- Telos EVM – significantly faster block production than ETH, BSC, and Polygon.
- It will also have lower gas fees — 0.1% – 0.01% of recent Ethereum gas fees.
- Telos makes it possible to participate in DeFi with small amounts – even $5 trades!
The Telos EVM recently completed its second milestone and is now on the way to its main net launch in which Ethereum based decentralized applications (dApps) and decentralized finance (DeFi) will be able to utilize the full power of a 3rd Generation Layer 1 platform – according to their Technical Roadmap.
The platform is extremely affordable for developers and their users. It also has a higher capacity and is significantly faster than Ethereum, BSC, Polygon, and all other solidity-based solutions. According to real-world data, the Telos EVM will produce blocks in only half a second. This speed is 30 times faster than Ethereum, 10 times faster than Binance Smart Chain, and 440% faster than Polygon. It makes it possible for Ethereum based dapps and defi to no longer worry about scaling issues.
The team also pointed out that Telos EVM solves another one of the issues that haunt users who trade in ETH — gas fees. Since 2020, users have been dealing with ETH’s higher gas fees, making the platform inaccessible to smaller traders. The Telos EVM has addressed this issue with gas prices that will only be around 0.1% – 0.01% of recent Ethereum gas fees. This means that users can trade at the $5 dollar level and still be able to make a profit without worrying about any gas fees.
Telos EVM is #RealWorldReady for DeFi.
This means that Telos extends the life-changing opportunities of DeFi to people who have been priced out due to expensive fees. Currently there are not many who are willing to invest $25 if the the gas fees alone cost $25. With TelosEVM and it’s nano size fees, Defi platforms will be able to accommodate these billions of potential investors who were previously priced out.
Aside from these already game-changing features, Telos also prevents front-running, which is basically theft of value. The Telos team points out that no other chain currently addresses this theft. Telos has even gone as far as coining front running as the “defi tax”. With no front running, Defi on the TelosEVM will have a powerful marketing advantage over its competitors because only on TelosEVM and Native will there be no middle men/bots stealing from investors.
According to the team, “The addition of Telos EVM to our already existing C++ smart contract platform base makes Telos the only blockchain to support the two leading standards EVM and EOSIO for smart contract development.” With this, Telos has the largest potential developer base compared to any other project.
The Telos EVM gives solidity based dApps and DeFi a new platform to scale and depend on. The speed, the scalability, the inexpensive costs, the seasoned support and the decentralized security will give all dApps and Defi an inherent business advantage over its competitors. Telos’s mainnet has been running unobstructed since 2018 and now with the EVM going live, Telos is truly a utopian platform for both users and developers to enjoy.
Lastly, as a developer perk, the addition of Metamask compatibility to the Telos network along with google login further opens Telos to more easily onboard and be favored by users.