Intro guide: EVM ecosystem
🌍 The Ethereum Virtual Machine (EVM) serves as the foundation for executing smart contracts and decentralized applications (DApps) on the Ethereum blockchain. It operates as a decentralized computer running on a global network of nodes, allowing for the secure and deterministic execution of code written in languages like Solidity. Key features include decentralized execution, smart contract functionality, Turing completeness, a gas system for resource management, isolation and security measures, deterministic execution, and immutability of code.
Powered by the collective computing resources of the Ethereum network, the EVM enables global computation and facilitates a wide range of blockchain-based solutions. Its compatibility is sought after, leading to expansions like Arbitrum, Optimism, zkSync, Base, Linea, etc., which aim to bring its infrastructure and liquidity solutions to the EVM ecosystem.
However, navigating the EVM ecosystem can be a complex endeavor, demanding a comprehensive understanding of various tools and dApps. Managing resources through the gas system, ensuring asset security, and grasping the nuances of capital efficiency further contribute to the learning curve. While the EVM offers immense innovation potential, its mastery involves a continuous learning process and familiarity with a plethora of interconnected tools and decentralized applications.
That's why we decided to share a list of basic tools, that are used to navigate through the EVM ecosystem. We will cover these crucial tools here:
- Wallets — where you can control your assets and keep them secure.
- Bridges — a way to transfer assets across different networks.
- Decentralized Exchanges — facilitating P2P trading of digital assets.
- General Tools — set of utilities encompassing blockchain explorers.
Wallets
🦊MetaMask — the most popular Ethereum wallet in the space. However, might be too technical for the beginner.
🌈Rainbow — user-friendly and a great option for starters, the best to take your first step into the DeFi world.
Bridges
✴️Stargate Finance — a liquidity transport protocol that lives at the heart of Omnichain DeFi. It has 15 chains supported and is the most convenient for users with the highest amount of assets supported. The drawback is transaction costs, which can be higher compared to others.
🛰️Orbiter Finance — a decentralized cross-rollup bridge that offers low-cost, safe, and almost instant transfers of Ethereum native assets. It has 17 supported chains. However, only 3 available assets — ETH, USDC, USDT.
🟪LayerSwap — a bridge between centralized exchanges and layer-2 blockchains. It offers the best way to get your funds from Binance or OKX to the majority of L2 chains in the ecosystem with the lowest fees.
🦏Rhino Finance — bridge for seamless cross-chain transactions, which supports the biggest L2 chains. It combines bridge and swap in one platform offering relatively low transaction cost.
Decentralized Exchanges (DEXes)
🦄Uniswap — it is one of the leading DEXes in the space with a variety of assets to trade. Offers a convenient experience and moderate transaction fees.
🧫Curve DEX — an automated market maker and decentralized exchange with a special focus on efficient stablecoin trading with low slippage.
⚖️Balancer — Automated Market Maker protocol that functions as a “self-balancing” portfolio management tool, allowing you to maintain capital efficiency.
General Tools
⛽️Ethereum gas checker — a vital tool to use while working with the EVM ecosystem, gives up-to-date information about fees on Ethereum. You will need it to spend less, try catching low gas (<20 gwei) while being active on-chain.
🏦DeBank — a great tool to track your assets and conveniently monitor any wallet activity.
After all, today we covered all the basic tools you might need to navigate through the EVM ecosystem. Using those tools will help you minimize your gas expenditure and maximize capital efficiency.
