EOS Rises in the Midst of Market Turmoil, Aims to Regain Web3 Leadership

With a New Foundation and $100 Million Ecosystem Fund, EOS is on a Mission to Reshape the Blockchain Landscape

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Despite the fact that most cryptocurrencies have been falling in recent days, EOS has managed to maintain an upward trend and as a result has been in the spotlight.

EOS is not new to the industry, as it has been around since 2017. However, for a long time it has been between wear and tear, with no news to bring it back to the forefront of the news.

However, that seems to be changing in recent times, as EOS stands out positively against most cryptocurrencies.

The… reappearance

The beginning of the re-emergence of EOS occurred in February when its price started to rise significantly. Within 2 weeks it rose in value by 20.7% and on March 3 it rose another 8%, reaching $1.27.

This may not be an impressive result, but it is remarkable when compared to the downward trend of the rest of the market. However, its current price is 94% below its all-time high of $22.89, recorded on April 29, 2018.

EOS Rises in the Midst of Market Turmoil, Aims to Regain Web3 Leadership
EOS price for last 3 months. Source: Coinmarketcap

Why did it suddenly rise?

The EOS Network Foundation (ENF) wants to bring EOS back to the leaders of Web3. ENF was founded in mid-2021. In early 2022 the core team of ENF consisted of only three people, however in 2023 it is already staffed with more than 40 people.

It intends to put EOS back on the map as a leader in the Web3 ecosystem, something that Yves La Rose, Executive Director and Founder of ENF, stated in his introduction to the Q4 2022 report.

The report was published on February 1 and contains a lot of data on the success of the organization in Q4 2022. Among them is the integration with Tether (USDT) for deposits and withdrawals for the EOS network on Binance. ENF also made 14 new hires across multiple departments.

In addition, last October, ENF signed a memorandum of understanding (MoU) with the government of the Metropolitan City of Busan.

This monumental agreement was signed in partnership with AlphaNonce, CoinNess, Foresight Ventures, OKX Blockdream Ventures and Ragnar Capital.

The Board will establish the Busan Blockchain Venture Capital Alliance (VCABB), which collectively holds $700 million in assets under management.

As part of this agreement, VCABB will actively contribute to the development of the blockchain ecosystem in South Korea’s second largest city by investing $100 million in blockchain-related companies over the next 3 years.

On November 9, ENF announced that it had launched a $100 million ecosystem fund proposal managed by EOS Network Ventures.

On 12 November 2022, EOS BP reached an agreement to issue ~68 million coins, effectively replacing the ~68 million previously retired in late 2019 and early 2020. A number of new partnerships were also established.

EOS EVM is scheduled to launch on the main EOS network on April 14, which analysts believe will make EOS faster than Solana, BNB and Avalanche.

What is EOS?

EOS is a blockchain-based platform that enables the development, hosting and operation of decentralized enterprise applications (DApps) and a currency.

The main use of EOS is the DPoS (delegated proof of stake) mechanism, through which the network can process approximately 1 million transactions per second and participate in network management. EOS can also be used as an investment tool and as a payment instrument thanks to direct contactless transactions.

It first appeared in 2017 and was in the top 5 cryptocurrencies a few years ago.

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