To say the developer team at EOS has been busy would be an understatement. In recent weeks there have been a plethora of key announcements made, perhaps none more headline-worthy than the latest – that Tether (USDT) has been integrated on the network for the first time.
EOS-Native Crypto Dollars
Binance announced on December 7 that it had completed the integration of USDT on EOS, opening deposits and withdrawals for the world’s most-used stablecoin. The availability of native Tether on EOS could be a major milestone on the network’s road to mass adoption, giving it a direct link to Binance’s vast trading ecosystem.
The introduction of EOS-native USDT, coupled with the Binance on-ramp, means users can easily transfer crypto-dollars in and out of EOS without having to convert their assets to EOS or utilize a third-party bridge. Moreover, users of DeFi protocols can enjoy access to a safe-haven asset while having the ability to avail themselves of Binance’s fiat off-ramp when they need to cash out.
Projects building on EOS, meanwhile, are able to remunerate their employees in crypto-dollars tokenized on a network they already support.
EOS, which famously raised $4 billion during the ICO boom of 2017-18, has lost ground to Ethereum in recent times due to legal wrangles and a well-publicized split from developer Block.One. But there are strong signs that it could reassert its status as a major player under the direction of Yves La Rose.
One of the most significant developments was the November unveiling of a $100m ecosystem grant to inspire a new wave of web3 projects. This hefty treasure chest will be managed by a newly-created entity, EOS Network Ventures (ENV), which will in effect be a VC that operates independent of the EOS executive branch.
EOS Network Ventures has the responsibility of identifying and financing promising web3 projects that can bring innovative solutions to the EOS blockchain, not to mention value to existing $EOS token-holders. Startups likely to be the cynosure of the VC’s attentions include those building enterprise-scale decentralized applications, fintech protocols, virtual worlds, eSports platforms, NFT marketplaces, and gamified finance dApps.
Additionally, EOS has created a pair of new initiatives to bolster its attractiveness as a DeFi venue: Recover+ and Yield+. Recover+ is a cybersecurity portal that uses bug bounties and white-hat incentives to safeguard DeFi projects from hacks. Yield+, on the other hand, is a complementary liquidity incentive and rewards program that lets users earn yield from their EOS holdings.
DeFi Transformation
In light of such initiatives, EOS is busy positioning itself as a serious web3-friendly blockchain. Of course, the fundamentals have long been in place: out of the gate, EOS boasted fast transaction speeds, low fees, and a user-friendly interface. Now it’s focused on setting the stage for a flurry of developer activity in a bid to win the hearts and minds of web3 users.
The EOS Network has acknowledged these aims, as well as its underperformance to date. In its paper outlining the benefits of Yield+, it notes that “chains like Ethereum and Solana lead the way [in DeFi], while others like BSV, Avalanche, and Fantom are growing rapidly. Unfortunately, EOS is not currently participating meaningfully in this market – it lags behind other comparable chains in terms of overall DeFi activity.”
For DeFi activity to grow, of course, certain elements must be in place – access to safe-haven assets, on/off ramps, opportunities to earn yield, and an ecosystem featuring useful tools, infrastructure, and of course dApps. Clearly there is a concerted push to ensure each box is checked, and if EOS Network Ventures can back some winning dApps, 2023 may be a massive year for the third-generation blockchain.
