Resiliency and consistency during a turbulent crypto market has seen EOS climb its way back to the top 50 on Coin Market Cap. In all the challenges that the EOS network and its community are faced with, determined efforts in the rebuilding of EOS and its image continue to show promise on the project’s future.
Developments from this past week provide a sense of confidence in EOS’ comeback trail as they reaffirm that a lot of serious work and deliberate actions are being taken to make EOS’ story one of success.
From partnerships to investments, and the growing EOS EVM ecosystem, EOS ecosystem developments are ever expanding. Along with their impact and relevance in the blockchain and cryptocurrency industry.
Yves La Rose, CEO and founder of the EOS Network Foundation (ENF), has announced that in the next few weeks the ENF’s VC arm, EOS Network Ventures (ENV) will make its first round of investments. This comes after Yves announced back in March 2023 that ENV will allocate $20 million of its $100 million fund towards EOS EVM and GameFi projects.
Unlike the EOS Network Foundation, which is a non-profit organization, EOS Network Ventures is a venture capital (VC) firm with a goal to make profitable and/or equitable investments. The establishment of this VC firm will prove vital in bringing projects to the EOS ecosystem. It will also make it easier to target projects and teams that fit in with the long-term goals of EOS.
“Thanks to ENV, EOS is officially open for business!” - Yves La Rose
The first round of investments by ENV will total $5.4 million for EOS EVM and GameFi projects, more than a quarter of the funds ($20m) allocated for this sector. Seeing that the total amount has already been revealed, it is likely that the investments have already been made. The announcement(s) in the next few weeks will reveal which projects the ENV has invested in.
Speaking of EOS EVM projects, Noah Swap, a leading DeFi application on the EOS EVM, recently had an Ask-Me-Anything (AMA) event with the EOS Network Foundation. The AMA helped uncover the Noah team’s background and their plans for the future on EOS EVM. It also shed light on how Noah Swap aims to build an innovative DeFi platform that will attract users to the EOS EVM.
Noah Swap is currently the leading DeFi platform on EOS EVM. It holds a dominant position with a 76.4% share of all total value locked (TVL) across the DeFi sector on EOS EVM. Its strong dominance has been a driving factor in seeing the [TVL for DeFi on EOS EVM](https://defillama.com/chain/EOS EVM) cross back over the one million-dollar mark (currently $1,026,469) for the first time in two weeks.
The Noah team believes that its DeFi project is the “star project” that will be responsible for the initial migration to EOS EVM from other blockchain ecosystems. Noah Swap’s service offerings include a staking/mining feature through liquidity provision, as well as its pride swap feature that supports a range of tokens such as its native token NOAH, EOS, Ether, Wrapped BTC, BNB, and stablecoins.
Learn more about Noah Swap from the - Noah Swap AMA on Telegram
Intended to establish regular communications between the top 30 EOS Block Producers (BPs) and the EOS Network Foundation (ENF), this month’s hour-long meeting was attended by eighteen BPs. Yves La Rose, ENF founder and CEO, kicked off the meeting by discussing critical developments in the regulatory environment as it pertains to crypto, and how the new changes may affect the EOS network.
Yves then went on to acknowledge the current crypto market situation with the extended bear market. It was pointed out that as the EOS token price drops, it limits the ENF’s ability to execute initiatives as it relies on a strong purchasing power of EOS. The ENF pointed out that it had not sold any tokens on the open market for a significant period of time, and that deals like the recent one with DWF Labs have been over-the-counter (OTC) trades.
It was confirmed in the meeting that EOS Network Ventures (ENV) has reached agreements with projects for investments, including a significant investment that took several months of negotiation. It was also revealed that the ENV has established two partnerships with different VCs. Details on the partnerships and the several investments are yet to be shared, with some said to be disclosed once marketing strategies are in place.
Read the full in-depth recap of the meeting - June EOS BP Meeting Recap
Pomelo Grants broke new ground when it introduced multi-pools and support for projects on multiple chains for its Season 6. This past week, after nearly three weeks since opening, the grant applications phase was closed. This coming week, on Thursday, June 29, the donations phase will also come to a close.
This season of Pomelo Grants has seen 118 projects get approved for funding. The projects are spread across the EOS EVM ($65,000), EOS GameFi ($65,000), Everything EOS ($28,000), and Telos ($24,000) funding pools. Over the next few days projects will have the last chances to get more funding from these pools and for the community of users to donate to their favorite ones.
With over $182K across four matching pools to be distributed to approved projects, it will be interesting to see the conclusion of this season of Pomelo Grants. Final results will give some insight into which sectors the EOS and Telos communities feel should be focused on more, and perhaps will incentivize more funding towards those in future seasons.
As of writing EOS is trading at $0.74 (up from last week’s price of $0.63). EOS is currently doing $174 million in daily trading volume, and its market cap sits at $812 million. This week sees EOS gain five spots and jump to 50th position by market cap rankings. All stats are based on CoinMarketCap data.