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Ios It climbed about 20% to reach $1.66 on August 17, and was on track to record its best daily performance since May 2021.
Initially, the rise in EOS occurred in the wake of its positive correlation with top cryptocurrencies like Bitcoin (Bitcoin) and the ether (ethereum), up by more than 2% and 3.75%, respectively. But the upward movement was also fueled by a series of uplifting updates emerging from the EOS ecosystem.
On August 14th, the EOS Network Foundation (ENF), the non-profit organization overseeing the growth and development of the EOS blockchain, Open Enrollment in the upcoming Yield+ incentive program.
Yield+ is a liquidity incentive and rewards program. Decentralized Finance (DeFi) An application that benefits the user. In doing so, the service will leverage blockchain rivals Ether, Cardano (ADA), Solana (Sol).
Since the start of Yield+ registration, the total value locked (TVL) in the EOS pool has been gain It rose from 94.71 EOS to 102.18 EOS, indicating a temporary spike in demand for the token. TVL may increase in the days leading up to reward activation on August 28th.
The launch of Yield+ is imminent!
Designed to build economic activity $EOS By increasing TVL and incentivizing DeFi dApps that generate yield.
August 14 Registration opens
August 28 TVL Rewards LaunchGet all the details here.
https://t.co/fFOZCOEG4y https://t.co/b6q4Xmlay7 pic.twitter.com/ePZPkEiu4IEOS Network Foundation (@EosNFoundation) August 10, 2022
Additionally, EOS will be rebranded to EOSIO later this week. continued According to ENF CEO Yves La Rose, there was a v3.1 consensus upgrade called Mandel in September.
The rebrand and upgrade serves as EOS’s iconic divorce from Block.One, the company that originally designed the network, nine months after leaving the EOS community. Elected To halt the issuance of 67 million EOS or about $108 million, Medical Malpractice Concerns.
La Rose says the upgrade is hard forkIn other words, the new version (EOSIO) is not backward compatible with the original chain and follows new consensus rules.
EOSIO rebranding and hard fork #ios A necessary part of the comeback, it marks the beginning of a new chapter. #TheNewEOS
under the leadership of @EOSN Foundation, $EOS You can finally break through that glass ceiling and unlock your full potential!
Yves La Rose (@BigBeardSamurai) August 15, 2022
A hard fork also means that all existing EOS holders will receive the same amount of tokens on both chains in the event of a possible chain split.In theory, it could increase demand for EOS among speculators on the day. up to hard fork As seen in the case of Ethereum.
From a technical perspective, EOS prices are eyeing an extension of the bullish trend in the coming weeks
The first major hint comes from the cup and handle formation on the EOS daily chart, confirmed by the U-shaped price trajectory followed by a descending channel trend. A general rule of technical analysis is that the cup and handle breakout should push the price as high as the maximum height of the pattern.
As a result, the upside target for EOS is close to $2.45, up nearly 50% from the Aug 17 price.
Related: Is Ethereum the best blockchain to form a DAO?
Nonetheless, the caveat is that the breakout risks losing momentum near EOS’s 200-day exponential moving average (200-day EMA, blue wave) at $1.79. Such a rally could cause EOS to test the 50-day EMA (red wave) at $1.21, almost 25% below the current price.
The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. All investment and trading movements involve risk. You should do your own research when making a decision.
