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Join if you can't beat them - Former Ethereum killer EOS launches EVM mainnet, mysterious institution DWF Labs also participates

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Join if you can

Since its native public chain architecture fails to attract developers and users, it might as well transform to be Ethereum-compatible, which could possibly attract projects and developers seeking lower costs to join. This is the latest attempt by the former Ethereum killer, EOS.

The Former Ethereum Killer EOS

EOS set a record in 2018 by raising $4.1 billion in its ICO, positioning itself as a potential rival to Ethereum.

However, EOS's development trajectory has been one of reaching its peak upon launch. After the decline following the 2018 bear market, the cryptocurrency market entered the era of major public blockchains, with continuous iterations by various chains. Currently, EOS is ranked 43rd in terms of market capitalization.

Delayed Development and Discord Between the Community and Foundation at EOS

Over the past few years, EOS developer Block.one has made minimal technical updates to EOS. Instead, they launched the social platform "Voice" and raised billions to establish the exchange Bullish, neither of which saw significant development.

In response to ongoing complaints from the community about Block.one's inaction, development has shifted to the community-led EOS Network Foundation (ENF), which is now spearheading the development of the EVM.

EOS Launches Beta Version of EVM Mainnet

ENF CEO Yves La Rose announced on Twitter that EOS EVM was launched on April 14th.

He emphasized that it is 25 times faster than Avax, 3 times faster than Solana, and comes with various features.

1. Combining Solana's Speed with Ethereum's Security

By merging Solana's speed and low fees with Ethereum's security and reliability, Yves La Rose pointed out that EOS EVM is three times faster than Solana. Those interested can test it on the testnet.

2. Promised Millions in Ecosystem Funding

ENF will provide direct funding to developers and projects, with EOS Network Ventures (ENV) pledging $20 million for EOS EVM and GameFi projects.

3. EOS EVM Blocks Produced in One Second

Yves La Rose initially planned for blocks to be produced every 0.5 seconds, but after months of development, developers determined that a 1-second block time would offer the best performance and compatibility.

EOS EVM can be used with EVM wallets like Metamask. La Rose believes that the lack of EVM compatibility development was a significant early mistake for EOS. Now, EOS EVM opens the door to thousands of Solidity developers.

Controversial Institution DWF Labs Also Invests

Trading and investment institution DWF Labs announced a strategic partnership with ENF on April 13th, signing a $45 million agreement to purchase EOS tokens and a $15 million fund for ecosystem development.

Prior to this, DWF Labs sparked speculation within the community by investing $10 million in crypto startup CryptoGPT, with some concerns raised about its leaders' involvement in projects like OneCoin and token sales using investment news.

Learn more about DWF Labs and partner Andrei Grachev's explanation: Mysterious Institution DWF Labs Faces Continued Scrutiny After Multi-Million Dollar Investments

At the time of writing, EOS was priced at $1.286, showing an increase of approximately 6%. Its current price is even lower than the $1.5 during the 2018 bear market.

EOS Monthly Chart