The open-source blockchain platform, EOSIO [EOS] could not have been on the watch of many crypto traders. The explanations for this are as clear as day.
Since 2021, EOS has carried out little to nothing to excite even its personal group as per value efficiency. Since hitting $6.21 in September final yr, the altcoin has been on free fall off the charts.
To the shock of crypto traders, EOS went on an surprising rally. During the last 24 hours, the cryptocurrency surged 24.07% to succeed in $1.58.
As of 16 August, the EOS value was $1.26 with nearly no indicators of a rally.
Exhausting fork incoming
Apparently, there could possibly be a motive why EOS had had that influence. Yves La Rose, CEO of the EOS basis had said earlier, that the EOSIO would endure a rebrand which may result in an EOS arduous fork.
This week we’re revealing the extremely anticipated EOSIO rebrand, and subsequent month, $EOS will activate its v3.1 consensus improve (hardfork).
🧵 Right here’s what it’s essential learn about #TheNewEOS. 🧵
— Yves La Rose (@BigBeardSamurai) August 15, 2022
In keeping with him, the arduous fork would create an improve to the present EOS ecosystem. Known as Mandel, La Rose famous that the arduous fork was very important in order to unite all of the chains working on the EOSIO community.
Usually, a tough fork may result in a cut up within the chain with EOS holders receiving the identical quantity of tokens from the splits. Nevertheless, it was not confirmed if a brand new token would emerge out of the occasion billed to carry in September.
Similar to the Ethereum [ETH] Merge, the EOS arduous fork could have grabbed loads of consideration and contributed to the value uptick.
Locks ascending
Nevertheless, it was not simply the EOS value that rose over the past 24 hours. Knowledge from DeFillama revealed that the Complete Worth Locked (TVL) of the EOS ecosystem took a shocking increase.
At press time, the EOS TVL had adopted a 24-hour 15.77% uptick to $136.8 million.
Moreover, the EOS REX recorded the very best TVL enhance throughout all DeFi platforms on the time of this writing.
As for the quantity, Santiment information showed that it spiked 360.51% to hit $963.32 million from $302.93 million on 16 August.
A have a look at the event exercise additionally revealed that concrete works could have already began on the arduous fork occasion as there have been apparent indicators of improved exercise on the chain.
With the occasion edging nearer, EOS traders could need to observe if the proposed improve can raise the coin out of its lengthy onlooking mode.