- Evmos has announced its plans to focus solely on Ethereum transactions.
- ATOM seemed unaffected as it traded around $8.
On November 7, Evmos announced its intention to shut down Cosmos [ATOM] transactions on its Ethereum Virtual Machine [EVM]. The focus will shift to Ethereum [ETH] transactions only.
🔥Big news!🔥
Evmos has made a strategic decision to work more closely with Ethereum by deprecating Cosmos transactions by the fourth quarter of 2024 to:
• address compatibility issues,
• increase efficiency,
• Bringing uniformity to user and developer experiences.https://t.co/G03OVdFd1g— Evmos ☄️ (@EvmosOrg) November 7, 2023
The above transition is likely to be completed by the third quarter of 2024, as explained in the official blog post. Evmos cited the alignment with Ethereum as one of the main reasons behind this move.
The Evmos team also said that focusing solely on one transaction format would increase technical efficiency. Furthermore, they pointed out that maintaining two different types of transaction hash introduces unnecessary problems for both wallet and explorer developers.
How this development affects the Cosmos
As part of this transition, the charges resulting from the terminated Cosmos transactions will be permanently deleted (burned). Users who exclusively use Cosmos wallets will need to switch to EVM-compatible clients.
Well-known wallets such as WalletConnect, Rabby and MetaMask are also ready to provide the necessary support for this migration. Hardware wallets, including Ledger, receive support through their dedicated Ethereum applications.
Developers will also need to adapt their transaction construction and broadcast processes and make them Ethereum-oriented. According to the post, this will be facilitated by using the standard JSON-RPC service.
Importantly, despite all these changes, Evmos will maintain its connection to the Cosmos network.
How ATOM responded
AMBCrypto’s analysis of ATOM’s daily timetable showed that the token remained unaffected by Evmos’ developments. At the time of this report, it was trading around $8, showing an appreciation of more than 2%.
Source: TradingView
Read Kosmos’ [ATOM] Price forecast 2023-24
Notably, despite this encouraging price increase, ATOM has struggled to break above the resistance level, as evidenced by the long moving average (shown by the blue line).
The short moving average (represented by the yellow line) also remained a strong support area at the time of writing, positioned around $7.
