MCS | Restarting EVMOS

MCS | Restarting EVMOS

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Greetings from MCS, the derivatives trading platform where traders always come first.

If you want to know more about Evmos, please refer to 📕: The Next Frontier Blockchain, EVMOS!

EVMOS Halted

The much-anticipated blockchain platform Evmos launch was halted in the middle of a chain upgrade within a week from its launch.

To keep the community on the same page, the Evmos team held a weekly community call and announced an update on the current situations of the project and how the community can go about when the network is restored.

In order to prevent errors occurring again, the testnet will be upgraded and tested over the next couple of weeks. As the platform is capable of providing various apps to run on the chain, it will also provide a buffer for partners and early projects to prepare for the launch.

If everything goes smoothly, the platform is expected to go live in the second week of April.

Source: Evmos Twitter

Overcoming the Problem

The detailed solutions have not yet been outlined, however the Evmos team mentioned that they deep dived into their data and made informed decisions according to their analysis.

To keep everything transparent with the community, a detailed investigation report on the reason behind the chain suspension and ensure the community makes the right decisions.

*It is still an unresolved issue whether the chain will restart at block zero.

Community Token Claim

The official dashboard (http://gotrekt.com) is ready for release to help facilitate the claiming process. In addition, a recovery mechanism has been established for users whose funds have been accidentally locked.

Source: GOT REKT

In order to claim Evmos with a hardware wallet at launch, the Ledger and Metamask will be required. As of this moment, using the Ledger and Keplr combination is in the works and will be supported in the near future.

If users have a strong urge to claim through Keplr, it can be claimed through the GOT REKT dashboard.

(All airdrops can be claimed at launch including participants using recovery mechanisms that have accidentally locked themselves out.)

Evmos Staking

Specific details of Evmos staking has not been released. The team has

Staking is a key element of the Evmos ecosystem. However, the team announced that there will be no staking compensation for the first 24 hours of launch.

At the initial release, some hardware wallet users complained as they were unable to receive any staking rewards due to systematic errors, and Evmos team announced that it would not issue additional tokens for the first 24 hours of launch.

Evmos uses tendermint POS as their consensus meaning the $Evmos holders can delegate the token to the network validators. The validators run nodes to validate blocks and the validators and staking participants receive rewards for each block.

Staking $Evmos secures and protects the network and rewards participants for the contribution. On top of this, stakers are given voting rights to shape the platform’s future through governance.

Staking is available only on Keplr as of this moment.

Evmos Integration

On Evmos, the Ethereum Virtual Machine (EVM) can be used from launch, allowing developers and the community to deploy smart contracts and interact with DeFi apps and NFTs right away.

In addition, cross-chain transactions can be carried out immediately through IBC (Inter-Blockchain Communication) protocol.

Bridging to Ethereum is also provided immediately and the community is able to onboard their ETH to Evmos.

You can also purchase $EVMOS with tokens sent via the bridge from the Ethereum network on Evmos powered DEX protocols.

The Evmos team quickly admitted their mistakes and is finding ways to overcome the problems.

The future of Evmos still looks bright, and many are looking forward to how Evmos will be shaped.

Traders always come first on MCS!

Thank you!