Everything EOS Monthly Report – June, 2023
Stay ahead of the curve with the Everything EOS Monthly Report, your go-to source for comprehensive and up-to-date news from the EOS ecosystem. Our report scours the furthest reaches of the EOS community to bring you the freshest updates and most compelling stories. Don’t miss a beat in the rapidly evolving world of EOS!
EOS Anniversary
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June 2023 marked the fifth anniversary of EOS, which produced its first block on June 8th, 2018, after which the community activated the chain on June 14th when voters reached the 15% threshold. Over the years, the network’s core values of independence, collaboration, and unity have drawn together its vibrant community. A reliable and highly performant blockchain network capable of over 100 million daily transactions, EOS offers unmatched features such as the fastest Ethereum Virtual Machine (EVM) and a trustless Inter-Blockchain Communication (IBC) solution.
The community held its first conference in Seoul in July 2018, followed by multiple hackathons and other worldwide community events. May 2019 saw the launch of the Resource Exchange (REX), enabling token holders to rent out their unused resource capacity, increasing both the utility and yield of EOS tokens.
In 2020, the EOS Network proved its resilience during the Battle for CPU. EOS emerged victorious, capable of processing over 100 million transactions per day. Its blockchain engineering prowess has consistently placed it on top in the China Centre for Information Industry Development (CCID) global blockchain rankings.
However, EOS faced administrative challenges during the “dark ages” as the community awaited unfulfilled promises from Block.one. In a bid to move past these dark ages, the EOS Network Foundation (ENF) was established in August 2021 to lead change and action. With the chain’s consensus, the ENF funded EOS ecosystem builders and commissioned multiple “Blue Papers” to guide future development.
In late 2021, in response to a lack of development from the maintainers of the codebase, the EOS Network halted the vesting of EOS tokens to B1. At the same time, the ENF announced the Direct Grant Framework to provide funding for developers on EOS. The network then forked the old EOSIO codebase, whose repository and trademarks were owned by Block.one, into the Antelope protocol, declaring independence and aligning the EOS, WAX, Telos, and UX ecosystems through the new Antelope Coalition.
In 2023, the Antelope coalition delivered significant milestones. It released its IBC solution, fulfilling the long-awaited promises of Block.one, finally allowing the EOS, WAX, Telos, and UX networks to transfer tokens through a cryptographically trustless bridge. The coalition also released multiple improved versions of the Leap software, with input from network participants providing them a significant say in the future direction of the protocol.
The EOS Network also pursued priorities more specifically focused on EOS, launching the EOS EVM as the fastest broad-liquidity EVM on the market. Significant partnerships with Binance, Messari, DWF Labs, and the city of Busan, South Korea, highlight the growing recognition of EOS’s potential, making it poised to become the biggest comeback story of 2023.
EOS EVM
EOS EVM engineers have released EOS EVM v0.5.0-rc1, an update that bolsters the EOS EVM ecosystem’s performance and user experience. The most notable aspect is incorporating the liquidity rewards program Yield+. This program aims to attract DeFi dApps and increase Total Value Locked (TVL) on the EOS network.
Because most DeFi applications are built on the EVM standard, this update ensures that Yield+ is also available to dApps on the EOS EVM. Several DeFi projects like Noah, Neutroswap, Frogge.finance, and Ave.ai have already launched on EOS EVM.
Since April 2023, when it launched, the EOS EVM has been a hub for developers looking to build their dApps, with wallet support from Ledger, MetaMask, Coinhub, FoxWallet, Rabby Wallet, and Token Pocket.
The EOS EVM Trustless Bridge facilitates the seamless movement of EOS from the EOS Native chain to the EOS EVM. Alongside this trustless bridge, the Meson.fi, and Rubic protocols enable cross-chain swaps for thousands of tokens.
Data aggregators like DefiLlama, GeckoTerminal, and CMC DEX Scan have also incorporated EOS EVM, providing integral data other dApps can utilize within the ecosystem.
Technical updates include:
- Support for read-only transaction execution.
- Increased capability of nested calls by removing advanced execution.
- The “inevm” table now shows up in the EOS ABI, allowing for easy exploration of the total sum of the EOS balances within the EVM environment using an EOS block explorer.
- Modified withdrawal action to take an optional extra argument called “to”.
- The EOS EVM Contract will now reject any non-EOS tokens sent to it, e.g. USDT. As a reminder, the trustless bridge does not yet support tokens other than EOS.
- More descriptive error message for failed EVM transaction validation.
- Several bug fixes.
Developers can find a detailed technical breakdown on the EOS EVM GitHub page.
A full EOS EVM product roadmap will be published soon, with further updates and opportunities for developers.
Yves La Rose on Real Vision
In an in-depth interview with Ash Bennington on Real Vision, Yves La Rose, CEO of EOS Network Foundation, discussed the robust features and future direction of the EOS blockchain, sharing how EOS transcends the limitations of previous generations of blockchains by supporting high throughput and reliability at low and predictable costs.
The conversation touched upon EOS’s ability to handle high-volume, low-value transactions, distinguishing it from platforms like Ethereum. As such, EOS thrives in scenarios involving in-game items and non-fungible tokens (NFTs), regularly handling millions of daily transactions.
The interview highlighted the unique tokenomics of EOS, which was initially architected without transaction fees, with computational costs absorbed by parts of the ecosystem through inflation. Despite initial inflation rates of 5% at launch, the network reduced the rate to 1% due to a lack of effective mechanisms for deploying these tokens. Later, the underlying feeless architecture was supplemented with a fee structure more typical of blockchain environments, but the protocol’s efficiency allows the transaction fees to remain incredibly low.
