EOS, once hailed as the 'Ethereum killer', has recently announced its official upgrade to Vaulta and is transforming into a Web3 bank. This giant, which raised $4 billion through ICO, is now quietly exiting the historical stage, leaving people feeling emotional.
For early users in the crypto space, the decline of EOS evokes a myriad of sentiments. Looking back to 2017, EOS set a fundraising record of $4 billion through ICO, becoming a milestone in crypto history. In the same year, the founder of Solana was still seeking funding and ultimately only secured $3.17 million in seed round support.
In 2018, when EOS's mainnet launched, its influence was not to be underestimated; the market was once abuzz with claims that EOS would become the king of the new generation of public chains, with its price soaring to $15.6 and a market cap nearing $18 billion, ranking third in the market. However, today, EOS's market cap has fallen to $870 million, dropping to 97th place.
The primary reason for this significant gap is the inaction of its backer, Block.one, whose officially launched projects have not achieved tangible results. As founder Daniel Larimer stepped down as CTO of Block.one, the community's trust in EOS gradually faded. Although a new EOS Network Foundation was later established, and multiple economic model adjustments and infrastructure upgrades were made in 2024, it has yet to make waves in the market.
By the end of 2024, the exSat launched by EOS achieved some unexpected success in the Bitcoin ecosystem; however, the EOS network never incorporated exSat's data into its own ecosystem, seemingly intending to maintain a separation from the beginning. Perhaps this brand upgrade to Vaulta was not a coincidence, but rather a preparation made in advance.
Today, the brand effect of EOS has almost lost its value, and the EOS Foundation has chosen a nearly abandoned way to upgrade (even though the name Vaulta may not be more recognizable). The saying that once circulated in the EOS community: 'You will never see EOS below $100 again', has finally become a reality with the brand's transformation. This time, it is not due to changes in market conditions, but because EOS can no longer be seen at
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