The terms “EVM equivalent” and “EVM compatible” are often used to describe how different blockchain networks relate to the Ethereum Virtual Machine (EVM), but they have distinct meanings:

EVM Equivalent

EVM Equivalent refers to a blockchain that runs the exact same EVM code as Ethereum. This means that the EVM bytecode and the operational semantics are identical to Ethereum. As a result:

1. Full Compatibility: Any smart contract or DApp that runs on Ethereum can run on an EVM equivalent blockchain without any modifications.

2. Tools and Libraries: All existing Ethereum development tools, libraries, and infrastructure (like MetaMask, Truffle, Hardhat) work seamlessly with EVM equivalent blockchains.

3. Network Effects: EVM equivalent chains benefit from Ethereum’s network effects, as developers can easily deploy their applications across these chains.

Examples: Gnosis Chain (formerly xDai), and implementations of Ethereum Layer 2 solutions like Taiko and Optimistic Ethereum.

EVM Compatible

EVM Compatible refers to a blockchain that supports the EVM and can run EVM-based smart contracts but might have differences in the underlying infrastructure or additional features that require minor modifications or considerations:

1. Partial Compatibility: Smart contracts written for Ethereum generally work on EVM compatible blockchains, but there may be differences in gas pricing, consensus mechanisms, or other low-level details that require adjustments.

2. Enhanced Features: These blockchains might offer additional features or optimizations not present in Ethereum, potentially requiring developers to adapt their code to fully leverage these features.

3. Developer Tools: While EVM compatible blockchains support many Ethereum tools, there might be custom tools or modifications needed to fully integrate with the specific features of these blockchains.

Examples: Binance Smart Chain (BSC), Polygon, and Avalanche C-Chain.

Key Differences

1. Deployment Ease: EVM equivalent blockchains allow for direct deployment of Ethereum smart contracts with no changes, whereas EVM compatible blockchains might require minor adjustments.

2. Development Tools: Both types support Ethereum development tools, but EVM equivalent blockchains offer a more seamless experience.

3. Underlying Differences: EVM compatible blockchains might have different consensus mechanisms, additional features, or optimizations that differentiate them from Ethereum.

In summary, EVM equivalent blockchains are fully identical to Ethereum in terms of EVM implementation, while EVM compatible blockchains support the EVM but might introduce additional features or require minor modifications for full compatibility.