The EOS network has been on the forefront of the blockchain industry with its constant developments and innovations. EOS' recent impressive growth trajectory shows no signs of slowing down as it continues to expand its ecosystem and reach into other blockchain ecosystems. This expansion is a bullish sign for the coming months, as it presents opportunities for growth and adoption.
One of the recent developments that have put EOS in the spotlight is the Antelope IBC launch. The Inter-Blockchain Communication (IBC) protocol allows different blockchain networks to communicate with each other, and Antelope IBC makes this possible on the EOS network. With Antelope IBC, EOS is now connected to other Antelope-based blockchains such as WAX, Telos, and UX Network, and potentially many others. This integration opens up a world of possibilities for developers and users, providing access to a vast array of decentralized applications (dApps), services, and tools.
Additionally, the upcoming launch of the EOS EVM (Ethereum Virtual Machine) further expands the capabilities of the platform, making it more interoperable with Ethereum-based applications. This development will enable developers to write smart contracts in Solidity, the programming language used in Ethereum and other EVM compatible chains, and deploy them on the EOS network. This move will also make it easier for Ethereum developers to migrate their applications to EOS, driving further adoption and growth.
The recent expansion of partners and interoperability is a critical factor in the growth and adoption of any blockchain network. With EOS' increasing reach into other ecosystems, the network's potential for global adoption and utility is limitless. As the platform continues to move full steam ahead with its developments, it is poised for significant growth and adoption in the coming months. This past week’s developments highlight the benefits of an expanding network and the effect it could have on its ecosystem.
The Antelope Coalition between EOS, WAX, Telos, and UX Network blockchains held its weekly meeting this past week in which they discussed various initiatives that aim to improve the Antelope ecosystem as a whole. Here are some of the initiatives that were discussed:
Coalition top-up fund RFPs - Coalition members discussed how to divide cost sharing for RFPs in the future. The main problem currently is that costs are shared unevenly which could cause existential issues for the Coalition in the long term. Members have suggested ways to make the Antelope coalition more accessible in the future for new groups, especially to ensure that smaller chains can remain engaged and not get priced out from participating. But it was also emphasized that: a new solution should ensure that larger chains that are paying a larger percentage of the fund also feel that they’re getting value, even from the smaller member chains.
P2P Peer Discovery - This project aims to implement improvements to peer node discovery and synchronization processes within the peer-to-peer (P2P) protocol of the nodeos service. The team(s) working on this project are busy with initial designs to get better milestone deliverables that have specific workable software/features at each milestone.
Inter-Blockchain Communication (IBC) - Following the IBC launch on multiple Antelope chains earlier this year, the update this week was that progress on further milestones for IBC is still on track; with some milestones expected to be completed much earlier than previously anticipated.
Instant Finality (IF) - The Aggregate signatures are ready for review and, following submission, will be looked into by the ENF engineers. The Core Instant Finality features set to be completed on March 31, 2023, are on track. All the other milestones are on track as well to be completed on schedule.
Wallet SDK - A new release is out that features the first implementation of the User Interface (UI) that web applications can start implementing and testing out. A blog post is being worked on to be published in the coming week.
Ledger app support - Following months of communication with the Ledger (wallet) team, the Coalition has gotten to a stage where it is clear what the requirements are for all four Antelope chains to be supported by the Ledger hardware wallet. Currently the Coalition members are working on an app that’ll feature all four chains. As well as each chain creating its own content for the Ledger webpage and the Ledger app information page, along with tutorial material, among other things.
Watch the full meeting - Antelope Coalition - March 2nd, 2023 Meeting | EOS, TELOS, WAX, UX Network
Described as one of Ethereum’s flagship conferences, ETHDenver is an annual community owned innovation festival. Every year the conference hosts buidlathon, workshop, community gathering and innovation events, with speakers ranging from blockchain industry experts to full-on politicians.
We’re still waiting to hear from the EOS Network Foundation (ENF) on the full extent of their attendance, but its team was there “spreading the word about EOS”. The ENF also had the opportunity to learn a lot about the latest developments of the Ethereum ecosystem and to learn how to better connect or reach out to its community.
“We connected with industry professionals & blockchain enthusiasts from across the #Web3 space and can't wait for everything that will come from this event.” - EOS Network Foundation (Twitter)
With the EOS EVM a month from mainnet launch, it is most likely that this was the ENF’s main order of business at ETHDenver. Considering that EOS EVM is built to better enhance the blockchain capabilities and experience for Ethereum, and other Solidity developers, the ENF would have been at the perfect place to get the word out. Surely, the EOS community will also be looking forward to everything coming from this event.
Just a week from the launch of season 5, Pomelo Grants, a crowdfunding platform that allows anyone to request funding for public goods projects from the EOS community, reached 100 approved grants! 130 of which had already applied and 77 approved within the first 3 days of grant donations being opened.
The current season has over $170,000 in matching pool funds to be distributed to all approved grants that receive donations from community members. Matching pool funds will be distributed to all qualifying grants using the quadratic funding mechanism that favors the quantity of individual member donations over larger donations from a few members.
With grant donations still open for another week and a half, this season of Pomelo Grants looks set to be another record breaking one as more grants are approved. The growing community support for this public goods initiative signals a diversely strong EOS ecosystem in the coming months as projects deliver on their milestones.
The Yield+ program, which is aimed at boosting economic activity on the EOS blockchain through the incentivisation of DeFi dApps, is now in its sixth month of operation and still continuing to outperform the benchmarks.
This past month another DeFi protocol joined the Yield+ protocol and was immediately eligible to receive rewards. In February, Yield+ also saw its overall TVL (total value locked) increase by 15% to reach $37 million. A bit lower than January’s TVL increase of 73%, but still impressive considering current market conditions.
Also, following feedback from the EOS community, this month sees the Yield+ program introduce getting a security audit as a mandatory requirement for all participating protocols. This is to ensure that users’ funds in these protocols are safe based on current industry security standards.
By the April 15th deadline, only protocols that have completed and passed a security audit from a reputable firm will be eligible for rewards.
Read the full in-depth report - February 2023 Yield+ Report
A couple of weeks ago we reported on the EOS Network Foundation’s (ENF) membership into the Blockchain Game Alliance (BGA). Just recently, the BGA hosted a presentation for its newest members in which the ENF’s Chief Communications Officer, Zack Gall, delivered a presentation on why the ENF is a valuable partner to the Alliance (BGA).
In his 10 minute presentation, Zack Gall discussed EOS’ track record as one of the industry’s longest running blockchain without any downtime. He also expressed the value of a highly performant, affordable, and scalable blockchain for gaming dApp development and deployment. Along with the many funding opportunities including Pomelo, ENF grants, the $100m ENV Fund, etc. that game developers could have access to by building on the EOS network.
Zack further stated the importance and opportunities of other initiatives in the EOS ecosystem such as Antelope IBC, the upcoming EOS EVM, and the many great benefits other BGA members could gain by partnering with the EOS Network Foundation to build out their gaming projects or businesses.
Watch the full presentation - BGA New Members Presentation (March 2023)
As of writing EOS is trading at $0.98 (a huge drop, along with the market, from last week’s price of $1.22). It is currently doing $153 million in daily trading volume, and its market cap currently sits at $1,069,710,730. This week sees EOS drop one spot to 39th position by market cap rankings. All stats are based on CoinMarketCap data.