EOS 2024 in Review: Milestones and Momentum

Author

EOS Network Foundation

Date

Jan 1, 2025

Q1

Major Events and Milestones

Leap 5 Deployed:

On January 10, 2024, Leap v5.0.0 was deployed, introducing significant advancements in performance, efficiency, and reliability:

Up to 5x faster execution of system contracts (including EOS EVM).
Up to 4x speed improvement and more reliable atomic API calls with non-blocking serialization.
20% reduction in system memory consumption by the state database.
High-scale read-only transactions with parallel processing across up to 128 threads.
Support for larger transactions with relaxed constraints.
Optimized block start time, reducing latency between rounds for more reliable block production.
New “mapped_private” database mode, combining low memory usage with reduced disk wear-and-tear.

Leap 5 laid the groundwork for the hard fork to Spring 1.0 at the end of Q3, while delivering cutting-edge technology for developers, API providers, and node operators.

EOS RAM Rediscovered

Following the December 2023 halt of RAM inflation, EOS RAM emerged as a scarce and highly valuable resource, catalyzing renewed interest in early 2024. This scarcity redefined RAM as a native Web3 Real World Asset (RWA) and a foundational Decentralized Physical Infrastructure (DePIN) layer within the EOS ecosystem.
RAM’s role in powering dApps, account creation, and transaction efficiency underscored its essential function within the network, driving a wave of projects that leveraged its unique properties, including those leading up to exSat’s later launch.
Innovations like bRAM by Defibox expanded RAM’s utility, enabling tokenization and integration into DeFi applications, further enhancing liquidity and economic activity on EOS.

EOS RAM Evolution: System-Level Upgrades

Significant updates to EOS’s RAM system were rolled out in February 2024, enhancing flexibility, scalability, and functionality:

Transferable RAM: Enabled the fee-less transfer of RAM between accounts, simplifying resource management and providing greater flexibility for users and developers.
System Contract Enhancements: Introduced advanced capabilities for RAM utilization, ensuring its continued role as a foundational component of EOS blockchain infrastructure.

These system-level upgrades underscored EOS’s commitment to refining its resource management framework, setting the stage for broader applications of RAM.

RAM’s Expanding Use Cases

EOS RAM continues to demonstrate its versatility as a foundational resource for blockchain operations. Beyond its role in facilitating dApp execution and account creation, innovative projects have emerged, showcasing RAM’s potential as a unique and valuable asset:

RAMX: The staking certificate of RAM after RAM is staked in the lease contract. It is not a token in the traditional sense. It represents the equity of your staked RAM that has been leased to third-party projects for data storage while earning rental
Droplets: A novel smart contract that leverages EOS RAM to generate unique non-fungible ordinal objects natively on EOS. These objects can be created, transferred, and destroyed, offering creative possibilities for token distributions and gamified applications.
SCRAP Token Mining: Utilizing Droplets, the SCRAP token introduces a dynamic mechanism for resource-driven token generation, providing a model for integrating RAM-intensive processes with token economies.
Advanced Inscriptions: EOS RAM enables the storage of on-chain data through mechanisms like inscriptions, offering innovative methods for recording information and creating unique digital assets directly on the blockchain without reliance on off-chain indexers.

These developments highlight the evolving role of EOS RAM as both a practical tool and an innovative layer for expanding the blockchain ecosystem. Its adoption across diverse projects underscores its intrinsic value as a unique resource within the Web3 economy.

Ecosystem Growth

Advancing Blockchain Defense:

On March 3, 2024, EOS achieved a landmark recovery of 2M EOS on its EVM, showcasing advanced defense capabilities and setting a new standard for blockchain security.

Partnerships and Initiatives

ENV Investments:

Throughout Q1, EOS Network Ventures (ENV) invested in projects such as EZ Swap and NoahArk, emphasizing its focus on fostering innovation and ecosystem growth.

Q2

Major Events and Milestones

exSat Introduced:

EOS unveiled exSat, a Bitcoin scaling solution powered by EOS, in April 2024. This innovative platform bridges Bitcoin’s native layer with Layer 2 scaling solutions, enabling cross-chain interoperability and efficient transaction processing.
The exSat Whitepaper v1.0 was first published, detailing the platform’s integration of EOS blockspace, RAM, and its unique multi-consensus mechanism leveraging PoW, PoS, and DPoS protocols.
exSat exemplifies EOS’s role in driving scalable blockchain innovations and fostering collaboration across ecosystems.

New Tokenomics:

On June 1, 2024, EOS introduced a transformative tokenomics update, capping the total token supply at 2.1 billion and eliminating inflation.

Key updates included:

Fixed Token Supply: Transitioned from inflationary supply to a capped total of 2.1 billion EOS tokens.
EOS RAM Ecosystem Fund: 350M EOS allocated to support RAM markets through initiatives like market making, custodianship, marketing, and exchange listings. This fund ensures liquidity, encourages participation, and expands RAM’s utility within and beyond the EOS ecosystem.
Staking Rewards Fund: 250M EOS allocated to incentivize network participation, secure long-term growth, and enhance Total Value Locked (TVL).
Middleware Development: 15M EOS dedicated to middleware projects to simplify user onboarding, improve resource management, and enhance dApp integration.
Aligned Incentives: Redirected system fees to Block Producers, providing sustainable funding for network maintenance and operations.

These updates collectively positioned EOS for enhanced economic stability, ecosystem growth, and user accessibility.

EOS Wrapped RAM (WRAM):

Launch and Tokenization:

On April 14, 2024, EOS introduced WRAM, tokenizing system RAM to enhance accessibility and tradability.

