Flow Launches EVM Plans
Flow just announced their plans to roll out their EVM. Which would allow developers to deploy Ethereum dApps on Flow without any code changes, leveraging existing Ethereum tools and protocols like Uniswap, Metamask, and Chainlink. The proposal aims to maintain the unique features of Flow's native programming language, Cadence, while enabling seamless interaction with EVM. It discusses the concept of "bridged accounts" to facilitate asset and functionality sharing between the EVM and Cadence environments. The announcement emphasizes the importance of achieving not just EVM compatibility but full EVM equivalence to ensure seamless migration and interaction of dApps and smart contracts across both platforms. It also touches on the challenges and considerations for implementing this, such as gas fees and security concerns. Overall, the proposal aims to combine the best of both Ethereum and Flow, enhancing composability, scalability, and user experience.
Seamless Onboarding Becomes Reality
Open-Source Reference Wallet
Flow recently introduced an open-source reference wallet to unlock its full potential. This wallet aims to leverage new capabilities as Flow continues to grow and also make it easier for builders.
Account Linking
Another significant update is the feature of account linking. This allows developers to build systems that optimize for openness and self-custodial wallets. Flow's account linking feature allows for a more open and interoperable ecosystem.
Magic.link Integration and Onboarding
Flow has integrated with Magic.link to simplify the onboarding process for mainstream users. This integration aims to make Web3 more accessible, allowing users to sign in to their accounts with a “one click sign in” style process. The Magic.link integration allows for 'walletless onboarding,' making it easier for new users to enter the Web3 space.
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Flow's Entertainment Ecosystem
Formula E: High Voltage
Formula E: High Voltage, an officially licensed Formula E management simulator gaming experience just launched on Flow and hit over 10k registered users for early access. This will also be the very first licensed Formula E game.
Birds Eye Look at Gaming on Flow
Dimension X, a free to play idle RPG game sold out their first collection on Flow as well as Heroes of the Flow (auto battler game) which reportedly sold out in 20 minutes upon launch. We could see the beginning of what could be a thriving and robust gaming community on Flow. Gaming dominates the entertainment sector and could be one of the major catalysts in crypto as a whole, leading into the next bull run. This in turn could make Flow one of the beneficiaries of positive price movement if more games start building on Flow.
Brands building on Flow
Some of the most well known NFT projects are also built on Flow that utilizes the easy to use Dapper wallet like NBA Topshots, NFL All Day and UFC Strike. Other mainstream brands using Flow include Mattel’s HotWheels and Barbie, and Disney’s original IP and Star Wars via Cryptoys.
Flow by the Numbers
Flow boasts a robust number of projects, platforms and businesses that have built on top of Flow. Here are some of the number of users, nodes, transactions, MAU’s and applications as of October 4th via Flow.com.
Community Presence
Flow has an active community of developers and regularly hosts events like Flow to the Future Hackathon. Developers benefit from faster building on Flow and fewer costs, thanks to the new updates as well. Their recent Hackathon event had over 7,000 developers sign up.
Flow's Potential
Currently the market cap of Flow sits around $453 million and the token is about $.43 cents. Its down quite a bit from it's all time high which could present some opportunity for entry, especially given all the major recent upgrades around the Flow tech stack.
Market Data by CoinGecko
Conclusion
While Flow's price is down, it could represent a solid entry point. Furthermore, given all the new updates around Flow coupled with all the major brands that are already built on Flow, could represent what is to come for Flow and their ecosystem. Furthermore we are witnessing a lot of initial success around games that are launching on Flow. Gaming could be one of the more dominant catalysts in the not so distant future that drive user growth, transactions and volume in the Flow economy.