The past week in the world of EOS has been a testament to the continuous growth and progress of the ecosystem. Although ongoing developments dominate the weekly updates, each week’s new developments further solidify EOS' position as a viable decentralized Web3 platform for mainstream adoption for all individuals and entities.
From the Antelope Coalition meeting to the January 2023 Yield+ report, EOS has been making steady strides towards becoming a leading player in the blockchain industry. Each passing week brings new and exciting developments that highlight the potential of this cutting-edge technology.
As the world continues to embrace the blockchain revolution in spite of bearish crypto market conditions, EOS continues to prove itself as a front-runner in this rapidly growing industry.
The latest Antelope Coalition meeting provided updates on a variety of projects under the coalition’s oversight. Other than the updates below, this week there weren’t too many new updates as most of the Coalition developments still remain on the same track from the other week.
This week the coalition discussed the following projects:
P2P optimized transaction propagation: This is a subsection of the P2P Discovery RFP that members of the Coalition concur has a higher priority. The ENF has confirmed they’ll work on the project with a partner (OCI), and were looking for a $250k funding to carry out the work over the next 6 months. Following a vote from Coalition members the request was approved by all members. Weekly/monthly updates on the project’s progress will be provided by the ENF.
P2P Discovery: As reported last week, this RFP project has been awarded to Fudan following their successful bid. The cost to deliver the work has already been agreed upon by both parties for funding. The ENF is in discussion with the winning bidders (Fudan) on some minor details and clarifications before they can proceed.
RAM limitation fixes: This project still remains in the discovery/research phase. The ENF has proposed that they do a subsection of this RFP due to time/workforce/priority limitations. They’re looking into the project’s new scope as a subsection and the requirements. After which they expect to submit their proposal in the coming weeks.
IBC updates: Antelope has fully been deployed on EOS, Telos, and UX Network blockchains, and the Coalition is still awaiting WAX to activate it on their blockchain. As the IBC has been successfully launched and is working as expected, Coalition members voted in favor for a payment release for this completed milestone.
Watch the recently released meeting - February 2nd, 2023 Meeting | EOS, TELOS, WAX, UX Network
The EOS Network Foundation (ENF) has recently taken a significant step towards becoming a key player in the blockchain industry with its recent membership in the Blockchain Game Alliance (BGA). The BGA is an influential industry organization that promotes the adoption of blockchain in the gaming industry, and its membership includes leading companies and organizations in the field.
Inclusion in the Alliance gives the ENF access to the BGA's upcoming events, workshops, and educational programs which provide opportunities to showcase the unique capabilities of the EOS blockchain. The ENF's membership will help drive the growth of EOS’ gaming ecosystem and play a key role in making EOS a major player in the gaming industry.
The timing on the ENF’s membership couldn’t have been better as EOS looks poised to invest and put a lot of focus on GameFi this year. With the imminent launch of EOS EVM, which will leverage the high-performance infrastructure of EOS to provide a more flexible and accessible platform for Ethereum developers to build decentralized applications (dApps) on, membership in the BGA will give EOS ecosystem a bigger outreach.
Read our coverage of the news - ENF Joins the Blockchain Game Alliance for Future Gaming Growth
The Yield+ program, aimed at boosting economic activity on the EOS blockchain through the incentivisation of DeFi dApps, has now entered its fifth month of operation and continues to thrive. The January 2023 report shows that the program has seen impressive growth, with a 43% increase in local TVL and a 73% increase in US Dollar TVL to $35 million across 14 dApps.
TVL, the total value locked in the program, currently counts both EOS and USDT as eligible for rewards. The Yield+ program looks into the transition of Layer 1 chains’ value propositions from speculation to ecosystem-driven. EOS is still in the first phase of this transition; where market cap exists without significant TVL.
EOS’ TVL to Market Cap ratio has also increased by 15% this month, demonstrating the effects and steady growth of the program. Compared to other large cap chains such as Ethereum, Binance Smart Chain, Tron, and Solana, EOS has outperformed in terms of absolute TVL growth. Despite this growth, EOS still ranks outside the top 20 chains in terms of absolute TVL which suggests plenty of upside opportunity and improvement.
The Yield+ program has received a boost with a recent top-up of 300,000 EOS to its treasury, ensuring the program's continuity throughout 2023. The data presented by the report supports the conclusion that the program is seeing steady uptake and growth. Overall, the Yield+ program is still on track to creating a thriving ecosystem for the EOS blockchain.
Read the full detailed report - January 2023 Yield+ Report
As of writing EOS is trading at $1.06 (down from last week’s price of $1.11). It is currently doing $67 million in daily trading volume and its market cap currently sits at $1,142,681,778. This week sees EOS maintain the 44th position by market cap rankings. All stats are based on CoinMarketCap data.
● Antelope Coalition meeting (YouTube)