First, let’s briefly understand what Ethereum Virtual Machine, EVM is. EVM is the heart of Ethereum which enables developers to create and deploy smart contracts and dApps in Solidity programming language. So, EVMOS connects Ethereum-based and EVM-compatible applications to the interoperable Tendermint and Cosmos ecosystem; which enables the IBC interoperability with blockchains such as Terra, Crypto.org, Osmosis, Kujira, Juno and etc and still utilizing the fast finality and high-throughput of Cosmos-based blockchains.

EVMOS: Is an EVM network on Cosmos. Main token used on Evmos is $EVMOS or $WEVMOS, which is Wrapped Evmos on the EVM chain. $WEVMOS is used for gas fees just like how Ether, $ETH are being used on Ethereum mainnet. Evmos is interoperable with all EVM-compatible environments via the Cosmos Inter-Blockchain Communication (IBC) protocol.

In this dashboard, I will split the analysis into 3 sections which are the Reach, Retention and Revenue.

REACH - metrics used to understand the growth of a protocol and its userbase. These metrics are important for business decisions such as to get potential target markets and study the market impact from new product/protocol release.

RETENTION - retention of users in weekly cohorts can indicates a health of a protocol as it shows how strong their userbase/community. We see new products being launched every single week and the users activity always at the peak in the first few days/weeks but having no returning users will show a misguided product market fit.

REVENUE - healthy revenue growth will prove how long a protocol can survive. Many protocols were overhyped during launch by offering ludicrous APY which was never sustainable in the long-run.

REACH

First two graph below showing the daily active addresses making at least 1 transaction and the daily transaction count made on EVM-chain in the year of 2023. There were some increase in activities recently starting from 14th February because of exciting updates from Evmos developers. Some of the updates that I managed to gather from Twitter includes;

1. EVM extensions which will allow smart contracts on Evmos to create IBC-enabled dApps. source
2. Introduction of stEVMOS by @stride_zone which is the first liquid staking derivatives. This will unlock various possibilities and use case for the token. source
3. SpaceFI launched, which is a cross-chain platfrom that connects Cosmos with zkSync. source
4. Introduction of EVMOS SDK, which is advanced developer tool to harness the interoperatebility of IBC source

Third bar chart below shows monthly user growth rate. There was stagnant growth in September'22 and over 150% growth in the next month but the trend went down since October until end of year. Since 2023 start, we started to see positive trend again. Last pie chart shows the transaction count by events; which is the topic0 in transaction JSON. We can see that around of the transaction has No Events as topic0, which includes block creation tx etc. The next most transaction is RankClaimed which relate to XEN Crypto protocol and followed by Transfer topic0 which is for token transfer transactions.

RETENTION

The table on the right shows the month-to-month cohort retention for the past 6 months. Meaning, how many % of users that made transaction in first month that return back in the following month. This monthly retention rate can be an important indicator to any successful protocol as fast growth rate in new users will mask the low rates of returning users which gives a wrong perception of a protocol health. For EVMOS, we can see that first month returning rate varies from 1.5% in November up until 43.4% in September'22. The percentage of first month return has increased since November and reaches 12.4% in January. There is very less percentage of users that returns to use EVMOS after 2 or more months.

The next graph shows the monthly stickiness ratio; which is the ratio of average daily active users to monthly active users (average DAU/MAU). This metric measures the what percentage of monthly users are also daily active users. SR for EVMOS has been depreciating in the past 6 months which is concerning but there has been influx of new users due to new update announcements which can be seen in the third graph and from monthly user growth rate in previous section. There has been positive growth since the year started and month of February saw 123% increase compared to January. During the active users spike on Feb 14 onwards, we can see that most of them are new users (>70%). We also notice that days with low active users will have higher existing users percentage.

The last illustration (below) shows the average daily, average weekly and total monthly active users in the past 6 months. DAU, WAU and MAU has improved since year 2023 started so hopefully this trend will continues in the future as well. Before 2023, the trend was erratic and towards 2022 year end, the trend was decreasing.

REVENUE

Revenue is all about that $$$. Protocol like Axie Infinity was very popular due to the very high revenue generated by the game ecosystem which eventually rewards their token holders. $EVMOS is the main and native token for Evmos and since Evmos transaction occurs on EVM chain, the $WEVMOS which is the wrapped $EVMOS on Ethereum are used for transaction instead.

First bar chart illustrates the daily average gas cost (USD) and total gas earned by Evmos (USD) in year 2023. Most of the days the gas costs < $0.20 which much cheaper than Ethereum mainnet and comparable to BNB but there are much other cheaper options of EVM chains according to @KARTOD's analysis below including Arbitrum, Gnosis, Fantom etc. source to KARTOD's analysis

Second graph on the left shows the daily users and transaction count that involves $WEVMOS token. This shows how active the token activity ie how often it is being traded. We did not include the staking, voting, claiming rewards etc transactions because these transactions happens on Cosmos side which we did not have the curated data yet. Since we cannot analyze the staking activity, the next best thing is the Liquidity Providing activity including the adding LP transaction count, volume and active addresses. These metrics has almost similar trend where the it depreciate from first 2 weeks and went stagnant for few more weeks before starting to go up again in the past week only.

CONCLUSION

EVMOS has been making a comeback recently with the numerous updates and the data does not lie as well. EVMOS has a huge potential as Cosmos has a very passionate userbase and advanced technology as well.

The interactive source to the data can be viewed here: Covalent page