Emerald, the Ethereum Virtual Machine (EVM) compatible ParaTime developed by the privacy-focused blockchain protocol Oasis, has officially seen the light of day on Mainnet. Oasis aims to attract more projects from the DeFi, NFT, and gaming dApps industries onto its network with the move.
The press release seen by CryptoPotato informed of the launch, explaining that Oasis Network wants to provide enhanced DeFi and NFT experience for its user base but only for a fraction of the fees that they pay on Ethereum.
Additionally, Oasis promised “high throughput, and instant transactions” – features supported by the “unique ParaTime architecture.”
So far, the network has processed over four million transactions and consists of 110 active validators and more than 4,000 delegators. The project aims to increase all figures following the launch of ParaTime since it’s integrated with Ethereum-based dApps through cross-chain bridges.
Developers can utilize those bridges to “solve of the biggest user experience challenges that exist today: heightened gas fees and a congested network on Ethereum.”
“The total value locked in DeFi is soaring toward $300 billion just as the convergence of NFT and gaming is quickly picking up speed. Emerald, offering full EVM compatibility, will bring a host of new features and capabilities to the Oasis Network, such as easy integration with EVM-based dApps and the launch of DeFi.” – commented Jernej Kos, the Director of Oasis Foundation.
The announcement follows the launch of a $160 million Ecosystem Fund, which Oasis founded with AME Cloud Ventures, Dragonfly Capital Partners, Draper Dragon Fund, and other prominent VCs.