We’re excited to introduce Emerald — The EVM Compatible ParaTime, a new Smart Contract environment offering full EVM compatibility, now live on the Oasis Network. Emerald is officially on the Mainnet with >30 node operators. Emerald 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.
What is a ParaTime
Part of what makes the Oasis Network so fast comes from its fundamental design, most notably that consensus operations, e.g., maintaining an immutable ledger, are separated from compute operations. Similar to chains like Polkadot, this allows many compute environments, called ParaTimes, to exist in parallel — each writing their own transactions to the Consensus Layer. Anyone can build a ParaTime, which can be customized to fit each developer’s unique needs.
Emerald Core Features
As the official EVM compatible ParaTime on the Oasis Network, Emerald allows for:
- Full EVM compatibility
- Easy integration with EVM-based DApps, such as DeFi, NFT, Metaverse and crypto gaming
- Scalability — increased throughput of transactions
- Low-cost — 99%+ lower fees than Ethereum
- Cross-chain bridge to enable cross-chain interoperability
Emerald is fully decentralized with node operators distributed globally, and Oasis ROSE will be the native token used for gas fees.
The ParaTime will release tokens on-chain to reward nodes for participation. These tokens will be released, per epoch, with the reward being 3 ROSE Tokens per entity per epoch.
Epochs are currently being produced at a speed of one per hour. Each node has an approximately 30% chance of being selected by the primary committee to claim the rewards. Hence, a node entity can earn 24 ROSE tokens per day, 720 ROSE tokens per month.
The reward program is two years long.
How Emerald unlocks DeFi
In the world of traditional finance, Visa processes about 1,700 transactions per second (150M per day) and charges fees of between 1.29% and 2.54% of the transaction value.
To bring DeFi to more users and capture a larger share of the market, DeFi needs to be faster and cheaper. Currently, at the time of writing, average Ethereum transaction fees cost $7.059, and an average of 1.371M transactions happen every day.
It’s too expensive and nowhere near fast enough. Emerald solves both of these problems by increasing the throughput of transactions to 1,000 per second and reducing fees by 99%+ compared to Ethereum. This means more users will be able to use and build on the network.
The first DeFi Use Case — The YuzuSwap DEX
YuzuSwap is the first Decentralized Exchange (DEX) being built by Oasis community developers on Oasis Emerald.
The YuzuSwap application will take advantage of the low gas fees, high throughput, and instant transaction finality that are key features of the Oasis Network.
YuzuSwap will enable users to participate in liquidity mining — adding their crypto to the liquidity pools to earn liquidity tokens. It will also allow users to earn rewards just from trading using a system called Trade Mining — every trade a user makes will enable them to receive Trade Pool Share tokens (TPST) which accrue until withdrawn from the account.
Stay tuned for more info over the next few days! Hint, there will be an Airdrop too!
What’s behind the name
The word emerald is derived from Latin esmaralda/esmaraldus, a variant of smaragdus, which was taken from Ancient Greek σμάραγδος (smaragdos) and means the “green gem”.
The polished emerald gem stones are often breathtakingly beautiful and command a high price.
On top of that, emerald also conveys a more complex set of symbolism and emotions. Emerald is a life-affirming stone and one of infinite patience. Known as the stone of successful love, it represents loyalty, uniqueness and integrity. Green, by nature, is the most calming of all the colors on the color wheel and encourages growth, reflection, peace, and balance. It also represents healing and fertility.
Emerald has endless possibilities, and we look forward to seeing what the talented blockchain community can do with it. Developers can start building on Emerald by examining our docs and proceeding with deploying their Solidity smart contracts through our public Web3 gateway.
The best way for projects and blockchain entrepreneurs to get involved is to apply to our new $160m Ecosystem Fund. We’ve brought together some of the best backers from AME Cloud Ventures, Dragonfly Capital Partners, Draper Dragon Fund, Electric Capital, FBG, Jump Capital, Kenetic Capital, NGC Ventures, Pantera Capital and Oasis Foundation among others. All to fund the next generation of Defi, DAO, Web3, NFT, and Metaverse projects on Oasis— So if you’re looking for funding to bring your existing Ethereum Application to the Oasis Network — apply today here
We are still supporting entrepreneurs and teams that want to build on the Oasis Network with our ROSE BLOOM Grants program. Click here to apply for your grant.
Applications are also open for our $3.5 million Oasis-MetaMind Blockchain Accelerator, a 12-week accelerator program that will provide selected teams with end-to-end support, mentoring from high-profile mentors, and workshops for strategy formulation and go-to-market execution. Click here to apply.
If you just want to get involved in the Emerald community join our community slack channel #emerald-paratime.