EOS once charted in the top ten cryptocurrencies by market cap. Now it stands in the top 50. The setbacks in its journey have been one of the most talked about in the industry.
EOS Network Bumpy Ride
EOS – which launched with great fanfare, an active community, and strong tech – faced several hiccups along the way in the last five years. In what was touted to be the biggest ICO in history, EOS managed to raise over $4 billion in funds in 2018.
However, the project failed to live up to its hype. The subsequent congestion issues, as well as centralization concerns by researchers, triggered developer exodus from the EOS ecosystem. The development dried out, which led the community to feel left out and deceived.
As a result, the community-formed EOS Network Foundation (ENF) – a not-for-profit organization – took the baton to revive what was left of it by getting rid of its founding company, Block.one.
Since ENF took over, EOS announced the beta launch of its Ethereum Virtual Machine (EVM) mainnet, designed to improve interoperability with the Ethereum Blockchain. The open-source blockchain platform also inked a strategic partnership with the market maker and investment firm DWF Labs via a $60 million investment deal to accelerate the ecosystem’s growth and development.
Later, the foundation pledged a sum of $20 million to developers looking to build DeFi as well as GameFi projects for users on EOS. For the revitalization of the network, ENF also partnered with industry heavyweights, including Binance and Messari.
In the latest press release shared with CryptoPotato, ENF Founder and CEO Yves La Rose commemorated the 5th anniversary of the launch and said he is inspired by the “resilience” of the EOS community.
“We have endured much uncertainty standing against corporate greed in defense of our network. Today, we have emerged as champions for the ethos of free and open-source software, forging a path to boundless innovation, not just for ourselves, but for the entire Web3 space.”
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