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        <title>Parallel EVM</title>
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            <title><![CDATA[Advantages and disadvantages of EVM over Ethereum]]></title>
            <link>https://paragraph.com/@Parallel-EVM/advantages-and-disadvantages-of-evm-over-ethereum</link>
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            <pubDate>Wed, 18 Dec 2024 14:28:43 GMT</pubDate>
            <description><![CDATA[For users, using an EVM-compatible blockchain offers a number of advantages to users, including: Familiarity: Most EVM-compatible networks offer a similar experience and interface to the Ethereum ecosystem, from interacting with dApps and approving tokens to wallet authentication. This helps users get familiar with it easily. Microphone Products and Utility: The emergence of many new EVM blockchains provides users with a wide range of financial products and services. For example, GMX, a web p...]]></description>
            <content:encoded><![CDATA[<p>For users, using an EVM-compatible blockchain offers a number of advantages to users, including: Familiarity: Most EVM-compatible networks offer a similar experience and interface to the Ethereum ecosystem, from interacting with dApps and approving tokens to wallet authentication. This helps users get familiar with it easily. Microphone Products and Utility: The emergence of many new EVM blockchains provides users with a wide range of financial products and services. For example, GMX, a web platform that provides real yields, is only available on the Avalanche and Arbitrum networks. For time saving: With the EVM network, developers only need to build dApps using a similar toolset and programming language, saving time when deploying on different blockchains to familiarize themselves with the new environment. Brand recognition: For dApps in the ecosystem, they can be easily grafted with other EVM-compatible blockchains to increase brand recognition. For example, Trader Joe was the leading DEX on Avalanche before quickly splitting Arbitrum and increasing the total value locked (TVL). Increased impact: The team's products are not limited to a single multiple blockchain, but can be deployed on compatible networks, helping to expand reach and attract more users. The compatibility of EVMs brings many benefits to users and developers when participating in different ecosystems, which promotes the growth and diversity of the DeFi space.</p><p>One of the biggest concerns when using EVMs is vulnerability to cyberattacks. Since most EVM blockchains use the Solidity programming language, if an attacker finds vulnerabilities in Solidity, they can exploit them to attack multiple blockchains at the same time. For example, a cross-chain attack on Poly Network in August 2021 caused hundreds of millions of dollars in losses and affected various ecosystems. Audits are costlyTo ensure security and reliability, smart contracts on the blockchain need to go through a professional audit process. However, the audit cost of smart contracts on the EVM blockchain is often very expensive, ranging from $7,500 to $100,000 depending on the size and complexity of the project. For projects that wish to give birth to multiple EVM blockchains, the cost of auditing will increase dramatically, becoming a heavy financial burden. Another problem with high transaction fees for EVM blockchains is the high transaction fees, especially when the network is congested. For example, on Ethereum, transaction fees can reach $7 to $10 when the network is less active, rising even more at peak times. Even on newer EVM blockchains like Avalanche or Starknet, transaction fees still hover around $1 to $2. In contrast, transaction fees for blockchains that don't use EVM (e.g., Solana, Sui, Aptos, etc.) are typically $0.01 to $1, which is much lower than EVM blockchains.</p>]]></content:encoded>
            <author>parallel-evm@newsletter.paragraph.com (Kingston)</author>
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