Crypto traders and investors had almost written off EOS after it’s Initial Coin Offering (ICO) failed to bear fruit in its early years. It had reached a market capitalization of $14 billion peak, but the cryptocurrency languished and skepticism set in. But more recently, the EOS Network Foundation has been leading plans for an extensive resurgence in network activity and growth with an array of application developer supports, including a Ethereum Virtual Machine (EVM) solution and an upgraded consensus mechanism.
The EVM mainnet is all set for an April 14th launch, with updates and further enhancements planned for months to come. Yves La Rose, the Chief Executive Officer (CEO) of the EOS Foundation has claimed that by combining the performance of EOS coupled with the familiarity of Ethereum, Solidity developers will be in for a treat. He has stated that the $EOS EVM will be the fastest EVM, benchmarked three times faster than Solana + BNB combined, and 25 times faster than Avax.
EVMs refer to the environment in which all Ethereum accounts and smart contracts function, serving as a virtual computer utilized by developers for creating decentralized applications (dApps). With the EVM compatibility, developers can create dApps and DeFi applications similar to those on Ethereum.
The EOS project has also announced a grants program, which will finance developers working on EVM applications. This can range from $10,000 to over $50,000 depending on criteria such as the size and scope of the proposal. The grants could go towards building new products, or for fund maintenance and upgrades of existing tools.
If successful, the ambitious projects of the EOS Network Foundation could boost the native eos tokens’ prices and the value locked in EOS-based DeFi applications. Currently, the tokens trade just over $1.20, and price-chart analysis suggests resistance at $1.80 and $2.90, should the prices jump in the upcoming weeks.
Meanwhile, the Total Value Locked (TVL) on EOS chain has already increased $50 million since the beginning of 2021, making its way up to April’s EVM launch. Furthermore, the network is averaging 1.3 million daily transactions and 38,000 daily active addresses, along with 1,785 new addresses per day.
It remains to be seen if all these efforts will pay off and lead to EOS’ crypto glory – with Ethereum as its main competitor – producers can expect a fierce competition. But one thing is for certain, activity has been steadily increasing as traders and investors are keenly watching for potential returns.
If EOS succeeds in its ambitious mission, it could easily see its market capitalization, and native tokens, soaring once more. Cryptocurrency traders & investors should be following the events closely, as EOS’ success could prove that blockchain development is still undergoing an exciting metamorphism.