EOS Celebrates 5th Anniversary Owing to ‘Resilient’ Community

EOS once charted in the top ten cryptocurrencies by market cap. It is now among the top 50 companies. The setbacks in her journey were some of the most talked about in the industry.

But La Rose of the EOS Network Foundation believes that the formative years of EOS have taught them a lot and that the blockchain project is just getting started, all thanks to the community.

Bumpy ride on the EOS network

EOS — which launched with great fanfare, an active community, and solid technology — has had many hiccups along the way in the past five years. In what has been described as the largest ICO in history, EOS managed to raise more than $4 billion in funds in 2018.

However, the project failed to live up to the hype. Subsequent congestion issues, as well as concerns about centralization by researchers, drove developers out of the EOS ecosystem. Development has dried up, leading society to feel neglected and cheated.

As a result, the community-formed EOS Network Foundation (ENF) — a not-for-profit organization — took the initiative to revive what was left of it by dumping its founding company, Block.one.

after enf

Since taking over from ENF, EOS has announced the beta release of its mainnet of the Ethereum Virtual Machine (EVM), designed to improve interoperability with the Ethereum Blockchain. The open source blockchain platform has also entered into a strategic partnership with market maker and investment firm DWF Labs via a $60 million investment deal to accelerate the growth and development of the ecosystem.

Subsequently, the foundation pledged $20 million to developers looking to build DeFi as well as GameFi projects for users on EOS. To revitalize the network, ENF has also partnered with major industry players, including Binance and Messari.

In a recent press release shared with Potato encryptionYves La Rose, founder and CEO of ENF, celebrated the launch’s fifth anniversary and said he was inspired by the “resilience” of the EOS community.

We have endured a lot of uncertainty standing up against corporate greed in defending our network. Today, we have emerged as champions of FOSS ethics, forging a path to boundless innovation, not just for ourselves, but for the entire Web3 space.”