Additionally, La Rose discussed the shifting dynamics between Block.one and EOS. After Block.one ceased code contributions in 2021, EOS governance became more community-driven and fluid, with the network forking a new community-run edition of the code and using the network to directly fund software development, effectively kicking Block.one from their role as code maintainers.
Despite past challenges, including a dip in EOS’s token value and efforts to repatriate funds from Block.one, the EOS Network Foundation remains optimistic about its future, given its scalability, adaptability, and regulatory readiness.
Zack Gall on The Wavect Podcast
Watch this insightful podcast episode with the ENF’s Co-Founder and CCO, Zack Gall, which dives into the captivating journey of EOS and the fresh opportunities with the EOS EVM.
Pomelo
Quadratic crowdfunding platform Pomelo ran its sixth quarterly season this month, breathing life into public goods on EOS. Based on the Quadratic Funding used in Gitcoin, Pomelo allows users to post their Web3 public good projects. Donors can direct funding from multiple matching pools to their favourite initiatives.
Pomelo utilizes quadratic funding, where the greater number of individuals that support a project, the more funds that project will receive from the matching pool.
In season six of Pomelo, nearly 1000 donors raised over 40,000 EOS in donations to compete for their share of over $180,000, split across four matching pools. The EOS Network Foundation funded three pools focused on EVM, GameFi, and Everything EOS. Antelope coalition member Telos also funded a matching pool, utilizing IBC to use TLOS tokens on the Pomelo platform and highlighting the collaboration and mutually beneficial relationships web3 cultivates.
BP Call Recap
The monthly EOS Block Producer (BP) meeting, attended by 18 BPs, was held on June 14th, 2023, and facilitated by the EOS Network Foundation (ENF). The meeting began with ENF Founder and CEO Yves La Rose commenting on the SEC’s recent regulatory actions against Binance, and Coinbase. While the SEC named multiple coins and projects as securities, EOS was not included in that list, and there has been no indication or reason to consider EOS a security. Noting that EOS was formed and launched by a decentralized community and is considered a utility token, La Rose remarked that both the ENF and ENV operate with the guidance of legal counsel and conduct thorough research to ensure EOS stays clear of potential securities classification.
Addressing market downturns affecting the crypto industry, La Rose acknowledged these developments’ indirect impact on EOS. He outlined how the ENF adjusts its budget and initiatives in response to decreased EOS token value. Despite these fluctuations, he highlighted the continuity of community-focused projects and initiatives.
La Rose also clarified that ENF token sales didn’t contribute to the market downturn, as the ENF hadn’t sold any tokens on the open market for a significant period. Notably, strategic partner DWF bought their tokens over the counter (OTC), helping maintain the token price and circumventing potential security classification. Selling tokens on the open market could raise questions about the motives behind token purchases. To mitigate this risk, the ENF engages in OTC deals, subjecting the entities involved to rigorous Anti-Money Laundering (AML), Know Your Customer (KYC), and Know Your Business (KYB) procedures.
La Rose elaborated on the creation of Fund I, the large transfer of 22.7 million tokens to ENV’s corporate exchange account on Kraken. Minimizing visible transactional movements aligns with the legal advice intended to keep EOS from potential security classification.
Addressing financial management, La Rose reiterated the ENF’s conservative approach, even amidst market challenges. He emphasized the goal of positioning EOS for the next bull market, maintaining EOS’s rank stability and competitive edge, despite being outspent by competitors. He highlighted the careful resource distribution and feedback-based adjustment of the EOS Network Foundation.
Lastly, La Rose announced the cancellation of trips to Hong Kong and Japan due to recent events and budget considerations. However, the foundation still has plans to attend multiple events, including online events from publications like Binance and others, as well as physical events like the WebX Conference in Japan in July, Korea Blockchain Week in Seoul, and an UpBit developer conference in November.
Through the continued efforts of participants across the network, EOS is strategically positioning itself to benefit from its many resources and technical advantages. With guidance from the Foundation, EOS is armed and ready to lead blockchain technology into the next generation of decentralized solutions.
Recurring EOS Events
The EOS community also hosts many online events that anyone can join every week:
- EOS Synergy Show, Tuesdays 19 UTC on Twitter Spaces (Twitter, Website)
- EOS Fireside Chat, Wednesdays 19 UTC on Discord (Youtube, Short Clips)
- EOS Support Giveaway Show, Thursdays 17 UTC on Twitter Spaces (Twitter, Website)
- Hot Sauce, Fridays 16 UTC on YouTube (YouTube, Twitter)
- Eden Town Hall, Sundays 16 UTC on Zoom (Discord, Youtube)
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; purpose-built for enabling optimal Web3 user and developer experiences. EOS is the flagship blockchain and financial center of the Antelope framework, serving as the driving force behind multi-chain collaboration and public goods funding for tools and infrastructure through the EOS Network Foundation (ENF).
EOS EVM
The EOS EVM is an emulation of the Ethereum EVM, housed within an EOS smart contract. It offers feature parity to other EVMs in the space but with unmatched speed, performance and compatibility. EOS EVM connects the EOS ecosystem to the Ethereum ecosystem by allowing developers to deploy a wide array of Solidity-based digital assets and innovative dApps on EOS. Developers can use EOS EVM to take advantage of Ethereum’s battle-tested open source code, tooling, libraries and SDKs, while leveraging the superior performance of EOS.
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.
