What Is EVM-compatible?
EVM compatible means that a blockchain uses the same EVM architecture as the original Ethereum mainnet and is its clone.
EVM compatible blockchains can use the existing smart contracts like ERC-20 unmodified. They can also blockchain explorers, wallets and such with little modifications. This has lead to born to Ethereum clone chains like Polygon, Avalanche C-Chain and BNB Chain.
For EVM-compatible chains
Same Solidity and Vyper smart contracts work
Same JSON-RPC API works
Same wallets work, assuming your wallet gives you an option to set up a node JSON-RPC URL to a different EVM chain
Same libraries like Web3.py and Web3.js, SDKs and development tools work
However, you might need
Run a blockchain node yourself
Get another node provider as there is no consistency of who is running, connecting and offering services to different peer-to-peer networks