The EOS community and Block.One separated on December 8th after the community decided to cease payments. This happened after a serious break in their relationship that had been boiling for a few weeks. Remember that Block.One is the organization that developed the project.
The EOS Network Foundation has affirmed Block.One for not being able to reach the network’s best interests. Because of that, the top 25 block producers have voted to put an end to the issuance of 67 million, that is equivalent to $214 million. EOS vetsing tokens set to be unlatched and disseminated to Block. One, probably over the next seven years.
According to Yves LaRose, the ENF’s leader, there has been a significant drop in the value and quality of code produced for EOSIO by Block.One. The situation was heightened when Block.one sold 45 million tokens to pay for a purchase. However, ENF pointed out that the authority to endow tokens legally and rightfully belonged to the network. An effort to look for an agreement failed, which led to the block owners’ vote.
He also added that there was no confiscation; no tokens in Block One taken. The account did not even change; no keys were modified. He made it clear that the only thing that changed is that the network no longer pays Block.one from the eosio.stake account.
This puts Block.one’s deal to buy Helios in question. Wherein Brock Pierce, Helios’ chief, plans to transfer the 45 million tokens. This development has also shown what might happen when a crypto community agrees to sound the alarm.
Because of this, the price has shrunk from $5.20 on November 10th to $3.19 on December 17th. It shows a 40% drop regardless of a small rally when the vote result publicized.
As a matter of fact, there were still many altcoins floating in 2021. EOS has fallen behind and has been deteriorating since September.
There were investors that came back who showed interest in EOS last May. This was able to raise the token price gain to 100% following the news that Block.one, its founding company, was able to close a $10 billion funding round. This is for the initiation of a new subsidiary, Bullish Global.
During this time, the token price went up to a pinnacle of $14.88, which shows a significant difference when it reached its all-time high of $22.89 last year. As of the moment, an EOS is worth $3.10 with a market capitalization of $3.11 billion, landing in 49th place in the league of cryptocurrencies.
Though the future is still way ahead, the fact that EOS is seeing an optimistic interest rate compared to what it had before shows a good sign. While the early thrust has lost heat, price instigators say that it could usher in a scotch.
“The views and opinions on this Crypto News Website are solely those of the authors and contributors. These views and opinions do not necessarily represent those of iBaseTrading or its partners.”