Telos, an open-source, high throughput smart contracting platform using EOSIO’s delegated Proof-of-Stake consensus algorithm, is preparing to launch its EVM.

Support for EVM and EOSIO Smart Contract Development Standards

Details from Telos' roadmap show that the EVM mainnet launch is the third major milestone. 

They have already activated their test network making the EVM accessible via Telos' JSON-RPC servers and allowing developers to deploy their solidity smart contracts on the Telos EVM for development.  At present, Telos is the only blockchain to support EVM solidity and EOSIO C++ for smart contract development. Telos’s C++ smart contract native platform has been serving smart contracts since 2018.

Their flexibility in supporting more than one development standard makes Telos a Mecca for developers. Data from Telos' partner, DappRadar, shows that most dApps launching in any of the over 15 supported blockchains are either EVM or EOSIO compatible.

Addressing Gas Fees and Scalability Concerns

As a 3rd Generation Layer 1, Telos, in their description, says it is built from the ground up for speed and heavy scalability. To put that in perspective, The Telos Ethereum Virtual Machine is implemented within just a single Telos smart contract. This is unlike other protocols like Polygon, a layer 2 that combines various makeshift methods to achieve scalability.

Upon activation of the mainnet, Telos will offer developers 0.5 seconds block generation time, high throughput of over 10k TPS, and nano size transaction costs, effectively promoting blockchain and smart contracting.

Presently, popular alternatives--like Ethereum--are bogged down by scalability challenges. At peaks, Ethereum only processes 15 transactions per second (TPS). However, because it is popular, the network is forced to bump its head repeatedly on the ceiling as it tries to execute over 1.5 million transactions per day. 

Due to this deluge of transactions, Ethereum is mired by high Gas fees. 

Moreover, it can't handle intensive dApps. Their deployment would cause congestion, forcing the platform to a standstill.

The Telos Ethereum-compatible virtual machine (EVM) solves this by offering high block generation times. So while Ethereum blocks are after every 15 seconds, Telos' blocks would be after every half a second. 

It means Telos would be 30X faster than Ethereum and 10X more speedy than the Binance Smart Chain (BSC), with even more capacity, ranging between 100 and 500X those of BSC and Ethereum. Accordingly, the high processing speed and scalability translates to an enhanced user experience with negligibly low transaction fees, catalyzing the adoption of blockchain. 

On average, Telos is 100X cheaper than Ethereum. This is especially important for DeFi traders. An umbrella term, DeFi comprises several activities, including derivatives trading, swapping, decentralized insurance, and more. 

The Gas paid for each depends on the complexity of the smart contract. The more complex, the more the Gas paid, an inconvenience for DeFi users. When Gas fees spiked above $60 in early May 2021 in Ethereum, it wasn’t unusual for DeFi users to pay over $150 in Gas fees alone, slashing profitability.

Geared for Mainstream Adoption

Telos eliminates the need for traders to use thousands or hundreds of dollars as Gas fees before booking profits. The platform will launch as "real-world ready." Telos developers are aware that many more people are eager to participate in DeFi without paying prohibitive fees. 

Moreover, ordinary users with Google accounts can log in to the Telos ecosystem to seamlessly build or interact with any of the over 100 dApps building on the platform. Because of its compatibility with Ethereum, MetaMask holders can also link up and access Telos. 

MetaMask is one of the leading browser wallets used by DeFi users in Ethereum, BSC, and other EVM-compatible blockchains. In addition to transaction fee-relief, Telos has, by default, a no front-running feature to protect the interest of DeFi traders. Tailgating is, in trading circles, illegal but it still happens all too often. 

In DeFi, it happens when a miner—with prior knowledge about the transaction's significance, places a trade that would earn profits at the expense of others who might have been ahead of them in the queue.   This will never happen on Telos and in just a couple of weeks, via the TelosEVM launch, traders will finally have a no front running / no sandwich trade defi environment via an AMM.  

Automatic Market Maker(AMM) - coin swap platforms running on Telos will finally put investors in the driver’s seat.  Aside from the nano size gas fees and no longer being a victim to theft via front running, investors will now be able to go from purchase to wallet at much faster rates and to that point, via arbitrage trading they will have a significant advantage over traders using other platforms.  To put that in perspective, Telos Block times are 440% faster than the block times of the currently fastest Ethereum option, Polygon.  A significant difference. Technically, a trader would be able to buy from a Telos based AMM and sell via arbitrage 4 to 5 times before a trader using a Polygon based AMM could complete a single arbitrage trade.