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Oasis Launches EVM-Compatible Smart Contract Environment

The Oasis platform claims 99% lower gas fees than Ethereum.

On Monday, layer-1 smart contract platform, Oasis Foundation launched Emerald, an Ethereum Virtual Machine (EVM)-compatible ParaTime smart contract execution environment, according to a CoinDesk report.

“Oasis allows for multiple ParaTimes – each capable of operating with a different virtual machine execution environment – to function simultaneously on the same blockchain.”

Emerald will enable Ethereum developers to quickly move their code to Ethereum and other EVM-compatible layer-1 chains.

The platform claims to have “99% lower gas fees than Ethereum, high throughput and instant transaction finality.”

Just last week, Oasis had established a $160 million investment fund.

The project has been lying dormant for quite a time. With the establishment of the fund and launch of Emerald, it aims to quickly catch up with its peers.

With the low amount of fees at layer-1, as claimed, it might start competing with the biggies of the crypto industry, as developers will be quickly able to deploy their projects.

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