EOS Block Producer Meeting—December 2024

Introduction

The monthly EOS Block Producer (BP) meetings foster regular communication among the top 30 EOS BPs, the EOS Network Foundation (ENF), EOS Labs, Middleware, and other key entities within the network. These meetings create a space for network operators and custodians to engage in open dialogue and work together for the continued development of the EOS ecosystem.

Meeting Overview

The meeting commenced at 02:00 UTC on December 12th, 2024, with the participation of 17 BPs and a total of 31 attendees. To support communication across different languages, Interprefy was used to provide synchronous translation. Beatrice Wang, Communications Manager for ENF, opened the meeting by thanking the attendees for their ongoing commitment and presence.

The meeting was led by Yves La Rose, CEO and Founder of the EOS Network Foundation (ENF). Key topics discussed included:

• exSat Updates
• How the Success of exSat Benefits EOS Token Holders
• Rebranding Efforts and Network Synergies
• Middleware Developments
• IBC Services and Token Bridging Issues
• Resource Allocation and Strategy
• Market Performance and Other Updates

exSat Update

Tony of exSat provided a comprehensive update on the exSat project, highlighting its milestones and future roadmap. He reported the successful launch of the exSat mainnet on October 23, 2024, which included 42 nodes and has locked over 5,500 BTC to date, achieving a total value locked (TVL) of $680 million, and more than 50% hashrate. This remarkable performance has positioned exSat among the top four BTC projects globally in terms of TVL.

Tony elaborated on the next steps for exSat, emphasizing:

• The introduction of USDC early in 2025, in collaboration with Circle to enhance DeFi compatibility.
• Plans to expand the exSat user base by listing the token on 3-5 top global exchanges in the first half of 2025
• Full synchronization with the Bitcoin mainnet by February 20, 2025, enabling new UTXO-based applications.
• A $5 million developer incentive program, ideathon, and hackathon, to accelerate application development within the Bitcoin ecosystem.
• Pursuing listings on licensed exchanges in Japan, South Korea, and Hong Kong, while investigating US SEC certification.
• Launching exSat Whitepaper v2.0 in Q1 2025, to outline details of XSAT staking rewards, and more.
• Participating as a Moon Sponsor at the Bitcoin Conference in Las Vegas to amplify global brand visibility.

Denis Carriere of EOS Nation added that exSat’s future integration of USDC would open opportunities for bridging USDC to EOS Native. exSat’s primary focus on bridging Bitcoin—alongside USDC—brings two significant assets into the EOS ecosystem, further solidifying EOS’s position in the blockchain economy.

Aaron Cox of Greymass stressed the importance of ensuring native EOS integration for USDC to avoid usability issues and friction caused by reliance on an EVM layer. He pointed out that direct native integration could unlock onramp opportunities with platforms like Coinbase.

Zack Gall of ENF explained that current EOS-to-EVM trustless bridging allows native EOS tokens to be wrapped inside the EVM but does not yet support ERC-20 tokens being bridged into EOS native. He noted that this functionality is on the roadmap and would significantly enhance the utility of USDC on exSat.

How the Success of exSat Benefits EOS Token Holders

Ross of EOSphere asked for clarity on how exSat benefits the EOS ecosystem. Huaqiang Wen of EOS Labs explained that exSat’s operations consume more RAM and CPU/NET resources on the EOS network, driving increased utility and demand for these components. He described exSat as a “super DApp” on EOS, emphasizing its significance as an ecosystem cornerstone.

Yves La Rose of the ENF elaborated on how exSat’s success directly and indirectly benefits EOS token holders. The network leverages Bitcoin to purchase EOS in the background for transaction processing. Gas fees generated by UTXO synchronization are distributed among validators, developers, and mechanisms like buybacks or burns. Since its launch, exSat has generated over 1 BTC in gas fees from synchronization alone, demonstrating its profitability potential.

exSat is not merely a standalone application; it is an entire ecosystem. By supporting other dApps that pay in BTC—converted into EOS for operations—exSat drives transactional volume and introduces external capital to the EOS network. This approach attracts new community members and resources, fostering broader ecosystem growth. As exSat expands, its success is increasingly seen as interconnected with the value of the underlying network, encouraging broader interest and investment in EOS as a foundational resource and security mechanism.

Defibox added to the discussion, highlighting exSat’s role as an asset bridge between EOS and its ecosystem. They noted that exSat facilitates bringing Bitcoin (BTC) and other assets into the EOS environment, driving activity and trading on EOS Native. The introduction of wrapped Bitcoin (wBTC) on EOS would enable users to trade BTC and related tokens directly within the EOS ecosystem, further increasing liquidity and engagement.

