EOS token rallies 30% ahead of network upgrade and rebranding

Key Takeaways:

  • The EOS token was trading at $1.6 in the last 24 hours.
  • New York court ruled in favor of Block.one concerning $27.5M settlement.
EOS Network native token
EOS Network native token rallied by more than 30% on Wednesday.

LAGOS (CoinChapter.com) — The EOS Network native token (EOS) price rallied by more than 30% on Wednesday to trade at $1.6 following reports of rebranding on the blockchain protocol.

EOS/USDT daily price chart. Source: TradingView

Tradingview indicated that EOS soared to a 3-month high and is on track to attain the $2 benchmark.

The rally comes as the broader cryptocurrency market is recovering from the slump it suffered earlier this week. Notably, today’s surge makes EOS the best performer amongst the top 50 cryptocurrencies by market cap, according to Coingecko.

The surge comes amid several activities on the blockchain platform, including a legal victory relating to the settlement of about $27.5 million to investors and news of the date of the much-anticipated EOSIO rebranding.

EOS, EOS token rallies 30% ahead of network upgrade and rebranding

In a series of tweets, Yves La Rose, CEO of EOS Network Foundation, disclosed that the protocol was planning to upgrade to a new EOSIO codebase. He indicated that the upgrade became necessary after its separation from Block.one network which owned the EOSIO IP last year.

“The EOSIO Coalition will unveil the new branding of the core protocol. This marks the end of a turbulent journey from a codebase controlled by a toxic entity to a truly decentralized and open-source project. With the rebrand, $EOS will leap ahead.”

Yves La Rose said.

EOS Hardfork Set For Sep 21

Furthermore, Rose revealed that the hard fork to complete the protocol transition to a v3.1 consensus called Mandel is scheduled for September 21. He noted that the new consensus (EOSIO) will “represents the start of a new chapter: #TheNewEOS.”

The upgrade concise with EOS calls for participants in its upcoming “Yield+” incentive program. Notably, the Yield+ is a liquidity incentive and rewards program designed to attract DeFi dApps that generate yield for dApp users.

Moreover, through the incentive program, EOS intends to boost its presence and relevance in the blockchain industry. The Yield+ incentive program is divided into three stages with various assets supported and different quarterly rewards amounts.

The total value locked (TVL) in EOS pools. Source: DefiLlama

Additionally, in a related development, the total value locked (TVL) in EOS pools has soared since the announcement of the upgrade.

According to data from DeFi analytic platform, DefiLlama EOS TVL surged by 15% intraday. Moreover, the protocol currently boasts more than $110 million in its pool from about $65 million in the year’s first quarter.

New York Court Squash Class Action Suit Against Block.one

Meanwhile, in a separate development, a New York court has ruled against a group of investors who sued Block.one, the company that originally designed the EOS network, alleging that its initial coin offering was a securities sale.

In response to the suit, Block.one agreed to a settlement of $27.5 million with investors. However, in his ruling, U.S. District Judge Lewis Kaplan refused to grant final approval to the proposed $27.5 million settlement.

The judge concluded that the investor class is inherently conflicted because U.S. laws cover some token holders’ purchases.

Kaplan said that the lead plaintiff in the class action, Crypto Assets Opportunity Fund LLC, could not adequately represent the interests of investors whose transactions took place in the U.S. because the fund also engaged in foreign Block.one token transaction.

EOS, EOS token rallies 30% ahead of network upgrade and rebranding

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