The competition among EVM chains to provide the best DeFi experience is intensifying. EOS Network Ventures (ENV) has recently announced a significant investment in decentralized finance with the aim of enhancing the EOS EVM chain. NoahArk Tech Group, a DeFi developer with an existing presence on the EOS EVM, has been granted $2.4M. The EOS EVM boasts network fees and throughput that surpass most of its competitors, including the majority of EVM chains on L1 and L2. However, having the blockchain infrastructure to support high-volume trading is only part of the equation. The other part involves giving users a reason to transfer funds from their current EVM chain, a challenge that EOS Network Ventures is confident it can meet with its strategy and funding.
The investment has been well-received by the NoahArk team, but the ultimate beneficiaries will be DeFi users once the funding results in improved primitives on the EOS EVM. The ENV investment will be directed towards Defibox.io and Noahark.io, both of which are already operational on EOS and offer a wide range of DeFi basics, from staking to trading. According to Eason, the CEO of NoahArk Tech Group, the funding will facilitate the expansion and enhancement of both platforms. These platforms will operate independently but will share resources such as funds, personnel, and technology under the guidance of NoahArk Tech Group. The combined efforts of the DeFi teams will be focused on developing an interoperable liquidity aggregation protocol to improve transaction convenience and flexibility for users and to expand the range of assets supported on EOS and EOS EVM.
Liquidity aggregation is considered a key element of decentralized finance as it enables onchain to offer the same opportunities and user experience as centralized exchanges. By pooling liquidity from multiple DEXes, aggregators can offer better pricing with less slippage. This means that traders will get more value for their money every time they execute a swap, and rates will adhere more closely to reference prices.
Over the past year, EOS Network Ventures has been working diligently to improve both the original EOS network and the EOS EVM. Its efforts are starting to pay off, with enhancements to EOS EVM v2 enabling USDT to be trustlessly bridged from Ethereum. However, the quality of the DeFi applications available on a chain ultimately determines whether users will remain in the long term. ENV is confident that it can succeed in this area. As Yves La Rose, the director of ENV, states, “Through our investment in NoahArk Tech Group, we’re not just funding a company, we’re investing in the future of DeFi on the EOS Network. We’re confident in their ability to innovate and believe this partnership will lead to significant advancements in the EOS ecosystem.” Crypto users should soon find out whether the EOS EVM can compete with other DeFi-friendly chains.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Global |
| Countries | |
| Sentiment | positive |
| Relevance Score | 1 |
| People | Eason, Yves La Rose |
| Companies | Defibox.io, Ethereum, EOS Network Ventures, NoahArk Tech Group, Noahark.io |
| Currencies | EOS, Tether |
| Securities | None |
