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EOS was once ranked among the top ten cryptocurrencies by market capitalization. Currently, it is positioned within the top 50. The challenges encountered during its journey have been widely discussed within the industry.
However, La Rose from the EOS Network Foundation believes that the early years of EOS have provided valuable lessons and that the blockchain initiative is merely at the beginning of its journey, largely due to the support from the community.
EOS Network’s Turbulent Journey
EOS – which debuted with significant excitement, a vibrant community, and robust technology – has experienced numerous obstacles over the past five years. In what was heralded as the largest ICO in history, EOS successfully raised over $4 billion in 2018.
Nonetheless, the project did not meet the expectations set for it. The ensuing congestion problems, along with centralization issues highlighted by researchers, led to a departure of developers from the EOS ecosystem. This stagnation in development caused the community to feel neglected and misled.
Consequently, the community-established EOS Network Foundation (ENF) – a non-profit organization – took the initiative to restore what remained by distancing itself from its founding entity, Block.one.
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After ENF’s Involvement
Following ENF’s takeover, EOS announced the beta launch of its Ethereum Virtual Machine (EVM) mainnet, aimed at enhancing interoperability with the Ethereum Blockchain. The open-source blockchain platform also formed a strategic alliance with the market maker and investment firm DWF Labs through a $60 million investment agreement to boost the ecosystem’s growth and development.
Subsequently, the foundation committed $20 million to developers interested in creating DeFi and GameFi projects for users on EOS. To rejuvenate the network, ENF also collaborated with prominent industry players, including Binance and Messari.
In a recent press release shared with CryptoPotato, ENF Founder and CEO Yves La Rose celebrated the 5th anniversary of the launch, expressing inspiration from 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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