy cost.
Aiming to rescue existing Ethereum dApps stymied by the increases in gas fees, the Telos EVM enables developers to deploy their Solidity smart contracts to Telos EVM without code modification.
Designed to be the future of both large-scale and micro trading, the Telos EVM solves problems left unchecked by Ethereum 2.0, namely the ability of large-scale traders to trade fully insulated from front runners. Front running is vastly used by Ethereum miners and trader bots to increase their spread continuing to be an ongoing multi-billion-dollar practice of entering into an equity trade, option, futures contract, derivative, or security-based swap to capitalize on advance, non-public knowledge of a large pending transaction that will influence the price of the underlying security or coin. This hinders institutional investors from fully embracing the crypto space and making major investments.
“Front running on DeFi is becoming even more complex and frankly depressing. It started with individuals using bots to offer high gas fees to jump the line in front of high-value transactions. As time progressed, the miners themselves inserted their own front-running transactions while paying only the minimum gas fees (gas fees are shared with the many mining nodes working for a mining pool whereas front-running fees can be kept by the pool operators). With this, the mining pools operating the chain are extracting this value from users without their consent.”
– Douglas Horn, Telos Chief Architect and Whitepaper author
On the flip side, because the Telos EVM transaction fees are so small, sub-dollar trades are now feasible. Making it possible for everyone to participate in DeFi trading.
Further, Telos’ governance structure presents developers and community members with control of the platform to a greater extent than other comparable blockchains. Governance functions are made available to any Telos developers to use in their own DApps via the Telos Decide governance engine.
For more information, see the full Telos Technical Roadmap 2021 here.