Evmos Upgrades to V11, Enabling Support for Liquid Staking and More
With the addition of block 10,561,414 to the chain, Evmos has completed the V11 upgrade, just three weeks after successfully upgrading to V10. Here’s the full rundown of new features, improvements, and more.
Liquid staking derivates (LSDs) have been attracting a huge amount of attention lately (and not just because of the Ethereum Shanghai upgrade). The proof-of-stake model for securing public blockchains has been live and demonstrating its efficacy for several years now, starting with the creation of Tendermint and the launch of the first Cosmos chains. But a major challenge has remained: a large amount of capital has been economically stagnant as it’s staked securing these chains. Liquid staking has emerged as a solution to allow those assets to simultaneously secure blockchains and be active in the economies around DeFi and elsewhere in the blockchain space.
Providers like Lido and RocketPool have emerged as huge providers of liquid staking services on Ethereum, while in Cosmos providers like Quicksilver, Stride, and Persistence have been pushing the envelope with further innovations to the concept. We’re seeing work to align liquid staking with decentralization of stake on blockchains, to ensure that liquid staking and chain governance can go hand in hand, and more. It’s an exciting space, and we’re keen on giving the Evmos community options when it comes to liquid staking their tokens.
To this end, the V11 upgrade includes Interchain Accounts host functionality to enable third-party liquid staking providers to launch support on Evmos. Similar to bridging on Evmos, these integrations are permissionless, allowing for multiple providers to give Evmos stakers options when it comes to LSDs, each offering unique value propositions. That said, our team is also working closely with multiple providers to ensure a smooth setup process, and we’ll be sharing more details in the coming weeks.
Participants in the Evmos incentivized testnet will also be pleased to know that Evmos V11 contains new distribution logic for rewards to those who completed Mars Meteor Missions. In particular, recipients will have their reward tokens delegated to validators outside the top 20 to support the decentralization of the blockchain.
Additional improvements and minor bug fixes in V11 include:
- Implement daily instead of annual recalculation of minted coins during inflation
- Update implementation of module parameters after deprecation of x/params module
- Migration of IBC transfer escrow accounts to the ‘ModuleAccount’ type
- Update IBC-Go to v6.1.0 and Ethermint to v0.21.0
The full changelog and release notes can be found here.
Keep your eyes out for incoming updates about liquid staking on Evmos as well as more information on what we’ve got in store for the coming months.
Evmos is an Ethereum Virtual Machine–based blockchain in the Cosmos ecosystem and enables developers to launch apps that run smart contracts across any number of EVM- and Cosmos-based blockchains. It makes that process as simple and seamless as possible by allowing developers to continue creating apps in Solidity and Vyper like they’re accustomed to in the Ethereum ecosystem. Evmos opens a new frontier for blockchain applications, expanding the functionality of the EVM by enabling cross-chain applications that tap the liquidity and user bases of multiple blockchain ecosystems to provide a more unified experience.
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