Is Avalanche EVM compatible?

I'm curious to know, is the Avalanche blockchain network compatible with the Ethereum Virtual Machine (EVM)? As someone who's been exploring the world of decentralized finance and smart contract development, the ability to port existing Ethereum-based projects and tools over to Avalanche could potentially offer significant advantages in terms of scalability, speed, and cost efficiency. Can you elaborate on the compatibility between Avalanche and the EVM, and what this means for developers and users alike?