EOS Network Ventures Commits $20M to Develop Dapps and Gaming Products on EOS Blockchain

EOS Network Ventures (ENV) has announced that it will invest $20 million directly into EOS EVM and GameFi projects. This investment is aimed at attracting developers and builders to the EOS blockchain, following the launch of the Ethereum Virtual Machine (EVM) in April.

With the most funding available for builders, EOS EVM is set to receive a massive influx of developers who want to take advantage of the funding opportunities. ENV’s commitment is expected to accelerate the growth of EOS-based decentralized applications (dapps) and decentralized finance (DeFi) applications, and ultimately boost the value of eos token prices in the coming months.

EOS EVM is an environment in which all Ethereum accounts and smart contracts live, serving as a virtual computer utilized by developers for creating dapps. When deployed on other blockchains, EVMs can allow developers to build dapps and DeFi applications similar to how they would on Ethereum.

This makes EOS an attractive platform for developers who want to leverage the power of the EVM without incurring the high transaction costs associated with the Ethereum network.

Despite attracting criticism in the past for raising $4 billion in its initial coin offering (ICO) with little to show in its early years, EOS is gearing up for a renewed growth strategy led by EOS Foundation CEO Yves La Rose. The consensus mechanism upgrade and the introduction of the EVM system are part of this strategy.

The competition for developer talent in the crypto market is intense, with newer networks such as Arbitrum, zkSync, Optimism and Solana, among several others, vying for attention.

However, ENV’s commitment to funding EOS-based projects is a clear signal that the EOS blockchain is a platform worth considering for developers and builders who want to create innovative dapps and DeFi applications.