EOS has witnessed a surge in its market cap rankings and trading volume in the past week. Its cryptocurrency has jumped six spots by market cap rankings seeing it re-enter the top 40, and its daily trading volume has almost tripled. These impressive market performance can be attributed to several factors, including strong partnerships, increased visibility across the industry, positive media coverage, and new exciting developments.
The EOS Network Foundation (ENF) has been forging strong partnerships with industry players, leading to EOS’ increase in its visibility and credibility in the industry. These partnerships may have also led to increased adoption of EOS, resulting in a surge in its market cap rankings and trading volume.
Furthermore, the positive media coverage of EOS's recent developments has created a lot of excitement and anticipation for upcoming project launches. The network's bullish developments, such as the upcoming launch of EOS EVM, which promises enhanced speed, scalability, affordability, and security for Ethereum developers, have generated significant buzz among industry players and investors alike.
The platform's continued growth and success are a testament to its commitment to innovation, and it is likely that we will see EOS continue to rise in the rankings and become a major player in the blockchain industry. Read on for some of the developments from this past week that are ensuring that the EOS ecosystem continues to compete at an industry-leading level.
EOS EVM, one of the most anticipated EOS projects this year, is now only a few weeks from launch after more than a year of development. In a tweet earlier this week, Yves La Rose, the CEO of the EOS Network Foundation (ENF), announced that EOS EVM is scheduled to launch on April 14.
In a series of tweets following the announcement, Yves shared more details about the workings of EOS EVM and the opportunities its launch provides for Ethereum and EOS developers. Considering that the highly performant EOS EVM will launch on a clean slate, developers are further incentivized through grants and funding to build applications for the platform.
The EOS EVM will be launched in phases starting with a new testnet release on March 27. Following testing and a security audit, the EOS EVM would then launch its mainnet beta on April 14. The mainnet beta will be version 0.4 of the EOS EVM, with updates and improvements to be made in the weeks and months following the launch.
Blockchain and crypto conferences around the world are making a return for the year and the EOS Network Foundation has made it a priority to represent the EOS network at these events. Just recently (March 2 - 5) the ENF was in attendance at the ETHDenver event in the USA to engage with other people from the industry and build some meaningful relationships.
With ETHDenver being the first of at least four more events that the ENF will be attending this month, the ENF has released their conference schedule for the events they’ll be going to. The schedule puts the ENF in three cities across two countries, namely France and the USA, over the course of the month.
With many other events to be added to their schedule for the year, the ENF will be networking, marketing, and discussing EOS with global entrepreneurs, investors, developers, industry enthusiasts, as well as global media. A great way to elevate the EOS brand and place it in a favorable position for adoption as the months unfold.
Grant donations for projects on Pomelo have been opened, and the season has taken on a great start. Pomelo is a crowdfunding platform that allows anyone to request funding for public goods projects from the EOS community. As of March 3 there’s already been 130 projects to apply for grant donations and 77 of them have been approved.
The grant donations phase will stay open until March 23, giving the EOS community ample time to help fund their favored public goods projects on EOS. Following which Pomelo will distribute the matching pool funds, based on a quadratic funding mechanism where the more unique donors a project has, the more funds they receive.
For Season 5, the matching pool fund has once again been provided by the EOS Network Foundation (ENF), which has pledged $150,000 towards the fund. In addition, funds from NFT sales and last season's fees will also be added to the pool. At the current engagement rate of projects looking to join Pomelo, it seems likely that this will yet be another record-setting season.
Messari, a leading data analytics and research firm, has published a report discussing the current state and future plans of the EOS blockchain. The report notes that EOS was once considered a promising development in the Layer-1 space but failed to live up to early expectations. However, it states that under the direction of the EOS Network Foundation (ENF), EOS is finding new life with plans for a consensus mechanism upgrade, EVM solution, and a renewed growth strategy.
The report does well to provide some technical details about EOS, including its consensus mechanism, smart contract language, resource allocation, and tokenomics. It also mentions Antelope IBC, a recent project launch that allows Antelope-based blockchains to securely communicate with each other and scale horizontally.
In terms of network activity, the report notes that the EOS network is averaging 1.3 million daily transactions and 38,000 daily active addresses. However, daily active addresses across all EOS dApps have declined in 2022, which aligns with the broader shift from the crypto bull to bear market.
Overall, the report suggests that EOS is making efforts to address its previous shortcomings and position itself for future growth. However, it also acknowledges that there are some challenges facing the network, such as declining daily active addresses and the broader extended bear market in the crypto space.
Read the full detailed report with visual cues - EOS: A Grassroots Rebuild
As of writing EOS is trading at $1.22 (up 9.9% from last week’s price of $1.11). It is currently doing $273 million in daily trading volume, nearly three times last week’s DTV, and its market cap currently sits at $1,325,423,775. This week also sees EOS jump six spots to 40th position by market cap rankings. All stats are based on CoinMarketCap data.