In today’s blockchain ecosystem, native tokens play a vital role on each Ethereum Virtual Machine (EVM), primarily used to pay transaction fees, which are often referred to as gas fees. In this regard, the native token of EOS EVM is the EOS token. The core of EOS EVM's design lies in its interoperability, allowing economic value to flow freely between the native layer and the EVM layer. This article will delve into the functionality of the EOS token, its bridging mechanism, and its unique gas model.
EOS EVM bridging mechanism
In the EOS EVM architecture, the trustless bridge is the key to achieving interoperability between the native layer and the EVM layer. Users can easily transfer assets from the EOS native layer to the EVM layer by transferring tokens to the EOS EVM contract eosio.evm. Users simply enter their EOS EVM address in the memo field and assets will be automatically transferred to that address.
When users wish to move assets back to the EOS native layer, the bridging mechanism is equally simple. EVM transactions can trigger the transfer of EOS from the EOS EVM contract to the user-specified EOS native account. At this time, users do not need to rely on third-party oracles, which greatly simplifies the asset transfer process.
Bridge toll structure
All EVM transactions, including outgoing bridge transfers, require users to pay a gas fee. These costs include not only the regular costs of the system, but also the gas model of the EOS EVM. In the incoming bridge transfer, the initial transaction is an EOS transaction, and then an EVM transaction is generated internally. Since this internal transaction is generated by the EOS EVM contract, users cannot directly pay the gas fee for this internal transaction.
To simplify the user experience, the EOS EVM contract deducts a small bridge fee from incoming transactions to cover the cost of internal EVM transactions. The initial setting is a bridge fee of 0.01 EOS per incoming bridge transfer. This static toll structure is designed to ensure profitability of the system.
Optimization of user experience
In order to remove barriers for users to access EOS EVM, EOS EVM allows users to generate a free address in the application, similar to the function of MetaMask. Users only need to purchase EOS native tokens and enter and exit EOS EVM through the trustless bridge, thereby enjoying a seamless user experience. This means that end users do not have to interact directly with EOS native accounts, lowering the barrier to use.
EOS EVM’s gas model: EOS EVM’s gas model is an important part of its economic system. All EVMs require native tokens to pay transaction fees, and in EOS EVMs it is the EOS token that acts as the gas token. This design not only simplifies how users pay fees, but also brings additional utility to the EOS token.
Gasoline cost calculation
Since the EOS EVM contract runs on the EOS blockchain, all operations that occur in the EVM ultimately consume EOS native resources, such as RAM, CPU, and NET. The resource model native to EVM is different from that of EOS, which complicates the mapping between the two, especially in terms of the cost of persistent contract storage.
In EOS, the use of RAM is based on the ownership model, while CPU and NET are short-lived resources that users can obtain through PowerUp or EOS payments. This is in sharp contrast to EVM's gas fee model, which uses gas fees to cover storage and computing costs.
Calculate gas usage for EVM transactions
Gas usage for EOS EVM transactions is calculated in the same way as other popular EVMs. The gas fee paid by the user is the product of the gas usage and the set gas price. The EOS EVM contract enforces a minimum gas price to ensure the normal operation of the system.
EOS native computing cost and internal EVM operating cost: The cost of processing EVM transactions is mainly divided into two parts: EOS native computing cost and internal EVM operating cost. The former is paid by the EOS account, and the latter mainly includes the RAM consumption of the EOS EVM contract.
A portion of the gas fees for EVM transactions can be routed to miners on EOS accounts, and this portion of the fee is determined by settable parameters. By setting these parameters appropriately, ensure that miners can obtain enough gas fees to cover their CPU and NET costs.
Internal EVM operating costs are covered by the remaining gas fees from EVM transactions that are not transferred to miners. These fees are accumulated in a special internal balance of the eosio.evm account, ensuring the profitability of the system.
in conclusion
The interoperability between the design of EOS tokens and the EOS EVM provides users with an efficient and seamless blockchain experience. Through the trustless bridging mechanism, users can easily transfer assets between the EOS native layer and the EVM layer, while the gas model of EOS EVM ensures that transaction fees are transparent and reasonable. This series of designs not only improves the user experience, but also adds a new dimension to the utility of EOS tokens. As blockchain technology continues to develop, EOS EVM will play a more important role in the future ecosystem.