EV Standard
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EV Standard is an experimental new token standard that aims to fix the flaws in ERC-20 tokens.
The basic ERC-20 token standard primarily contains instructions on token supply, approvals, minting, burning, and transfers. While this works wonderfully well as a blank slate or a lego block, it leaves far too much for third-party tools.
The most common way to use ERC-20 tokens, for instance, is to swap them for another token (typically, WETH) via an AMM such as Uniswap.
However, the process of swapping tokens via third-party tools makes the transaction vulnerable to MEV attacks. The process is also gas-intensive since you're essentially dealing with two contracts (the token and the AMM) instead of one.
An illustrative example can be seen in the gas cost for transferring a token (a feature built into ERC-20 token standard) vs. swapping a token via an AMM. The latter is often 3-5x more expensive.
Just as ERC-20 tokens have built-in features to transfer, burn, or mint tokens, EV Standard tokens have built in AMMs, liquidity lockers, and MEV protection.
EV Standard tokens don't have to be deposited into an external AMM for swapping. Instead, the owner can simply deposit the EV Standard token along with ETH (or any other token) into a smart contract. Users can then swap from one token to another directly from the contract without relying on third party tools.
Since the capability is built-into the token itself, it translates into drastically lower gas costs.
Similarly, EV Standard tokens have features that would typically offloaded to third-party tools, such as:
Liquidity locker: Owners can lock liquidity directly within the EV Standard contract instead of relying on Unicrypt or other liquidity lockers.
MEV protection: Since tokens are swapped directly from the EV Standard contract, users are safe from MEV attacks.
No additional approvals: In ERC-20 tokens, you have to first approve the token contract to be exchanged via the AMM contract, which costs gas. However, since EV Standard swaps are handled by the token contract itself, there is no need for additional approvals.
These improvements reduce gas costs not only for users, but also for developers. Deploying liquidity on Uniswap, for instance, can cost several hundred dollars. But on EV Standard, the cost is next to nothing.
EV Standard allows for token swapping at up to 75% less than a typical Ethereum transaction. This allows better access to Ethereum for smaller users to access all of Ethereum's capabilities vs. bridging to lower costs chains or L2's.
