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The partnership will enhance the stablecoin ecosystem on EOS, bringing stablecoin-based gas fees, Ethereum compatibility and regulated transactions to the network.
The largest stewards of the EOS Network, EOS Labs and EOS Network Foundation (ENF) have entered a strategic collaboration with EOS Stable Coin Chain (ESCC), an Ethereum-based specialized solution for stablecoin transactions leveraging the EOS EVM architecture to revolutionize the stablecoin ecosystem on EOS Network. ESCC focuses on efficiently processing stablecoin transactions on the EOS Network, via its novel technology that uses stablecoins as gas fees. This aims to reduce the wild volatility of digital currencies while transacting on a blockchain.
According to the press release, the strategic partnership with ESCC aims to provide an optimized platform for high-speed, low-cost and high-throughput stablecoin transactions in the EOS ecosystem. Additionally, ESCC will introduce stablecoin gas fees across the network, offer customizable blockchain solutions, and introduce seamless EOS and Ethereum ecosystem compatibility.
Hiroaki Yamasaki, CEO at ESCC commented on the latest “significant” partnership, stating the uniqueness of the stablecoin solutions provider.
“By being the first blockchain architecture of its kind to use stablecoins as gas fees, we are offering a unique experience to our users, distinct from any other blockchain platform,” Yamasaki said. “This innovation is set to transform user interactions within the blockchain space, providing a blend of stability, efficiency, and user-centric design.”
The goal of integrating ESCC’s solution is to revolutionize the EOS ecosystem, especially the stablecoin transactions model on the network. The solution leverages EOS EVM technology to combine the high-performance capabilities of EOS and Ethereum while reducing fees drastically, and delivering high transaction efficiency.
"ESCC serves as a prime illustration of how EOS EVM is extending its reach into enterprise-level ecosystem applications, highlighting the strengths of its technical design,” said Huaqiang Wen, Founder and CEO of EOS Labs. “This advancement is pivotal in facilitating the roll-out and execution of more enterprise-oriented applications within the EOS ecosystem.”
Chart showing the swap speed per second on different chains (Image: EOS Labs x ENF)
ESCC provides sub-second transaction processing with speeds of 1-second block intervals. Additionally, gas fees are greatly reduced with the stablecoin structure, tested to be less than half a cent USD making transactions more affordable and cost-effective. Finally, the platform offers a high throughput, handling over 950 swaps per second, showing its capability and capacity to handle high-volume transactions.
New developments to bolster the EOS ecosystem
Apart from a revolutionary stablecoin transactions system, ESCC is set to bring a host of novel technologies to the EOS ecosystem. As alluded to, ESCC offers users an option to pay gas fees using stablecoins. This technical advancement is made possible by the seamless integration of EOS EVM, which allows the system to process transactions in a manner that's both familiar to Ethereum developers and optimized for the user experience. This is expected to mitigate the volatility of gas fees while using crypto tokens and enhance the cost predictability for users.
Speaking on this pivotal moment in the EOS ecosystem, Yves La Rose, Founder and CEO of the EOS Network Foundation, stated the solution will “reshape blockchain efficiency and create new avenues for development”.
“This initiative reflects more than just a boost to our network's functionality; it underscores our dedication to pioneering new solutions and our agility in responding to the dynamic landscape of the blockchain sector,” Yves La Rose added.
Secondly, ESCC’s partnership aims at providing EOS developers with customizable blockchain solutions, allowing them to build both open and regulated stablecoin environments, including intricate KYC processes. The partnership aims to provide scalable and compliant blockchain solutions for different stablecoin use cases.
Finally, the partnership paints a clear picture of the compatibility between EOS and Ethereum ecosystems. The integration of EOS EVM technology within the ESCC framework is a pivotal element of this partnership. It not only enriches the EOS ecosystem but also effectively bridges the gap with the Ethereum ecosystem. This integration facilitates greater interoperability between the two platforms, enabling developers to utilize Ethereum's Solidity programming language and existing development tools within the EOS environment.
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.