EOS price jumps 20% for biggest gain in 15 months

EOS is set to end its relationship with Block.one with the latest upgrade and rebranding

By Shashank Bhardwaj

Image: Shutterstock

On August 17, EOS, the native token of the EOS blockchain, increased by around 20 per cent to $1.66. This was the token's best daily performance since May 2021. The news of its increase in value comes after EOS was found to be positively correlated with top-ranking crypto assets such as Bitcoin (BTC) and Ether (ETH).

Bitcoin and Ether both increased by more than 2 per cent and 3.75 per cent, respectively. However, the value increase is also believed to be fueled by a Wednesday tweet from the EOS Network Foundation. It is a non-profit organisation in charge of the EOS blockchain's growth and development. In a tweet, the EOS Network Foundation announced that the long-awaited Yield+ launch is 'imminent.'

The Yield+ programme is a liquidity incentive and reward scheme. Its purpose is to entice Decentralized Finance (DeFi) applications to join the EOS network. With this move, EOS joins the ranks of its top blockchain competitors in the DeFi space. Among these competitors are well-known names such as Ethereum (ETH), Solana (SOL), and Cardano (ADA).

Furthermore, it is believed that the crypto market's optimism about an upcoming EOS network upgrade in September contributed to EOS's rise. In a series of tweets, Yves La Rose, CEO and Executive Director of the EOS Network Foundation, recently announced that the EOS blockchain would undergo a hard fork upgrade on September 21. He was quoted as saying,

"On September 21, $EOS will undergo a hardfork to upgrade to the #EOS Network to the new codebase that the @EosNFoundation has been meticulously building towards.

This consensus upgrade severs all ties from @B1 and represents the official beginning of #TheNewEOS!"

It is worth noting that the total value locked (TVL) inside the EOS pools has increased significantly since the start of Yield+ registration. It is said to have risen from 94.71 EOS to 102.18 EOS. This indicated a temporary increase in demand for the tokens. The TVL will most likely rise in the coming days until the rewards for TVL begin on August 28.

The EOS will be rebranded to EOSIO with the latest update. This will also mark the end of EOS's relationship with Block.one. Block.one is the company that designed the EOS network. Earlier this year, La Rose announced that the EOS Foundation would take legal action against Block.one in the aftermath of the EOS ICO.

La Rose described the reason behind the step as 'negligence and fraud' from Block.one. In addition, the EOS community voted to stop issuing 67 million EOS, or approximately $108 million, to Block.one in late 2021. The EOS community concluded that the company had failed to keep its promises to EOS. Interestingly, EOSIO will be incompatible with the original chain and will adhere to new consensus rules.

Shashank is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash

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