A few hours ago, Block.one, the company behind the development of the EOS.IO software that supports the EOS blockchain, shared the news that 32 million EOS have been returned to the community and more precisely to projects that are fundamental to this blockchain:
— B1 (@B1) December 6, 2021
Block.one’s dormant EOS tokens
Perhaps not everyone knows that since the initial distribution of the EOS ICO (Initial Coin Offering), Block.one has decided to retain 10% of the total supply, around 100 million EOS, without specifying the actual use. For some time these cryptocurrencies remained dormant until Block.one decided to use them and actively participate by voting for the various BPs (Block Producers).
This decision, although acceptable, has led to several problems, especially for the users of this blockchain as they would have preferred to use these funds to develop projects on EOS rather than keep them idle or limited to voting, especially since the famous $1 billion fund promised has not been seen in all these years.
The distribution of EOS
But now, after several discussions between Block.one and the community, thanks also to the birth of the EOS Network Foundation (ENF), things have changed and Block.one has decided to return these funds to the community. This amounts to 32 million EOS.
In fact, of that initial 100 million EOS, 45 million EOS were given to Helios, a company controlled by Brock Pierce and created to support the ecosystem, while about 20 million EOS were used for the Bullish exchange, and today 32 million EOS have been provided to the community distributed in this way:
- 30 million EOS to the EOS Network Foundation (ENS);
- 1 million EOS to the Pomelo platform;
- 1 million EOS to EdenOS.
The largest part of the funds is given to the ENF, which is in fact the first foundation dedicated to EOS led by a member of the community, Yves la Rose. This foundation will have promotional purposes and aims to support development projects.
In addition to these funds, there are also the funds that were set aside on the blockchain through various mechanisms and therefore other millions that the ENF manages and will manage to increase the development on this blockchain.
The funded projects
Another platform that will get these funds is Pomelo, the crowdfunding platform on blockchain that allows everyone to finance projects related to the EOS ecosystem. Pomelo has brought in over 70 projects to apply, including ZEOS, a token that leverages the ZK-SNARK protocol and will most likely launch this Christmas. Thanks to Pomelo, ZEOS has already raised over $28,000.
Finally, we have the EdenOS project, which is a decentralized system similar to a DAO but with the advantage that all its participants are verified as well as their accounts, making the structure unassailable by external agents. The project is bearing fruit and demonstrates an advanced system for making decisions that will guide and direct efforts in the EOS ecosystem.
More than $200 million of funds are now available to the community and will be used to support the progress and development of further decentralized applications (dApps) and projects of different nature, such as the EOS Support platform, the community-driven problem-solving platform, or even interesting platforms like the Violet Garden social network that runs on the same blockchain as EOS and is accessed with a personal EOS account.
Finally, there is the recent launch of the Bullish hybrid exchange, which allows both institutional and retail users to access significant liquidity for various assets such as Bitcoin, Ethereum, EOS and USDC, while at the same time taking advantage of some of its peculiarities such as liquidity pools where anyone can enter and exit independently, despite being on a centralized platform. It’s all thanks to dedicated algorithms and a hybrid system where there is a combination of decentralized tools such as decentralized finance (DeFi) and centralized tools such as the exchange itself for placing orders.
In conclusion, the asset is currently at position 51 in terms of capitalization and is trading at around $2.91. The fall in the price of EOS is due to the recent problems that we have witnessed over the last few days and which have affected the entire market, opening up interesting positions for those wishing to enter the market now, buying at very low prices compared to the past few months.