Plasm Launched Ethereum VM Post TVL for 4 Weeks in Second Lockdrop

Steve Anderrson
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain. Join the official channel of thecoinrepublic, For the latest news updates: https://t.me/thecoinrepublic
  • The smart contracts locked in this lock drop are worth $54 million
  • For adopting the Ethereum VM, Solang, EVM Pallet and Frontier will be used
  • Lockdrop, introduced by Edgeware team, is a relatively new method adopted for fair distribution of the tokens over the internet

Plasm Network’s second Lockdrop has ended with a total lock amounting to 137,253 ETH in 4 weeks. The smart contracts locked in this lock drop are worth $54 million. With the completion of the second Lockdrop of Plasm, the total locked tokens on the platform are 154,036 ETH; 16,783 ETH from 1st Lockdrop while the rest from the second. 

Plasm is a community developed project which supports cutting edge layer 2 solutions and aiming to become a scalable smart contract platform. On 30th September, Sota Watanabe announced on the Medium blog that Plasm Network will now be supporting Ethereum Virtual Machines. This step is taken to bring the compatibility of the Ethereum network in the Plasm and Polkadot. 

For adopting the Ethereum VM, Solang, EVM Pallet and Frontier will be used. Solang, Rust written transcompiler allows user to use the Solidity contracts on the Plasm Network. This will increase the use of dApps on the Plasm. Whereas, the EVM pallet will allow the Plasm Network users to deploy and execute the EVM-based contracts using the existing tools and library, including Ethereum layer 2 protocols. 

How is Lockdrop Different from Airdrop?

Lockdrop, introduced by Edgeware team, is a relatively new method adopted for fair distribution of the tokens over the internet. Lockdrop works with the participant locking their ETH tokens for a fixed period. Once the period, the person can withdraw his locked tokens with a 0 ETH transaction. This is a more secured way as only the initial locker can withdraw the tokens. And during the locked period no one has the authority to withdraw the tokens. 

The way Lockdrop is different from the Airdrop is, in Lockdrop participants have to lock their tokens backed by ETH/BTC to receive tokens from other blockchain networks. But in the Airdrop participants decreases over time as no value is backed to the airdrop tokens. This also eliminates the risk of the project team running away with the tokens as they do not receive the tokens. 

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