EOS Rallies 24% Earlier than Antelope Rebrand 

EOS Rallies 24% Earlier than Antelope Rebrand 

The Proof-of-Stake blockchain is determined to yelp its novel branding because the project strikes to distance itself from old developer

Key Takeaways

  • A brand novel tweet from the EOS Basis implies the project’s long-discontinuance up for rebrand will happen in a while the present time.
  • In respose, the EOS token has rallied bigger than 24% over the past 24 hours.
  • The community-led protocol Antelope is attributable to hardfork the EOSIO codebase on September 21.

The EOS Basis additionally 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 long-awaited EOS rebrand is impending. “Who’s ready for the EOSIO rebrand? 15.5 hours… Tick Tock,” read a Wednesday tweet, implying that the foundation’s rebrand would drag dwell on the present time at around 16: 00 UTC. 

The foundation’s CEO Yves La Rose hinted that the EOS rebrand would beginning “this week” on August 15, but it became easiest after EOS Community Basis’s tweet that the market entered an EOS buying frenzy. EOS has jumped over 24% because it became posted, making it one among the easiest-performing crypto tokens of the past 24 hours, in step with CoinGecko

EOS/USD chart (Source: CoinGecko)

EOS famously raised a epic-breaking $4 billion via its preliminary coin offering in 2017 but confronted criticism after failing to dwell as much as its guarantees. The EOS token has additionally underperformed those of diversified Layer 1 blockchains and has by no way damaged its 2018 all-time high label. Though EOS has attracted indispensable backers equivalent to PayPal co-founder Peter Thiel, an interior fight between the blockchain’s developer and the non-profit EOS Basis has weighed on the project. 

Below La Rose’s management, the EOS Basis has worked to cut ties with In February, La Rose announced the Basis would inspect upright recourse against for what it known as “negligence and fraud” following the EOS ICO. The EOS community additionally voted to discontinuance issuing vested EOS tokens to in leisurely 2021, claiming that the company had failed to ship on its guarantees for EOS.

Now, the EOS Basis is gearing as much as completely lower ties with, coming into what La Rose has known as a “novel chapter” within the blockchain’s pattern. The foundation will rebrand EOS below a brand novel name to distance itself from the duration of lacklustre pattern that it blames on Additionally, the EOS Basis plans to hardfork the blockchain’s current EOSIO codebase on September 21, a compulsory step to switch project possession away from and its affiliated companies. “This marks the terminate of a turbulent gallop from a codebase controlled by a toxic entity to a in actual fact decentralized and commence provide project,” acknowledged La Rose in a Monday tweet storm explaining the rebrand and hardfork. 

Onlookers can enjoy to relief unless later this afternoon to deem what more or less brand and image EOS will transition to. On the assorted hand, with diversified upcoming Layer 1 blockchains equivalent to Aptos gaining the market’s attention in current weeks, EOS can enjoy its work lower out if it needs to safe an impact. Compared to when EOS launched in 2017, the Layer 1 blockchain home of 2022 has change into enormously more saturated. 

Update: The EOS Community Basis announced Wednesday that the community-led protocol Antelope will fork and rebrand the EOSIO codebase. The hardfork is slated for September 21.

Disclosure: On the time of writing this half, the author owned ETH and a number of diversified cryptocurrencies. 

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