Key Takeaways
- A brand new tweet from the EOS Basis implies the challenge’s long-await rebrand will happen later right this moment.
- In respose, the EOS token has rallied greater than 24% over the previous 24 hours.
- The rebrand comes forward of the EOS Basis’s deliberate hardfork set to happen on September 21.
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The EOS Basis additionally plans to hardfork the EOS blockchain on September 21.
EOS Prepares to Rebrand
The EOS blockchain is rebranding.
An early Wednesday tweet from the EOS Community Basis has revealed that its long-awaited EOS rebrand is imminent. “Who is prepared for the EOSIO rebrand? 15.5 hours… Tick Tock,” learn a Wednesday tweet, implying that the muse’s rebrand would go stay right this moment at round 16:00 UTC.
The muse’s CEO Yves La Rose hinted that the EOS rebrand would launch “this week” on August 15, however it was solely after EOS Community Basis’s tweet that the market entered an EOS shopping for frenzy. EOS has jumped over 24% because it was posted, making it one of many best-performing crypto tokens of the previous 24 hours, in keeping with CoinGecko.
EOS famously raised a record-breaking $4 billion by way of its preliminary coin providing in 2017 however confronted criticism after failing to stay as much as its guarantees. The EOS token has additionally underperformed these of different Layer 1 blockchains and has by no means damaged its 2018 all-time excessive worth. Though EOS has attracted distinguished backers resembling PayPal co-founder Peter Thiel, an inner wrestle between the blockchain’s developer Block.one and the non-profit EOS Basis has weighed on the challenge.
Beneath La Rose’s management, the EOS Basis has labored to sever ties with Block.one. In February, La Rose introduced the Basis would search authorized recourse in opposition to Block.one for what it referred to as “negligence and fraud” following the EOS ICO. The EOS neighborhood additionally voted to cease issuing vested EOS tokens to Block.one in late 2021, claiming that the corporate had didn’t ship on its guarantees for EOS.
Now, the EOS Basis is gearing as much as fully lower ties with Block.one, coming into what La Rose has referred to as a “new chapter” within the blockchain’s growth. The muse will rebrand EOS beneath a brand new title to distance itself from the interval of lacklustre growth that it blames on Block.one. Moreover, the EOS Basis plans to hardfork the EOS codebase on September 21, a needed step to switch challenge possession away from Block.one and its affiliated firms. “This marks the top of a turbulent journey from a codebase managed by a poisonous entity to a very decentralized and open supply challenge,” stated La Rose in a Monday tweet storm explaining the rebrand and hardfork.
Onlookers must wait till later this afternoon to see what sort of model and picture EOS will transition to. Nevertheless, with different upcoming Layer 1 blockchains resembling Aptos gaining the market’s consideration in latest weeks, EOS can have its work lower out if it desires to make an impression. In comparison with when EOS launched in 2017, the Layer 1 blockchain house of 2022 has change into considerably extra saturated.
Disclosure: On the time of penning this piece, the creator owned ETH and a number of other different cryptocurrencies.
