Flow Chief Architect Dieter Shirley has presented a governance proposal to achieve full equivalence with the Ethereum Virtual Machine (EVM) and allow Ethereum DApps to seamlessly run on the network.
Ethereum is one of the most complete blockchain ecosystems in existence today and is home to hundreds of smart contracts and decentralized applications (DApps) that cover a wide range of needs, from financial services to consulting services, digital identity, gaming, healthcare, supply chains, and much more.
Furthermore, Ethereum is one of the most robust and secure blockchain ecosystems, encompassing the second largest crypto market cap, with over $196.700 billion at the time of writing. Moreover, the DApp ecosystem on Ethereum holds a current total value of 12,8 million ethers or $21.000 billion dollars.
For all these reasons, Flow developers have set out to achieve complete equivalence with the Ethereum Virtual Machine (EVM), the technology where Ethereum DApps are created and deployed.
From the X account, Flow explained that, through the equivalence with EVM, application builders on Flow will be able to take advantage of all the tools and network advantages of Ethereum while benefiting from the capabilities offered by Flow's smart contract programming language, Cadence, designed for the needs of Web3.
EVM equivalency refers to the ability to offer flexibility to deploy Ethereum decentralized applications on Flow without having to make significant code changes. This means that developers will be able to deploy any Ethereum DApp without any code changes in order to take full advantage of Flow’s native functionality.
Why does Flow need EVM equivalence?
At the Flow community forum, Dieter Shirley, chief architect of the blockchain network, highlighted that the EVM equivalency will complement Flow’s application ecosystem to make it much more powerful. Furthermore, the EVM equivalency will serve to expand its blockchain ecosystem, allowing Flow developers to write smart contracts using Cadence to extend or add new functionality on top of Solidity smart contracts with full composability.
This equivalency will allow popular Ethereum DApps such as Uniswap, Opensea, Metamask, Chainlink, Aave, Curve Finance, Hardhat, and more to run on the Flow blockchain. Additionally, both fungible and non-fungible tokens based on Ethereum’s ERC-20 and ERC-721 standards will also be able to be deployed on Flow.
“Cadence code can interact with the EVM environment synchronously. This allows Cadence code to be composed with EVM code in a powerful and easy way.”
Shirley highlighted that EVM equivalency is a standard practice that is well-established and that new blockchain platforms must adopt it to ride the wave of interoperability with Ethereum.
However, its governance proposal is still being debated by the Flow community and no date has been set for a vote.
The price of the FLOW token, native to the Flow network, experienced a slight increase on Saturday, approaching $0,45 per unit. However, at the time of writing, the price of FLOW has corrected by almost 0,5%, trading at around $0,44, according to data from CoinMarketCap.
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