This Week: Progress and Direction of the EOS Comeback

An extended bear market has created a low spirited environment within the crypto space. For EOS stakeholders - seeing the EOS token dip further down below the $1 mark has been cause for uncertainty on whether the project can truly make a comeback.

While it’s understandable that most people are concerned about the time and money they may have invested into EOS, those who can gaze beyond the short term volatility of the market will probably be hopeful of where the project seems to be headed.

This past week has provided more clarity on the progress and direction of the EOS comeback. Stakeholders and community members who are paying attention to EOS ecosystem developments may be able to better position themselves to grab the opportunities provided by the bear market.

EOS EVM v0.4.2 release

Having launched with a beta version 0.4 on mainnet last month following a successful security audit, a critical security vulnerability was discovered on the EOS EVM. The vulnerability posed a threat to the EOS EVM Contract, EOS EVM Node, and EOS EVM RPC.

This latest EOS EVM v0.4.2 release provides the necessary upgrade with security patches to the EOS EVM Contract, EOS EVM Node, and EOS EVM RPC. Fortunately the security vulnerability was discovered before anyone could exploit it, neither on the mainnet or the testnet.

The v0.4.2 release notes state that the vulnerability has already been patched in the deployment of EOS EVM on the EOS mainnet. It has also been patched in the deployment of EOS EVM on the Jungle4 testnet.

For further details read - EOS EVM v0.4.2 Release Notes

Block Producer meeting

In the most recent Block Producer (BP) monthly meetings, which are meant to establish regular communications between the top 30 EOS BPs and the EOS Network Foundation (ENF), a total of 22 BPs were in attendance to discuss EOS ecosystem developments.

The EOS Network Foundation (ENF) gave a progress report on the adoption of EOS EVM, stating that there’s a lot of organic interest in the platform and that a lot of fees have been accumulated as a result. Also, the launch of the EOS EVM beta last month has led to an increase in ENF Grant applications for EOS EVM projects. ENF developers are already working on version 0.5 of the EVM which is expected to go live within the coming month.

The meeting produced a Q&A in which the BPs looked to find out more about the EOS EVM and the imminent operations of the EOS Network Ventures (ENV). There’s currently discussion about the ENF and the ENV providing additional liquidity into the EOS EVM, as well as finding a way for the EOS network to have more equity in the EOS EVM.

For a detailed overview of the meeting check out - May EOS BP Meeting Recap

EOS EVM gaining wider industry support

Still in beta, the EOS EVM is gaining attention and increasing support from industry participants, especially in the DeFi sector. As of writing, [EOS EVM’s total value locked (TVL) sits over $1.3 million](https://defillama.com/chain/EOS EVM?tvl=true) across six DeFi platforms.

Meson Fi, a stablecoin cross-chain platform that enables users to swap stablecoins from leading blockchain networks, has announced the launch of its swap service on EOS EVM. The platform claims to be a fast, costless, secure, and perhaps the easiest way for users to bring stablecoins to EOS EVM from twenty other leading blockchains.

Coinhub Wallet also announced its integration with the EOS EVM. The integration will give users of the multi-chain wallet access to the EOS EVM ecosystem, including the ability to make trades, swaps, and bridging of tokens from one chain to another.

Judging from the recent Block Producer meeting, it is possible that the ENF is working with at least one of these platforms, including the six DeFi platforms, to create an official EOS EVM decentralized exchange. This DEX will be provided with additional liquidity to make it more competitive in its offerings and incentives to investors and traders.

WordProof aims to onboard millions of Shopify users to EOS

Earlier in the week WordProof, a leading social goods provider that’s recognized by the European Commision for its timestamping solutions, announced its launch of a plugin that will bring the “EOS blockchain EOS blockchain to 4.3 Million Shopify users“.

WordProof Timestamp for Shopify is a plugin developed for e-commerce websites that use Shopify as their Content Management System (CMS). This plugin enables Shopify businesses to be more trustworthy and secure by leveraging blockchain technology (EOS) for transparency and accountability.

WordProof already has plugins for some of the world’s leading platforms such as WordPress, Drupal, Joomla, Magento, and Lightspeed (Retail). The addition of a Shopify plugin, means that 48% of all websites on the internet can now integrate WordProof within minutes.

Read the press release - WordProof brings EOS blockchain to 4.3 Million Shopify users

Letter from Yves La Rose (ENF CEO) regarding Block.one

In more controversial news. After more than a year since the EOS Network Foundation (ENF) first announced it was considering actions on holding Block.one accountable for its misrepresentation to EOS token holders, its CEO has published a letter addressing this.

The two-page letter calls on EOS network participants to help decide on the next steps that the ENF and the EOS community should take towards holding Block.one accountable. It reiterates the fact that Block.one failed on its promise to invest $1 billion (of the $4 billion in funds raised from the EOS ICO) back into the EOS ecosystem.

{{{{{{QUOTE TEXT}}}}} “EOS Network remains the most compelling utility token network in the crypto space. Taking steps to hold B1 to its promises of investment in EOS Network will only improve EOS Network’s position and the long term value that EOS Network can bring to its participants.” - Yves La Rose

The ENF presents the EOS community with two options on how to move forward on dealing with Block.one:

1. For EOS token holders, especially Block Producers, to consider taking legal proceedings against B1 for breaking its promise to invest in the EOS ecosystem. As the $1 billion investment would have greatly improved the functionality of the EOS Network and the value of EOS tokens. Yves states that the EOS Network Foundation is prepared to assist in bringing EOS token holders together for the purpose of advancing a claim against B1.

2. For EOS Network Block Producers to consider a hard fork to exclude B1 owned tokens and exclude Bullish from participation in EOS token trading. As this would have the effect of decreasing the outstanding volume of EOS tokens. More importantly, it would have the effect of fully separating the EOS Network from its association with B1, driving further confidence in the EOS Network.

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For more details on this, and how you can contribute. Check out - An Open Letter from the CEO

As of writing EOS is trading at $0.88 (same as last week’s price of $0.88). EOS is currently doing $69 million in daily trading volume, and its market cap sits at $951 million. This week sees EOS maintain the 47th position by market cap rankings. All stats are based on CoinMarketCap data.

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Sources

● EOS EVM v0.4.2 release notes

● May EOS BP Meeting Recap

● WordProof Aims to Onboard Millions of Shopify Users to EOS

● WordProof brings EOS blockchain to 4.3 Million Shopify users

● An Open Letter from the CEO

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