Key Features:

System-Level Custodianship: Managed by EOS Block Producers using system level account permissions, ensuring secure management and simplifying listings on top-tier centralized exchanges.
Transparent Market Cap: Reflects native system RAM supply, enabling precise calculations and highlighting RAM’s $108M value.
Enhanced Accessibility: Facilitates resource trading on major exchanges, integrates with DeFi platforms, and broadens resource management across the blockchain ecosystem.

Strategic Goals:

The WRAM initiative aligns with the EOS RAM Ecosystem Fund’s broader objectives, including market making, custodianship, and increasing RAM utility both within and beyond the EOS ecosystem.

Q3

Major Events and Milestones

EOS Network Launches 250M EOS Staking Program:

In July 2024, EOS launched its 250M EOS staking rewards program, offering high-yield incentives to token holders. Designed to boost network participation and Total Value Locked (TVL), this program represents a significant step in aligning tokenomics with long-term growth and user engagement.

Transition to Business Source Licensing (BSL):

With the Spring 1.0 upgrade, EOS transitioned to a Business Source License (BSL), balancing open-source principles with sustainable development by restricting certain commercial uses for up to three years while allowing broad community access to the source code.

Spring 1.0 Hard Fork and Savanna Consensus Activation:

On September 25, 2024, EOS successfully executed the Antelope Spring 1.0 hard fork, introducing the revolutionary Savanna consensus algorithm. Key enhancements include:

Instant Finality: Achieved 1-second transaction finality, a 100x improvement over prior capabilities.
Advanced Cryptography: Integrated aggregate BLS signatures, paving the way for innovations like zero-knowledge proofs.
Flexible Blockchain Architecture: Enabled a new framework for reconfiguring Block Producer roles, improving governance and operational efficiency.

These upgrades cement EOS’s leadership in blockchain innovation, offering unmatched speed, scalability, and security.

Q4

Major Events and Milestones

exSat Launch:

The exSat Network launched its mainnet on October 23, 2024, approximately eight months after the project’s inception. Key highlights include:
- Validator Activity: Currently, 40 validators are staking a total of 100 BTC on the network.
- Synchronizer Operations: Six synchronizers are actively mining Bitcoin blocks and synchronizing data.
- Total BTC Staked: Over 5,500 BTC have been staked through a secure custodial cross-chain approach, generating XSAT rewards.
- Total Value Locked (TVL): Surpassing $800 million, exSat is now the fourth-largest Bitcoin project by TVL, reflecting robust growth and adoption.
- Notable Synchronizers: Participation from leading mining pools, including Antpool, SpiderPool, F2Pool, and ViaBTC, showcasing strong industry support.
- Stake Bitcoin earn XSAT: Bitcoin staking similar to Babylon was launched in the first week of November. When you stake bitcoin you earn XSAT. To date over 1743 Bitcoin has been staked.

Inclusion in Leading Blockchain Indices:

Coinbase’s COIN50 Index: In December 2024, EOS secured a spot in Coinbase’s prestigious COIN50 Index, a global benchmark representing the top 50 digital assets listed on Coinbase Exchange.
CoinMarketCap’s CMC100 Index: EOS was also included in the CMC100 Index, further solidifying its position as one of the top 100 cryptocurrencies by market capitalization, as recognized by CoinMarketCap.

Ecosystem Growth

Staking-Driven TVL Increase:

EOS staking reached an all-time high in Q4 2024, with over 274 million EOS staked on-chain. This growth is driven in part by EOS revised tokenomics which introduced a protocol-based 250 million EOS staking rewards program, incentivizing user participation and boosting network activity. TVL on EOS has more than tripled in USD terms since the implementation of the new tokenomics.

Binance Staking Program:

Binance Simple Earn and staking $EOS on Binance offer some of the highest APRs across the industry, making EOS an attractive choice for participants. Key details include:
- Up to 29.9% APR*
- Flexible options (longer durations yield higher rewards)
- Daily payouts, ensuring consistent returns for users.

Partnerships and Initiatives

Ceffu Integration:

In December 2024, the EOS Network Foundation (ENF) announced a strategic partnership with Ceffu, Binance’s institutional custody partner, to enhance custody solutions and CeDeFi opportunities for EOS token holders.
- Institutional-Grade Custody Services: Ceffu’s advanced custody infrastructure employs multi-party computation (MPC) and customizable approval schemes, providing institutions with secure management solutions for their EOS assets.
- CeDeFi Opportunities via MirrorX: Through Binance MirrorX, institutional fund managers can deploy CeDeFi strategies that combine centralized exchange (CEX) benefits with decentralized finance (DeFi) opportunities, offering tailored yield solutions for EOS assets.
This partnership underscores EOS’s commitment to robust security and diversified financial opportunities, enhancing its position in the evolving crypto economy.

Product Releases and Upgrades

MetaMask Integration Expands EOS Access:

Greymass has launched a MetaMask integration for the EOS Network, enabling over 30 million monthly MetaMask users to create EOS accounts, sign transactions, and interact with the ecosystem.
Part of the Middleware initiative, funded by 15 million EOS under the new tokenomics, this integration aims to reduce friction, simplify onboarding, and make EOS more accessible.
The EOS Wallet is now featured in the official MetaMask Snap directory, ensuring trusted and secure access.
New users can visit the EOS portal, Unicove, to install the EOS Wallet, then create and manage their EOS accounts. On Unicove, users can also stake EOS, participate in the RAM market, and more.
This milestone enhances accessibility for users and developers, driving broader EOS adoption.