Relevant Links:

• Gas fee revenue account for exSat: fees.xsat
• GitHub repository for EOS smart contracts powering exSat: exSat Contracts

Rebranding Efforts and Network Synergies

Yves La Rose highlighted challenges tied to the EOS name, noting how misconceptions have complicated business development. 

Efforts to fully rebrand EOS are underway and include engaging stakeholders and consulting with major exchanges to address legal and technical requirements for a name and ticker change. The rebranding is set for a reveal this coming Spring, with a formal launch planned at the Bitcoin Conference in Las Vegas in May 2025.

As part of this transformation, exSat is being positioned as the flagship dApp of the emergent new brand, and is already attracting new capital and community members. Bitcoin holders, seeing exSat’s potential, are investing in both the project and the underlying network as its foundation. This growing interest drives liquidity and ties exSat’s impact to the network’s evolution, setting the stage for its full potential to be unveiled under the new brand.

Yves also emphasized how the network’s evolving organizational capacity has enabled these advancements. Decentralized structures like the EOS Network Foundation, EOS Labs, EOS Network Ventures, and Middleware are leveraging their respective strengths across Eastern and Western communities. Partnerships, such as with Ceffu, showcase this synergy and position EOS for the next market cycle.

Recent milestones include EOS’s inclusion in Coinbase’s Coin50 and CMC’s Top 100, enabling listings on exchanges like HashKey in Hong Kong. These achievements mark EOS’s emergence as a competitive force in the blockchain industry.

Middleware Developments

Aaron Cox of Greymass presented updates on middleware and user portal developments. Unicove, a new portal to the EOS Network, was introduced with a user-friendly interface catering to both novice and advanced users. Aaron highlighted the integration of free account creation programs via MetaMask to streamline onboarding. 

Looking ahead to 2025, the focus will shift toward open-source development and the integration of tools from external chains to enhance user experiences across the EOS ecosystem.

For more details on how Metamask and Unicove simplify account creation and expands accessibility, read the full blog: EOS Simplified: MetaMask Integration, Unicove 2.0, and Free Account Creation

IBC Services and Token Bridging Issues

Michael of EOSUSA provided an update on challenges related to inter-blockchain communication (IBC). He reported that tokens from partner chains, such as WAX and Telos, were stranded due to changes in EOS’s finality protocols. Michael proposed contract updates to prevent further token lock-ins and facilitate the return of stranded tokens. With BP support, the solution was approved and implemented within 24 hours of the call.

Resource Allocation and Strategy

Tim of GenerEOS raised concerns about the allocation of EOS’s 315M RAM reserve. Yves reaffirmed the foundation’s focus on RAM-related ecosystem activities, including custodianship, marketing, market making, and exchange listings.

Market Performance and Other Updates

Zack Gall of ENF provided an overview of recent market trends, noting significant improvements in EOS’s performance relative to competitors. Over the past 30-45 days, EOS has demonstrated increased liquidity depth and social media engagement. Zack highlighted plans to further bolster decentralized funding and development initiatives in 2025.

Block Producer Attendee List

• Aloha EOS
• Big.ONE
• Defibox
• Detroit Ledger Technologies
• EOS Asia
• EOS Nation
• EOS Rio
• EOS Seoul
• EOS Sphere
• EOS Titan
• EOS USA
• EOSLaoMao
• EOSIO.SG
• GenerEOS
• Greymass
• Hashfin
• Newdex

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EOS Network

The EOS Network is a 3rd generation blockchain platform powered by the EOS VM, a low-latency, highly performant, and extensible WebAssembly engine for deterministic execution of near feeless transactions. It is purpose-built for enabling optimal Web3 user and developer experiences. EOS stands as the flagship blockchain and financial center of the Antelope framework, facilitating public goods funding for tools and infrastructure through the EOS Network Foundation (ENF).

EOS Network Foundation

The EOS Network Foundation (ENF) was forged through a vision for a prosperous and decentralized future. Through our key stakeholder engagement, community programs, ecosystem funding, and support of an open technology ecosystem, the ENF is transforming Web3. Founded in 2021, the ENF is the hub for EOS Network, a leading open source platform with a suite of stable frameworks, tools, and libraries for blockchain deployments. Together, we are bringing innovations that our community builds and are committed to a stronger future for all.