EOS at 5 Years: The Trials and Triumphs of an Embattled Blockchain

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EOS at 5 Years: The Trials and Triumphs of an Embattled Blockchain

The EOS blockchain has turned 5 years old, although it has gone through a bumpy journey. EOS Network Foundation believes the community’s resilience and support has helped the project survive.

 

EOS Network’s Journey and Troubled Early Years

EOS launched in 2018 after raising over $4 billion in the largest ICO at the time. However, it soon faced:

  • Fines from the SEC
  • Allegations of wash trading during the ICO
  • Exodus of developers

This led the community to form the EOS Network Foundation (ENF) and take control from Block.one.

Progress Since ENF Took Over

Since ENF took over, EOS has:

  • Launched an Ethereum Virtual Machine mainnet for interoperability
  • Received a $60 million investment to accelerate growth
  • Pledged $20 million fund for DeFi and GameFi project developers
  • Partnered with industry leaders like Binance and Messari

The Road Ahead

La Rose believes the formative years have taught EOS a lot and that the project is just getting started, thanks to the support and resilience of its community. EOS currently ranks in the top 50 cryptocurrencies by market cap.

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