A Guide to Ethereum-Compatible Blockchains

Ethereum Virtual Machine (EVM) chains are at the forefront of blockchain technology, offering a seamless way for developers to create and deploy decentralized applications. By being compatible with the EVM, these networks offer interoperability between several other blockchains.

Considering that their TVL surpasses $47 billion, EVM chains are becoming increasingly popular among users while showcasing widespread confidence in their security and functionalities as they continue to foster innovation and adoption in the blockchain space.

Key Takeaways

  • EVM chains support a standardized environment for the development and deployment of dApps and smart contracts.
  • They showcase significant popularity among users with over $47 billion in Total Value Locked (TVL)
  • These chains drive blockchain innovation and user adoption.

What Is the Ethereum Virtual Machine (EVM)?

DefinitionThe Ethereum Virtual Machine (EVM) is the computation engine of the Ethereum blockchain.
Execution Of Smart ContractsThe EVM runs and manages smart contracts, from simple transactions to complex dApps.
Programming LanguageContracts are written in the Solidity programming language and then translated into bytecode for the EVM to understand.
Security And IsolationEach contract runs in its own isolated environment, maintaining network integrity and offering robust security.
Transparent VerificationAll actions are verifiable on the blockchain, ensuring a transparent and traceable ecosystem.
The key aspects and definitions of the Ethereum Virtual Machine (EVM)

The Ethereum Virtual Machine serves as the computation engine behind the Ethereum network, enabling a diverse range of decentralized applications and facilitating seamless smart contract execution.

EVM-Compatible Blockchains Explained

EVM chains: The Ethereum Virtual Machine
The Ethereum Virtual Machine (source)

EVM chains are blockchain networks that are compatible with the Ethereum Virtual Machine. This compatibility makes them a part of the broader EVM ecosystem, allowing them to leverage the same tools and programming languages used for Ethereum. Essentially, these chains help developers build and deploy dApps and smart contracts with ease.

Developer BenefitsEVM chains allow developers to utilize familiar tools as on Ethereum, as well as create and (re)deploy decentralized applications seamlessly from other EVM blockchains.
User ExperienceConsistent wallet interactions and uniform user experience across EVM platforms.
The key features of EVM chains

The existence of EVM chains reflects a significant development in blockchain technology. It grants developers and users access to a standardized and reliable environment that encourages the adoption and growth of decentralized applications and smart contracts.

This standardization not only benefits the development process but also fosters a more intuitive and secure experience for users navigating diverse blockchain applications.

Which EVM-Compatible Blockchains Are the Most Popular Among Users?

Several blockchain platforms have become popular due to their support for the Ethereum Virtual Machine (EVM), offering distinct functionalities:

  • Ethereum: As the trailblazer, it provides a comprehensive ecosystem for decentralized applications and services, as well as the largest TVL and most established blockchain among all EVM chains.
  • BNB Chain: Known for its efficiency, it accounts for a significant portion of DeFi and DEX activities.
  • Polygon: This Layer 2 solution enhances Ethereum’s scalability and transaction speed.
  • Avalanche: Stands out with its unique Snowball consensus protocol while supporting EVM-based projects.
  • Optimism, Boba Network, and Arbitrum: These Layer 2 solutions expand on Ethereum’s capabilities through rollups, allowing for innovation in the dApp space.

Each platform taps into the robustness of the EVM to serve specific use cases in the blockchain space.

The TVL of Ethereum-Compatible Blockchains

Ethereum-compatible blockchains, collectively, have secured over $47 billion in TVL. The EVM chains with the largest TVL include:

  • Ethereum: $21.617 billion TVL
  • BNB Chain: $5.3 billion TVL
  • Arbitrum: $1.7 billion TVL
  • Avalanche: $519 million TVL

In comparison to these figures, Solana, a popular non-EVM Layer 1 blockchain, surpasses a TVL of $1.5 billion.

What Are Some Examples of Non-EVM Chains?

Below, you can find a list with examples of non-EVM compatible chains:

  • Bitcoin: Originally created for peer-to-peer (P2P) financial transactions between parties, Bitcoin does not have EVM-compatible smart contract capabilities.
  • Cardano: Cardano’s smart contracts are run on a distinct platform named Plutus, separate from the EVM framework.
  • Solana: With an emphasis on swift transactions and reduced latency, Solana is engineered with a scalable architecture that does not integrate with the EVM.
  • Aptos: Less prominent in the public eye, Aptos is built on unique specifications and does not follow the EVM standard.
  • XRP (Ripple): Engineered for speedy and cost-efficient cross-border payments, Ripple’s infrastructure is not compatible with the Ethereum Virtual Machine.

The Verdict

EVM chains enable diverse dApp and smart contract development, while their cross-chain integration enhances the Ethereum ecosystem. ú

Moreover, they streamline the development process with familiar programming tools and languages, encouraging efficient application portability and deployment. At the same time, Ethereum-compatible blockchains deliver a uniform user experience across different platforms, facilitating more seamless user interactions.

On top of that, EVM-compatible chains are at the heart of blockchain’s evolution, combining convenient development with a robust user experience. Their ongoing role within the DLT ecosystem is critical for both technical progression and mainstream adoption.

Frequently Asked Questions (FAQ)

What are the leading EVM-compatible blockchains?

Blockchain platforms like Ethereum, BNB Chain, Avalanche, Polygon, and Fantom are among the top ecosystems supporting EVM compatibility. They are known for their robustness, speed, and growth potential.

How can I connect my wallet to an EVM chain?

To connect a digital asset wallet to an EVM blockchain, one needs to:

1. Open the wallet app, such as MetaMask.
2. Navigate to the network selection.
3. Click on “Add Network” or select the specific EVM chain if already listed.
4. Enter network details, including URLs and chain IDs.

What is the difference between EVM chains and non-EVM chains?

Here are the fundamental differences between EVM chains and non-EVM chains:

EVM chains are compatible with Ethereum’s computation engine, allowing Ethereum’s smart contracts and dApps to function.

• Non-EVM chains have unique protocols with distinct virtual machines (or no virtual machines), possibly enhancing scalability or interoperability, but without EVM compatibility.

Which Layer 1 blockchains feature EVM support?

Layer 1 blockchains with EVM support include EthereumBNB ChainAvalanche, and Fantom. These blockchains validate and finalize transactions within their own networks while maintaining compatibility with the EVM.

Is MetaMask integrated across various EVM chains?

MetaMask can operate across any EVM chain by adjusting to the chain’s network settings. Users must manually configure MetaMask by inputting the chain’s specific RPC information and network details.

What are the key characteristics of EVM-compatible blockchains?

The key features and characteristics of EVM-compatible blockchains include:

• Smart contract execution using Ethereum’s programming logic.
• A vibrant ecosystem that is interoperable with Ethereum’s tools and services.
• Easy dApp development and (re)deployment across EVM chains.

Seasoned crypto, DeFi, NFT and overall web3 content writer with 9+ years of experience. Published in Forbes, Entrepreneur, VentureBeat, IBTimes, CoinTelegraph and Hackernoon.

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