Evmos Now Enables Auto-conversion Features For ERC20 And Cosmos Chains
- With the Evmos upgrade, two blockchain ecosystems will be brought together, and tokens will be able to move more easily between them.
- This only applies to token pairings, otherwise, Tokens that haven’t been mapped in this way won’t be automatically converted.
On January 4, 2023, Evmos blockchain released an upgrade which is to add automatic conversions for token exchanges in and out of its ecosystem.
The Cosmos ecosystem blockchain Evmos offers built-in support for Ethereum apps and currencies. The two blockchain ecosystems will be brought together, and tokens will be able to move more easily between them.
On January 4, the most recent version 10.0 upgrade included automated conversions. Tokens native to the Cosmos ecosystem that are delivered to Evmos will automatically be transformed into Ethereum-compatible tokens so they may be utilized on Evmos right away and transmitted to blockchains that support Ethereum. The objective is to simplify utilizing the blockchain and switching between Cosmos and Ethereum.
No longer will users need to convert their Cosmos assets into their respective [Ethereum Virtual Machine] asset types and vice-versa. This will be done under the hood for users!Evmos stated on Twitter
Additionally, users will be able to move Ethereum-based tokens from Evmos to other Cosmos blockchains in a single transaction without manually exchanging the tokens.
This only applies to token pairings, such as the Ethereum and Cosmos versions of the tokens, that have been linked together via Evmos’ governance framework. No automatic conversion will take place for tokens that have not been mapped in this manner.
IBC, a method of communication that makes it considerably easier for blockchains to transmit tokens to one another (a task that isn’t very simple in the blockchain world), is a major component of the Cosmos ecosystem. There may be greater interaction between the Ethereum and Cosmos-based blockchains if it is made simpler to exchange Ethereum tokens for tokens that are compatible with Cosmos and can be transmitted through IBC.
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