Open-source blockchain platform EOS announced the beta launch of its Ethereum Virtual Machine (EVM) mainnet, designed to enhance interoperability between the network and the Ethereum Blockchain.

The EOS Network Foundation (ENF) also inked a strategic partnership with market maker and investment firm DWF Labs through an investment deal of $60 million to further the platform’s growth and development.

EOS Unveils EVM Mainnet

According to a press release sent to CryptoPotato, the EOS EVM will be deployed on the EOS Network as a smart contract. Written in Solidity, Ethereum’s native programming language, developers will have access to the EVM, and numerous tools, resources, and open-source code libraries will support it.

With Ethereum’s scalability challenges and slow transaction speed, the EVM is designed to complement the network with its swift operational capability. The EOS virtual machine will bridge the two blockchains, gaining access to Ethereum’s vast resources while implementing its one-second block interval speeds and over 800 swaps per second with low fees.

Through the EVM, Solidity developers will easily access EOS’s scalable network infrastructure, funding programs, and Ethereum’s resources.

Yves La Rose, founder and CEO of the EOS Network Foundation, said:

“Our goal is to create an interoperable future where the gaps between blockchains, developers and end users are bridged. EOS EVM does just that. With EOS EVM, it is now significantly easier for Ethereum developers and end users to take advantage of the low fees, ultra-fast speeds, and reliability of the EOS Network. EOS EVM is a significant milestone and represents our commitment to a multi-chain future.”

EOS Foundation Partners With DWF Labs

Furthermore, through the $60 million strategic partnership, DWF Labs would support the EOS Network in two ways. The investment firm would purchase EOS tokens worth $45 million and pump $15 million into EOS-based businesses and projects.

“Our strategic partnership will enable us to explore new horizons and revolutionize the blockchain ecosystem together, providing developers with the tools and resources they need to bring about a more decentralized and connected future,” said the Managing Partner of DWF Labs, Andrei Grachev.

The alliance between EOS Network and DWF Labs will channel their resources toward facilitating the growth of the EOS ecosystem, unveiling new potential in the web3 space.