EVMs in 2024: Vitalik's ZK-EVM Proposal and the Developer Shift to EVM Chains

Recently, Ethereum founder Vitalik Buterin proposed integrating an enshrined Zero-Knowledge Ethereum Virtual Machine (ZK-EVM) into Ethereum's Layer-1. This proposal is aimed at creating a native system within the Ethereum protocol that utilizes Zero-Knowledge Proofs for the verification of Ethereum blocks.

The primary objective of integrating ZK-EVM into Ethereum's core is to reduce the blockchain's dependence on external codebases, potentially lowering the risks associated with bugs in these systems. The proposal suggests that incorporating ZK-EVM at the protocol level could improve Ethereum's network operations' security and processing speed.

The idea of "enshrining" ZK-EVM within Ethereum's protocol is significant because it represents a structural enhancement to the blockchain's framework. The proposal aims to bolster the network's efficiency and security capabilities by making ZK-EVM a core component of Ethereum.

This integration is also aligned with Ethereum's multi-client philosophy, which supports the use of various proving systems across different clients. The enshrinement of ZK-EVM is presented as a strategic update to Ethereum's infrastructure, designed to address scalability, privacy, and efficiency challenges, thereby supporting Ethereum's growth and adaptation to future demands.

An example of a ZK-VM is the Polygon zkEVM, a bit like a turbo-charged engine for blockchain apps, designed to work with Ethereum but faster and cheaper. It's a kind of virtual machine that uses something called zero-knowledge proofs to process transactions. These proofs help speed things up and cut costs, all while keeping the rock-solid security Ethereum is known for.

Under the hood, Polygon zkEVM uses a combination of two technologies, SNARKs and STARKs, to make things efficient and speedy. SNARKs help make the data smaller, which is great for saving space and costs, while STARKs speed up the process of proving that transactions are legit.

By running several of these proof generators simultaneously, Polygon zkEVM can handle many more transactions at once, making the whole system faster and smoother for everyone.

Another example is Linea, a Type 2 zkEVM with full EVM equivalence that enables compatibility with most of Ethereum's decentralized applications (DApps). Consequently, developers can port their DApps from Ethereum to Linea without extensive modifications.

This compatibility extends to the ease of migrating code back to Ethereum or to other EVM-compatible blockchains, emphasizing Linea's adaptability and interoperability within the broader blockchain ecosystem.

Since it is EVM-equivalent, it operates similarly to Ethereum's mainnet, providing a platform for developers to create and use smart contracts in an environment they are already familiar with. This similarity is designed to facilitate the transition for developers accustomed to Ethereum, enabling them to utilize Linea without significant adjustments to their workflow.

The Developer Exodus to EVM Chains

Electric Capital's latest report sheds light on a fascinating shift happening in the blockchain world: a huge number of developers are flocking to Ethereum Virtual Machine (EVM)-compatible chains.

The report reveals a staggering fact - 87% of all multichain developers have worked on at least one EVM-compatible network. This shows how EVM chains are a magnet for developer talent and points to a significant change in where developers choose to spend their time and energy.

The report also discusses a cool trend of "cross-pollination" among developers. A big chunk of them are not just sticking to one but are spreading their ideas and code across different EVM-compatible chains. The EVM ecosystem is where they want to be.

So, what's pulling developers towards EVM chains? A few big reasons stand out. For starters, these chains gel well with Ethereum's standards and protocols, making it easy for developers to jump in without skipping a beat. They can use what they already know and what they've already built, cutting down on the time and effort needed to get up to speed.

For example, the EOS EVM works as a bridge between the EOS and Ethereum ecosystems, letting developers bring over Solidity-based projects—think digital assets and dApps—from Ethereum into the high-speed, high-efficiency world of EOS. It's like taking the best of both worlds: Ethereum's rich ecosystem and mature tools, and combining them with the power-packed performance EOS is known for.

The EVM also supports WebSocket a tool for developing applications that need to talk back and forth with the server in real-time, without the delay you'd typically get with regular HTTP requests. This means developers can build more responsive and interactive applications directly on the EOS EVM, from chat apps and live trading platforms to DeFi notifications and NFT mint tracking.

Then there's the toolbox and community support with Ethereum and its kin. Developers can access everything from top-notch documentation to ready-made smart contract templates and forums full of fellow coding enthusiasts. This wealth of resources makes it a breeze to build, experiment, and innovate.

