HomeNewsEOS Rallies 24% Ahead of Rebrand Reveal 

EOS Rallies 24% Ahead of Rebrand Reveal 


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EOS Rallies 24% Ahead of Rebrand Reveal 
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The Proof-of-Stake blockchain is drawn to level its new branding as the mission moves to distance itself from previous developer Block.one.

Key Takeaways

  • A brand new tweet from the EOS Basis implies the mission’s prolonged-defend up for rebrand will capture the arena later currently.
  • In response, the EOS token has rallied bigger than 24% over the past 24 hours.
  • The rebrand comes sooner than the EOS Basis’s deliberate hardfork draw to capture the arena on September 21.

The EOS Basis furthermore 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 printed that its prolonged-awaited EOS rebrand is drawing near. “Who is ready for the EOSIO rebrand? 15.5 hours… Tick Tock,” read a Wednesday tweet, implying that the muse’s rebrand would plug stay currently at spherical 16: 00 UTC. 

The muse’s CEO Yves La Rose hinted that the EOS rebrand would be beginning “this week” on August 15, but it used to be only after EOS Community Basis’s tweet that the market entered an EOS having a see frenzy. EOS has jumped over 24% since it used to be posted, making it one of the finest-performing crypto tokens of the past 24 hours, in accordance with CoinGecko. 

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EOS Rallies 24% Ahead of Rebrand Reveal EOS/USD chart (Source: CoinGecko)

EOS famously raised a file-breaking $4 billion thru its initial coin offering in 2017 but faced criticism after failing to stay as a lot as its guarantees. The EOS token has furthermore underperformed those of assorted Layer 1 blockchains and has never damaged its 2018 all-time excessive tag. Though EOS has attracted outstanding backers similar to PayPal co-founder Peter Thiel, an internal fight between the blockchain’s developer Block.one and the non-earnings EOS Basis has weighed on the mission. 

Below La Rose’s leadership, the EOS Basis has labored to gash ties with Block.one. In February, La Rose announced the Basis would understand superior recourse in opposition to Block.one for what it knew as “negligence and fraud” following the EOS ICO. The EOS neighborhood furthermore voted to pause issuing vested EOS tokens to Block.one in slack 2021, claiming that the firm had failed to bring on its guarantees for EOS.

Now, the EOS Basis is gearing as a lot as fully cut ties with Block.one, getting into what La Rose has known as a “new chapter” in the blockchain’s pattern. The muse will rebrand EOS beneath a new name to distance itself from the period of lackluster pattern that it blames on Block.one. Furthermore, the EOS Basis plans to hardfork the EOS codebase on September 21, the largest step to transfer mission possession away from Block.one and its affiliated companies. “This marks the pause of a turbulent dash from a codebase managed by a toxic entity to an if truth be told decentralized and beginning source mission,” stated La Rose in a Monday tweet storm explaining the rebrand and hardfork. 

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Onlookers will wait until later this afternoon to gaze at what extra or much less mark and image EOS will transition to. Nonetheless, with varied upcoming Layer 1 blockchains similar to Aptos gaining the market’s consideration in current weeks, EOS can bear its work cut out if it needs to form an effect. In contrast to when EOS launched in 2017, the Layer 1 blockchain draw of 2022 has changed into tremendously extra saturated. 

Disclaimer: This article is for informational capabilities only. It is no longer an immediate offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any merchandise, services, or companies. We no longer provide funding, tax, neatly suited, or accounting advice. Neither the corporate nor the author is guilty, straight or no longer straight, for any injury or loss precipitated or speculated to be precipitated by or in connection with the usage of or reliance on any insist, items, or services mentioned in this text.

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