ENF Q2 2023 Quarterly Report

Author

EOS Network Foundation

Date

Jul 20, 2023

A Message From the CEO

The world is at a threshold. With the blockchain industry under assault by capricious regulatory uncertainty, many global financial centers are reorienting, repositioning, seeking clarity and stability. Markets like Hong Kong, Singapore, South Korea, Japan, and others, are laying the foundations of a multi-polar financial framework built on sensible and reliable policy. As this suitable terrain for innovation begins to take hold, profound new applications of blockchain technology will begin to emerge, forming an even more robust and secure layer of value in our dynamic global economy.

Unencumbered by the liabilities of tokenomic adventurism that have proved to be the ruin of many other blockchain projects, The EOS Network is remarkably well positioned in this emerging economy. EOS was launched by a decentralized community, battle-tested during five years of continuous operation, and now further advanced by centralized bodies born from within the community to serve the network, such as the EOS Network Foundation (ENF), as well as EOS Network Ventures (ENV). Under the careful stewardship of these entities, the capabilities and utility of the EOS Network continues to expand.

As an independent, free and open source blockchain ecosystem, EOS is now moving under its own power, development is once again on the upswing, and an increasing number of network participants are availing themselves of public goods funding opportunities through programs such as the ENF’s Direct Grant Framework, and the quadratic crowdfunding platform, Pomelo. In addition, Antelope Coalition RFPs have funded the development of Wharfkit, a new set of web client SDKs geared to provide a much easier user experience while lightening the burden on application developers. At the same time, the highly anticipated release of Instant Finality is expected in Q4 with the upcoming hard fork to Leap 5.0., and will bring a great many new possibilities to the network.

As we continue working with coalition partners, further enriching the Web3 commons through our resolute commitment to free and open source development, we must also continuously strive to fortify our network’s independence. Last September, the EOS community took action to assume responsibility for continued development and maintenance of the previously abandoned EOSIO codebase, giving rise to the community-led Antelope Protocol, and creating new possibilities for multiple networks in the process.

In the interests of EOS and the wider Web3 space, I believe it’s essential that our community now moves to settle an important matter of accountability which bears directly on the question of network independence. After much deliberation and legal guidance, this past May I issued an open letter to the EOS community in which I appealed to EOS token holders who relied on Block.one (B1) promises when they purchased the initial ICO ERC-20 tokens, EOS tokens, or who deployed capital based on those promises—including a promise to invest $1 billion into the EOS Network—to take action against B1.

In that letter I wrote: “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.” Since I issued this call, our legal team has received hundreds of inquiries from EOS token holders expressing their interest in joining a class-action lawsuit against B1. Additionally, we have been approached by litigation financing firms wanting to take on this case. I implore other similarly affected parties who have not yet expressed their interest, to reach out at legal@eosnetwork.com.

By pursuing accountability from B1, we are not only seeking justice for broken promises, but also paving the way for a stronger and more independent network. We intend to send a powerful message to the world that the EOS Network, and by extension all of Web3, can defend itself against corporate interests that seek to extract value from decentralized networks through misleading and fraudulent means.

While the EOS Network mobilizes to hold B1 to account in what will certainly be a long process, we are not standing idly by. In Q2 we continued to prioritize the rise of our industry leading free and open source EOS EVM. With both advantages in performance and financial incentives for businesses to deploy their dApps, as well as assistance in the form of business development, marketing, and investment for qualifying projects, there are a wealth of new opportunities available.

Through these efforts, the EOS EVM ecosystem is experiencing a surge of interested developers and dApps, creating a challenge to keep up with the rapid growth. With numerous listings and resources constantly being added, the ecosystem is coming to life before our eyes. Currently 12+ wallets are supporting the EOS EVM, and more are being added regularly. With the recent upgrade to EOS EVM v0.5.0, we have also introduced the capacity for extending our Yield+ liquidity program to the EOS EVM.

As we continue providing support for the EOS EVM, we are extending the economic activity of EOS itself. While building bridges between our ecosystem and previously inaccessible communities, we are facilitating new synergies in an increasingly multichain world.

In Q1 the ENV made a formal commitment to deploy $20M directly into EOS EVM & GameFi projects, and in mid June it was announced that EOS Network Ventures (ENV) had been legally established as a Cayman Islands Foundation. A transfer of approximately 22.7 million EOS tokens from eosio.fund to envenvenvenv signaled the creation of EOS Network Ventures Fund I, and the first round of ENV investments is now underway.

The ENV is actively pursuing strategic partnerships with other venture capital funds (VCs) as part of ENV initiatives, and has already established two partnerships with different VCs. Despite the current downturn in the market, the ENV is prepared to make its initial investments and is diligently evaluating and negotiating with DEX platforms and projects for the benefit of all token holders.

Beyond capital investment, it is the investment we continue to make in our community that is now beginning to bear fruit. We are making great strides towards development of the tools that will abstract away the raw complexity of the performant and flexible EOS Network, and we are poised to greatly improve the user experience on EOS. Our work to position EOS as the preferred blockchain for developers continues, and our goal is nothing less than achieving mass adoption. I envision a future, already evident in the seamless user experience of projects such as the metaverse super app, Upland, where blockchain based applications are transformed into accessible and integral aspects of everyday life.

Our community’s determination, our willingness to repeatedly confront and overcome challenges, to take our destiny in our own hands and to contribute to the most legendary comeback in blockchain history, speaks to the quality of individuals gathered here. The joke in EOS has always been, “we’re in it for the tech.” And while the tech is truly astonishing, it is the resilience of our multifaceted, multinational, multicultural community that is breathing life back into EOS. I’m in it for that.

Stand with us. Stand with the EOS community as we claw back power from corporate interests that have so cynically manipulated and profited from those who believed in, and fought for, a vision of integrity, transparency, and decentralization, only to be betrayed again and again. The EOS community is on the move. Join us.

In solidarity,

Yves La Rose

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