Another layer 1, smart contract platform is positioning itself to enter an increasingly crowded race for users and transaction volume.

On Monday, Oasis Foundation – one of the firms behind the Oasis privacy-preserving blockchain network – announced the launch of Emerald, an Ethereum Virtual Machine (EVM)-compatible ParaTime smart contract execution environment.

Oasis allows for multiple ParaTimes – each capable of operating with a different virtual machine execution environment – to function simultaneously on the same blockchain. An EVM-compatible ParaTime will also enable Ethereum developers to quickly port over copies of code native to Ethereum and other EVM-compatible layer 1 chains.

According to a press release provided to CoinDesk, Emerald is looking to compete immediately, claiming “99% lower gas fees than Ethereum, high throughput and instant transaction finality.”

The launch of Emerald comes on the heels of Oasis’ announcement of a $160 million ecosystem investment fund with backing from a long list of venture capital firms.

Read more: Oasis Launches $160M Ecosystem Fund With Backing From Jump Capital and Others

In an interview with CoinDesk last week, Oasis Labs founder Dawn Song said that even though Oasis is starting from behind, the chain may be able to quickly catch up with competitors with multiple Ethereum-native teams preparing to make a move to Oasis.

“There is a DEX [decentralized exchange], there’s lending, [non-fungible token] projects, including special types of NFTs, there are lots of exciting partnerships coming,” she said.