Evmos is an Ethereum-compatible blockchain built using the Cosmos SDK and powered by Tendermint. Evmos provides a bridge between ETH and Cosmos. Evmos' founders are Federico Kunze Kühlmer, who has been involved in Cosmos since 2017 and worked on Gravity Bridge, Cosmos SDK and IBC, and Akash Khosla, who previously worked as a software engineer at Anchorage Digital.
Initially, the concept of running Ethereum on top of Tendermint, conceived in 2016, implied the scalability of the Consensus protocol and was called Ethermint. But then along came L2 Polygon. This was the beginning of the scalability problem solution.
However, this concept interested only the Cosmos ecosystem. At the same time, the name Ethermint itself turned out to be a trademark owned by All in Bits Inc. - the company behind Cosmos Hub. It was the first flop on the way to deploying the hub, which was later called Evmos. With proposal #44 the project raised 106,000 ATOM as seed funds (details).
How it works
Evmos is a high-throughput EVM blockchain, using PoS. Thanks to its EVM compatibility, Fantom, BSC, Optimism, Arbitrum, Avalanche and other networks can be integrated in Cosmos. Moreover, since there is, for example, Aurora, Near can be already connected to Cosmos as well.
On the other hand, despite the fact that Cosmos tends to build blockchain for one task (app-chains), EVMOS already has NFT marketplaces, AMMs etc.
By design, EVM interoperability will attract TVL to the ecosystem. The reason for this is that developers of decentralized applications and smart contracts on Solidity may be attracted by PoS consensus, fast transactions, low fees and access to Cosmos.
For example, Aave's proposal on deploying Aave v3 on the Evmos successfully passed (details). By the way, due to the fact that AAVE contract is not a quick thing to deploy, Evmos is still ruled by other AMMs: Diffusion (fork Uniswap v2), Cronus Finance, EvmoSwap (fork SushiSwap and PancakeSwap).
As for the EVMOS token model, there are also some interesting things. Evmos team decided to make a fair distribution of tokens between developers, users and validators.
When EVMOS was launched, 200 million tokens were airdropped and distributed among Rektdrop members, the community, and the reserve. Another 300 million tokens will be issued in the first year after the launch, and the plan is to issue a billion in total over 4 years! Yes, Evmos is highly prone to inflation, but it will decrease every year. You can read more about tokenomics here.
Evmos has weak marketing, but there are still some interesting collabs, such as CEVMOS. It is a joint project with Celestia, which will probably make a breakthrough in blockchain scalability. They are separating the consensus level of chain and data availability from the execution level. To make it even shorter, it is a modular blockchain for rollups. The network will be implemented on Optimint (Optimistic Tendermint). The plan is to connect the new network to the EVMOS Hub and use $EVMOS for gas and security purposes. You can go deeper into details here
The most interesting protocols in Evmos
1. Diffusion. Number one in TVL. It is an Uniswap fork. You can start swap here.
2. Cronus Finance, which also is an Uniswap fork
3. EarnMos. This is an Yield aggregator. You can get a high APY, but remember about the high inflation ;)
4. Orbit Marketplace. NFT on Evmos. You can flip, or you can catch, for example, Orbital Apes. Speaking of these monkeys: they give you the right to "bite off" the commissions on the Orbit Marketplace.