Oasis Foundation Launches Emerald, an EVM-Compatible Smart Contract Environment

On the heels of launching a $160 million investment fund, Oasis is now laying the groundwork for decentralized finance and NFTs.

AccessTimeIconNov 22, 2021 at 2:01 p.m. UTC
Updated May 11, 2023 at 5:51 p.m. UTC

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.

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.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Andrew Thurman was a tech reporter at CoinDesk with a focus on DeFi.

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.

Read more about