EOS Network Ventures has committed to invest $20 million in capital to develop gaming applications and products on the EOS network following the launch of the Ethereum Virtual Machine (EVM) in April.
“With $20 million reserved for the EVM project, we expect an influx of many developers looking to capitalize on the funding opportunity,” La Rose said, adding that this commitment was made to attract developers and builders to the EOS blockchain in the coming months.
EOS is gearing up for round two with a funding boost ahead of the EVM launch in April. EVM refers to the environment where all Ethereum accounts and smart contracts reside, which serves as a virtual computer used by developers to create decentralized applications (apps).
When used on other blockchains, EVM could allow developers to build dapps and decentralized finance (DeFi) applications similar to what they do on Ethereum.
These steps are thanks to the efforts of La Rose, who led the plan to improve the consensus mechanism, the Ethereum Virtual Machine (EVM) system, and an overall updated growth strategy.
EOS has long attracted criticism and scrutiny from market participants for having raised $4 billion in initial coin offerings (ICOs) with little to show for its early years in terms of both technicality and usage.
The renewed push could eventually boost the EOS token price in the coming months, as well as increase the value locked in 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, compete for developer talent and increase their own revenue through token incentives or airdrops.