EOS Network Ventures has committed $20 million in capital to develop applications and gaming products on the EOS network after April's Ethereum Virtual Machine (EVM) launch.
"EOS Network Ventures (ENV) is making a formal commitment to invest $20M directly into $EOS EVM and GameFi projects," EOS Foundation CEO Yves La Rose tweeted early Monday. "EOS EVM will also have the most funding available for builders," he opined.
"With $20M up for grabs for EVM projects, we expect a massive influx of developers who want to take advantage of the funding opportunities," La Rose said, adding the commitment was made to attract developers and builders to the EOS blockchain in the coming months.
EOS is gearing up for its second innings with a funding push ahead of April's EVM launch. EVMs refer to the environment in which all Ethereum accounts and smart contracts live, serving as a virtual computer utilized by developers for creating decentralized applications (apps).
When deployed on other blockchains, EVMs can allow developers to build dapps and decentralized finance (DeFi) applications similar to how they would on Ethereum.
Such moves are thanks to the efforts of La Rose, who is leading plans for a consensus mechanism upgrade, an Ethereum Virtual Machine (EVM) system and an overall renewed growth strategy.
EOS has long attracted criticism and scrutiny from market participants for raising $4 billion in its initial coin offering (ICO) with little to show in its early years in both technical and usage terms.
The renewed push could ultimately boost eos token prices in the coming months, as well as bolster the value locked on EOS-based decentralized applications.
Users are spoiled for choice in an increasingly competitive crypto market, however, as relatively newer networks such as Arbitrum, zkSync, Optimism and Solana, among several others, vie for developer talent and increase their own revenues via token incentives or airdrops.
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