EOS takes Ethereum Virtual Machine for a spin: Testnet launch now live

• EOS has launched its EVM feature on the testnet.
• Lack of high accumulation momentum drives down EOS’ value.

Ahead of the mainnet launch in April, EOS Network launched its EOS Ethereum Virtual Machine (EVM) feature on the testnet on 28 March. 

The final #EOS EVM testnet before mainnet launch is officially live 🥳

With the security audit underway, the EVM is nearly ready for mainnet 🚀

Read the latest blog post for more info & answers to $EOS EVM FAQs ❓

Read 👇https://t.co/K5dFaQ8KdI pic.twitter.com/8elXSW5rdJ

— EOS Network Foundation (@EOSnFoundation) March 28, 2023

Realistic or not, here’s EOS’ market cap in BTC’s terms

The EVM deployed atop the EOS native network will allow projects built on the Ethereum network to be launched on the former, offering negligible gas fees and faster transaction speeds than any other EVM in the market.

Boasting of single-second block times, EOS mentioned that its EVM feature is more compatible than other Ethereum alternatives from a development standpoint, saying:

“The EOS EVM is extremely performant, as it’s designed on top of the powerful EOS native network. EOS EVM will offer negligible gas fees and transaction speeds that are faster than any other EVM on the market. From a development standpoint, it is more compatible than other Ethereum alternatives thanks to design choices such as one-second block times.”

EOS in the last 24 hours

Per data from CoinMarketCap, EOS exchanged hands at $1.09 at press time, having witnessed a 3% decline in value in the last 24 hours. However, during that time, the alt’s trading volume rallied by 74%, indicating buyers’ exhaustion in the market.

This type of price/trading volume divergence is common in markets where the ongoing buying activity is not high enough to sustain a price rally. It is often followed by a further decline in the asset’s price. 

Data from Santiment revealed a steep decline in EOS’s weighted sentiment since 12 March. This coincided with when the alt began trading within a tight range. This suggested that as bullish conviction dissipated in the market, traders stayed their hands and have since traded less.

Source: Santiment

Interestingly, despite the launch of the EOS EVM on the testnet and the call for developers to deploy on it, the network’s development activity remained at a low of 1.89 at press time. According to Santiment, the network’s development activity fell from a high of 3.28 on 7 March, after which it declined severely by 42%.

However, as projects build on the network’s EVM environment in anticipation of the mainnet launch, this is expected to see some growth.

Source: Santiment