EOS Network Ventures has committed $20 million to develop applications and gaming products on the EOS network following the launch of the Ethereum Virtual Machine (EVM) next month.

Yves La Rose, CEO of the EOS Foundation, tweeted early Monday that EOS Network Ventures (ENV) would invest $20 million directly into $EOS EVM and GameFi projects. “EOS EVM will also have the most funding for builders,” he said.

With $20M available for EVM projects, La Rose expects a strong surge of developers to come forward in the upcoming months. The commitment is made to draw developers and builders to the EOS blockchain. April’s EVM release signals an exciting new chapter for EOS as it embarks on its second phase with a financial incentive waiting. EVMs host Ethereum accounts and smart contracts, operating as a digital computer used by developers when making decentralized apps.

Similarly to Ethereum, EVMs can allow developers to build decentralized apps and decentralized finance (DeFi) applications on other blockchains.

As a result of La Rose’s efforts, a consensus mechanism upgrade, an Ethereum Virtual Machine (EVM) system, and a renewed growth strategy are all on the horizon.

Despite raising $4 billion in its initial coin offering (ICO), EOS has had little to show in its early years, both technically and in terms of usage.

EOS token prices may rise in the coming months as a result of the renewed push, and decentralized applications that run on EOS could also see a boost in value.

However, users are spoilt for choice in an increasingly competitive crypto market, as relatively new networks like Arbitrum, zkSync, Optimism and Solana compete for developer talent and increase their own revenue through token incentives.