Evmos Upgrades to V12, With Fee Subscriptions and More Going Live
Evmos just unleashed another major upgrade, with V12 going live as of block 12,303,000! This update brings meaningful improvements to user experience and formally increases the security of the chain through whitehat incentives secured by law.
Fee Subscriptions
Improving the user experience is something developers are striving for every day. Evmos has done just that with fee subscriptions. Fee subscriptions allow users to pay transaction fees with their unclaimed staking rewards! This is exciting news for users; if you’ve staked all your tokens and have nothing left to pay fees with, you no longer have to stress about failed transactions. And if you have enough staked or staking rewards are high enough, imagine never having to top up your gas!
How does this work in practice?
When you stake EVMOS, you receive staking rewards in the form of EVMOS tokens. These rewards are claimable daily, but gas is required to do so. Imagine a scenario where you didn’t have enough gas to claim your bountiful rewards, how infuriating would that be? We’ve all been there though. Time to ask a friend for some EVMOS gas or acquire it elsewhere… This all changes with fee subscriptions — now you can simply use your staking rewards to pay for fees.
What do you have to do to enable this?
Absolutely nothing. Fee subscriptions happen automatically as long as you have enough claimable staking rewards. When you don’t have enough gas for a transaction, the protocol will claim your staking rewards, allocate what’s needed for fees, and then distribute what’s left to your wallet, killing two birds with one stone. Never worry about the horror of realizing you have run yourself out of gas, again. And if you aren’t staking EVMOS yet, consider staking a small amount so you can make use of fee subscriptions.
Single Token Representation
Ever wonder how much USDC you have in your wallet in total, but having to go to a wallet portfolio tool and add up all the different versions of bridged USDC you have? Single token representation changes that in a significant upgrade to the Evmos user experience.
Single token representation groups together different versions of the same token. Instead of dealing with many variations of the same token (e.g. axlUSDC/gravUSDC/ceUSDC), you now only deal with one token (e.g. USDC) that represents all its variants. If you’re wondering what happens to transfers and conversions just in case you need one of the versions specifically, fret not, the new Evmos Assets app does all the heavy lifting for you. All of the features from the IBC Transfer app have been merged into our new app.
Try out the new app today here!
We would love any feedback you have about this app upgrade. If you do have feedback, please help us here. Your input can help us make the Evmos user experience even better!
Evmos Security: SAFU
Security is a top priority for the Evmos core development team. We will always prioritize building and maintaining a safe chain, but we cannot do this by ourselves. Whitehat hackers are an important piece of this effort, and thus we have developed a Simple Agreement for Funding Upload (SAFU) that covers our post-exploit policy for active vulnerabilities in the Evmos blockchain.
SAFU outlines an easy way for whitehat hackers to safely return exploited funds for active vulnerabilities in exchange for 5% of the exploited total. If the funds are returned in accordance with SAFU, we won’t take any legal action. That is a promise we will hold not just through a casual tweet, but a formal legal document.
We hope that by offering whitehat hackers a grace period and an opportunity to return funds without legal consequences, we can mitigate the downside of active vulnerabilities. And in return for finding those active vulnerabilities, whitehat hackers can keep a portion of the total amount exploited.
As much progress as we have made, crypto still sees 9 figure exploits too often. Furthermore, the exploit resolution process with hackers is currently a lengthy and convoluted one. As the total value of the crypto ecosystem increases, the damage of potential vulnerabilities will increase alongside it. Rest assured, the Evmos core development team is thinking proactively and taking steps to ensure the protocol’s safety and safeguard against active vulnerabilities.
Conclusion
Be sure to use our new features such as fee subscriptions and single token representations — they’ll 10x your user experience! We look forward to providing continued improvements to the Evmos ecosystem in further upgrades. Keep your eyes open for future developments.
The full changelog and release notes can be found here.
About Evmos
Evmos is an EVM-compatible, IBC-enabled blockchain in the Cosmos ecosystem designed for cross-chain dApp development.
The Evmos Core Development Team is on a mission to create and ship the foundational tools necessary for building the cross-chain applications of the future. With groundbreaking roadmap features like EVM Extensions, the Evmos SDK, and the Evmos dApp Store, Evmos gives developers the freedom to take advantage of the IBC and connect their smart contracts to the Cosmos Ecosystem.
This revolutionary technology frees developers from the confines of today’s siloed blockchains.
The future is cross-chain.
Helpful Resources
💻 Developer Documentation: https://evmos.dev/
👾 Official Discord: https://discord.gg/evmos
🐙 GitHub: https://github.com/tharsis/evmos
🕊 Twitter: https://twitter.com/EvmosOrg
📯 Telegram: @EvmosOrg
📄 Medium: https://evmos.blog/
🖥 Evmos Website: https://evmos.org
🌋 Evmos Jobs Board: https://boards.eu.greenhouse.io/evmos
Evmos is the EVM stack for building natively cross-chain decentralized applications.
We encourage you to read the Evmos Manifesto and learn more about our plans to build a cross-chain future.
DISCLAIMER: None of this is financial advice. This content is strictly for educational purposes. It’s not investment advice or a solicitation to buy or sell any assets.
