Telos blockchain announced the launch of its EVM Mainnet, the first fully EVM-compatible Layer 1 chain on October 14.
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, greater than 100X higher capacity and at around 1 percent of the cost of Ethereum gas fees, it said in a press release.
Telos EVM can rescue existing Ethereum dapps stymied by the massive increases in Ethereum gas fees while allowing developers to deploy their Solidity smart contracts to Telos EVM without code modification.
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.
Douglas Horn, Telos chief architect and whitepaper author said front running on DeFi is becoming even more complex and depressing.
“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,” Horn said.
Telos’ governance structure gives developers and community members control of the platform to a greater extent than any comparable blockchain.