EOS, once among the top ten cryptocurrencies based on market capitalization, has seen a decline in its position and currently stands in the top 50. This journey, filled with setbacks, has become a topic of great discussion within the industry.
Despite these challenges, La Rose, the founder of the EOS Network Foundation (ENF), believes that the formative years of EOS have been a valuable learning experience, and he sees the blockchain project as just getting started, all thanks to the community’s support.
When EOS launched with much fanfare, an active community, and strong technology, it raised over $4 billion in funds during what was considered the largest Initial Coin Offering (ICO) in history, which took place in 2018.
However, the project could have lived up to the high expectations. Subsequent congestion issues and concerns about centralization raised by researchers led to a mass exodus of developers from the EOS ecosystem. Development stagnated, leaving the community feeling neglected and betrayed.
To salvage what remained of EOS, the community-driven EOS Network Foundation (ENF), a non-profit organization, took charge and severed ties with the founding company, Block.one.
Under ENF’s leadership, EOS announced the beta launch of its Ethereum Virtual Machine (EVM) mainnet, aimed at improving interoperability with the Ethereum Blockchain. Additionally, the open-source blockchain platform forged a strategic partnership with DWF Labs, a market maker and investment firm, through a $60 million investment deal to accelerate the growth and development of the ecosystem.
Furthermore, ENF pledged $20 million to developers interested in building decentralized finance (DeFi) and GameFi projects for EOS users. To revitalize the network, ENF also formed partnerships with prominent industry players, including Binance and Messari.
In a recent press release, ENF’s Founder and CEO, Yves La Rose, celebrated the 5th anniversary of EOS’s launch, expressing admiration for the resilience demonstrated by the EOS community.
“We have faced numerous uncertainties while standing against corporate greed in defense of our network. Today, we have emerged as champions for the values of free and open-source software, paving the way for limitless innovation, not only for ourselves but for the entire Web3 space.”
Through the dedication and determination of the EOS Network Foundation and its supportive community, EOS is now poised for a reinvigorated future, driving progress in blockchain technology and beyond.