A brief analysis of the development trends of EVM blockchain

Proposal to encapsulate ZK-EVM

Recently, Vitalik Buterin, the founder of Ethereum, proposed integrating ZK-EVM into the L1 layer of Ethereum. The purpose of this proposal is to build a system native to the Ethereum protocol that uses zero-knowledge proofs to verify Ethereum blocks.

The main purpose of integrating ZK-EVM into the Ethereum core is to reduce the blockchain's dependence on external code libraries, thereby reducing the risks associated with these system vulnerabilities. The proposal shows that encapsulating ZK-EVM at the protocol level and making ZK-EVM a core component of Ethereum represents an enhancement to the blockchain framework structure that can improve the security, efficiency and processing speed of Ethereum network operations.

This integration method is consistent with Ethereum’s multi-client concept, which supports different clients using different verification systems. Encapsulating ZK-EVM as a strategic update to Ethereum infrastructure aims to solve the challenges of scalability, privacy and efficiency, thereby promoting the development of Ethereum and meeting future needs. This strategic update will introduce more innovation and flexibility to the Ethereum network, help improve overall network performance and security, thereby providing users with a better user experience and laying a solid foundation for the development of the ecosystem. By continuously innovating and improving its infrastructure, Ethereum can better respond to growing demand and remain competitive

ZK-EVM use case

A use case for ZK-VM (ZK Virtual Machine) is the Ploygon zkEVM, which is similar to a "turbocharged engine" for blockchain applications that works alongside Ethereum, but is faster and cheaper. This virtual machine uses zero-knowledge proofs to process transactions, speeding up and cutting costs while building on Ethereum’s strong security. Polygon zkEVM combines two technologies, SNARKs and STARKs, to make processing transactions efficient and fast. SNARKs help make data smaller, saving space and cost, while STARKs speed up the process of proving that transactions are legitimate. By running several of these proof generators simultaneously, Polygon zkEVM can process more transactions at once, making the entire system faster and smoother.

Another example is Linea, a ZK-EVM with full EVM equivalence that is compatible with most Ethereum decentralized applications. Therefore, developers can port their DApps from Ethereum to Linea without extensive modifications. This compatibility can be extended to migrating code back to Ethereum or other EVM-compatible blockchains, thereby enhancing Linea’s adaptability and interoperability within the broader blockchain ecosystem. Since it is the EVM equivalent, it is similar to Ethereum's mainnet, providing developers with a platform that enables them to create and use smart contracts in a familiar environment. This similarity is very friendly to developers accustomed to Ethereum, who are able to take advantage of Linea without having to make extensive adjustments to their workflows.

Developers Migrating to EVM Chains

Electric Capital’s latest report illustrates the shift taking place in the blockchain space: a large number of developers are flocking to EVM-compatible chains. The report states that 87% of multi-chain developers are already working on at least one EVM-compatible network. This shows that the EVM chain has strong appeal to developers, and developers are willing to spend time and energy on it. Developers not only work on one chain, but also spread their ideas and code across different EVM-compatible chains. The EVM ecosystem is the most active area among developers. The reason why EVM chains attract developers is simple: for starters, these EVM blockchains incorporate Ethereum standards and protocols, making it easy for developers to adapt. They can use their existing knowledge and skills to reduce the time and effort required to enter the industry.

For example, EOS EVM serves as a bridge between EOS and the Ethereum ecosystem, allowing developers to bring Solidity-based projects, digital assets and DApps from Ethereum into the EOS ecosystem. This approach leverages Ethereum’s rich ecosystem and mature tools and combines them with the feature-rich EOS. EVM also supports Websockets, a tool used for developing applications that need to talk back and forth to the server in real time (with regular HTTP requests there is usually a delay). This means developers can build more responsive and interactive applications directly on the EOS EVM, such as chat applications, real-time trading platforms, DeFi notifications and NFT minting tracking, etc.

Ethereum, along with its toolbox and community support, gives developers access to documentation, ready-made smart contract templates, and forums for coding enthusiasts. These rich resources make it easier to build, experiment, and innovate. In addition to ease of use, cost and scalability are also important. With Ethereum's gas fees soaring at times, developers are looking for places to build programs while avoiding high costs. EVM-compatible blockchains often offer lower costs and higher performance, making them highly attractive to participants who want to deploy DApps or smart contracts. Additionally, the rise of L2 solutions and sidechains means greater scalability and lower costs while remaining friendly to the Ethereum ecosystem.

There are many projects that have migrated to the EVM chain, such as Polylgon and Binance Smart Chain. They are both active places for DeFi projects and NFT markets. They are also conducive to developers' construction, cost savings and attracting more Multiple audiences. In fact, developers themselves are thinking strategically, looking for platforms that best combine technical acumen, economic sense, and audience reach. The move to EVM-compatible blockchains is not only a trend, but also a move by developers aiming to maximize the potential of blockchains, focusing on efficiency, scalability, and the opportunity to connect with more users.

EVM as a cost-effective alternative

Blockchain data research platform Flipside believes that EVM has become a wallet-friendly option in the blockchain field, and it points to a major trend: given Ethereum’s With obstacles such as high gas fees and network congestion, the market is looking for smoother alternatives. Users and developers are more inclined to choose EVM-compatible L2 networks, and it can be said that the demand for lower transaction costs and faster processing times drives this choice. Flipside believes this is more than just a passing trend. The market is undergoing a shift, and the push for EVM-compatible Ethereum alternatives is a major trend in the industry, as keeping costs down and increasing efficiency is key for the blockchain industry.

New players and ecosystems are likely to emerge along the way, as developers and users flock to platforms that strike the right balance between cost efficiency and performance. This could lead to a more diverse blockchain ecosystem, where various blockchain and L2 solutions develop together, providing developers and users with more choices.

The EVM chain and the landscape of Ethereum will continue to evolve with upgrades designed to address scalability and cost reduction. The EVM chain will continue to adapt to the development of Ethereum as improvements are introduced. As the Ethereum ecosystem grows, aspects such as environmental impact, governance, and how different systems work together will play a more important role. Additionally, Ethereum and the ability to work seamlessly with EVM-compatible chains is critical to a blockchain ecosystem that achieves efficiency and user experience without sacrificing security or decentralization.

Flipside believes that the rise of EVM as a budget-friendly alternative is invigorating the competitive environment and accelerating innovation, which may lead to the birth of new platforms and ecosystems. As the blockchain space continues to evolve, sustainability, governance, and interoperability will become increasingly important in shaping the future success of the EVM chain and Ethereum. In this trend, adaptability, efficiency and inclusiveness will be the most critical aspects.

Summary

Ethereum and its underlying technology EVM are undergoing some major changes. This is a stage full of opportunities for developers, investors, and blockchain enthusiasts. As more blockchains become EVM-compatible and innovations continue to emerge on Ethereum, the expanding EVM ecosystem is opening new doors for exploration, development, and investment. Innovations like ZK-EVM make Ethereum more scalable and private, making it a better place to develop decentralized applications. Whether you want to create a DeFi platform, create a unique NFT experience, or use a new blockchain application, EVM tools can provide endless possibilities.

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