Many blockchains actively seek compatibility with Ethereum and its Solidity programming language. Achieving that goal is possible through the Ethereum Virtual Machine (EVM), now live on Ontology. Moreover, the team commits $10 million to Web3 developers building for this ecosystem.
Ontology Gains EVM Momentum
There are many good reasons for blockchains to achieve compatibility with EVM. One big reason is the overall interoperability improvements such a development provides. In addition, a seamless connection between EVM-capable ecosystems unlocks a broader user base and more liquidity and allows for the development of more complex products, services, and solutions.
Ontology is the latest network to explore EVM compatibility. Its Ethereum Virtual Machine implementation went live about a week ago, connecting Ontology to other EVM-based networks. Moreover, it introduces new rails for cross-chain interoperability and porting applications and contracts across the different ecosystems.
A Boon For DeFi
Another core benefit of this upgrade is how it introduces better DeFi rails. Ethereum can remain slow and inefficient to use in decentralized finance. Even so, it holds the highest Total Value locked, even though established projects have begun exploring alternative chains in the past few months. Ontology now becomes another option for these developers to explore.
It is worth noting Ontology is a small ecosystem for decentralized finance at this time. Per DeFiLlama, the network represents $51 million in Total Value Locked. However, the EVM implementation can unlock more liquidity as new and existing protocols seek interoperability. The opportunities are endless, but it is up to teams and developers to use this technology to its full potential.
A $10 Million Fund For Web3 Development
The launch of EVM on Ontology is only the first step. There is also a $10 million fund – in ONT/ONG tokens – to attract developers willing to build on this ecosystem or bring over their existing services and products. The Ontology EVM fund primarily focuses on Web3 and Metaverse decentralized applications. Beyond the financial aspect, eligible parties receive tech, marketing, and business development support along the way.
Ontology will acquire equity or tokens in the support projects in exchange for these contributions. It is a solid approach to fueling the synergistic growth of this interoperable ecosystem across a growing selection of projects and protocols.
Hyper-interoperability Is Within Reach
While the addition of EVM compatibility sparks excitement – lower gas fees and faster block production is key – it is not the first cross-compatible implementation for Ontology either. The network is the most VM-supported blockchain on the market today, as it also features NeoVM and WasmVM compatibility. Slowly but surely, Ontology positions itself at the center of all virtual machine networks, unlocking tremendous opportunities for developers.
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