Telos launches fully EVM-compatible layer one blockchain

Blockchain platform Telos today announced that it is launching Telos EVM Mainnet, the first fully EVM-compatible layer one chain.

The Telos EVM is a non-Ethereum fork, Ethereum virtual machine (EVM) that runs existing Solidity and Vyper contracts without modification, like Ethereum.

However, its speed is 30 times greater, capacity is 100 times higher and cost is merely a per cent of the cost of Ethereum gas fees. Also, the energy consumption per transaction is about 31mm times lower.

Telos EVM can rescue existing Ethereum DApps (Decentralized Applications) foiled by the massive increases in Ethereum gas fees while allowing developers to deploy their Solidity smart contracts to Telos EVM without code modification.

Considered to be the future of both large-scale and micro trading, 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 practice of entering into an equity trade, option, futures contract, derivative, or security-based swap.

Front running on DeFi is becoming even more complex. Individuals using bots to offer high gas fees to jump the line in front of high value transactions, said Douglas Horn, Chief Architect and Whitepaper Author, Telos.

“Ethereum 2.0 did not ease the front-running concerns for institutional investors to go big into crypto investments. Miners keep skipping the line and increasing their spread and de facto stealing millions of dollars,” he added.

Telos’ governance structure gives developers and members control of the platform to a greater extent, compared to others. Governance functions are made available to any Telos developers to use in their own DApps.