But it's not just about the ease of use. Cost and scalability are huge, too. With Ethereum's gas fees sometimes hitting the roof, developers are looking for places to build without burning through cash. EVM-compatible chains often offer a sweet spot of lower costs and higher performance, making them super appealing for anyone wanting to deploy dApps or smart contracts. Plus, the rise of layer-2 solutions and sidechains means even better scalability and affordability, all while staying friendly with Ethereum's ecosystem.

Real-life stories of projects making the move to EVM chains are everywhere. Take Polygon and Binance Smart Chain, which have become hotspots for everything from DeFi projects to NFT marketplaces. Developers behind these moves often talk about how the switch made sense for them in terms of deployment ease, cost savings, and reaching a wider audience.

Hearing from developers themselves, it's clear they're thinking strategically. They're not just chasing the next big thing; they're looking for platforms that offer the best mix of tech savvy, economic sense, and audience reach. This shift to EVM-compatible chains isn't just a trend. It's a calculated move by developers aiming to maximize the blockchain's potential, focusing on efficiency, scalability, and the chance to connect with more users.

The Rising Adoption of EVM as a Cost-Effective Alternative

Flipside, a platform diving deep into blockchain data, has shed light on how the Ethereum Virtual Machine (EVM) is gaining traction as a wallet-friendly choice in the blockchain world. They've noticed a big trend: people and developers are leaning more towards EVM-compatible layer-2 networks.

Searching for cheaper transaction costs and quicker processing times mainly drives this move. Given Ethereum's own struggles with sky-high gas fees and jam-packed networks, it's no surprise that folks are looking for smoother options.

Flipside's findings suggest this isn't just a fleeting trend. It looks like we're witnessing a shift that could really shake up the market, pushing towards alternatives to Ethereum. The push for EVM-compatible options is part of a larger movement in the industry, where keeping costs down and boosting performance is key.

New players and ecosystems might enter the scene as developers and users flock to platforms that strike the correct balance between cost efficiency and performance. This could lead to a more diverse blockchain ecosystem, with various chains and layer-2 solutions living side by side, offering more choices to developers and users alike.

The landscape for EVM chains and Ethereum seems set for continuous evolution, with upgrades aimed at tackling scalability and affordability.

How EVM-compatible chains fit into this picture will likely shift as these improvements roll out. Aspects like environmental impact, governance, and how well different systems work together will take on bigger roles as the ecosystem grows.

Moreover, the ability for Ethereum and EVM-compatible chains to work seamlessly together will be vital for a cohesive blockchain ecosystem that doesn't sacrifice security or the spirit of decentralization for efficiency and user experience.

Flipside's insights into the EVM's rise as a budget-friendly alternative highlight a significant moment for the blockchain industry. This trend is shaking up the competitive landscape and fuelling innovation, possibly leading to the birth of new platforms and ecosystems.

As the blockchain space continues to unfold, the importance of sustainability, governance, and interoperability in shaping the future success of EVM chains and Ethereum will only grow. These trends paint a picture of a blockchain future where adaptability, efficiency, and inclusivity are front and center.

Conclusion

The Ethereum and its underlying technology, the Ethereum Virtual Machine (EVM), is undergoing some pretty exciting changes. It's a time full of opportunities for developers, investors, and anyone passionate about blockchain.

As more chains become compatible with EVM and innovations keep popping up within Ethereum itself, we're seeing a sector that's growing fast and opening new doors for exploration, development, and investment.

The expanding EVM ecosystem is like a vast playground for the tech wizards out there. Innovations like ZK-EVM are making Ethereum more scalable and private, making it an even better place for developing decentralized apps.

Whether you're into creating the next big DeFi platform, crafting unique NFT experiences, or pushing the boundaries with new blockchain apps, now's the time to dive in. The community's strong, the tools and endless possibilities exist.

Investors, you're up for an exciting ride too. Electric Capital and Flipside reports show a surge of interest in EVM-compatible solutions. This buzz is creating a fertile ground for investments that could pay off big time down the line.

It's a good moment to look into projects and platforms within the EVM ecosystem, as your investments could help shape the future of decentralized tech.

And let's not forget the blockchain enthusiasts – your voice matters more than ever. Getting involved in governance, joining the conversation in community forums, or spreading the latest in EVM tech can make a real difference. These collective actions will help push the ecosystem to be more open, inclusive, and true to the spirit of decentralization.