Hello everyone, I am Paul, a crypto enthusiast. I started learning blockchain technology in 2015 and fully devoted myself to the crypto world in 2021. Currently, I share some of my technical insights at Binance Square. If what I say helps you, feel free to follow me.

Recently, many people on Twitter have been sharing Li Xiaolai's picture of looking back at EOS in seven years.

So today, let's talk about the history of EOS. I think this is a history of the rise and fall of blockchain.

I. Starting Point: The Largest ICO in History and Block.one (2017–2018)

In June 2017, the blockchain company Block.one, headquartered in the Cayman Islands, announced the launch of the EOS project and began a year-long ICO. This extremely long crowdfunding period had almost no precedent at the time. Block.one's co-founders include Brendan Blumer (CEO) and Daniel Larimer (CTO, known for founding BitShares and Steemit).

EOS raised funds by issuing ERC-20 tokens through the Ethereum network, ultimately raising about $4.1 billion by the end of the ICO in June 2018, setting a global record for crypto financing at that time. Its positioning was as an 'Ethereum killer,' promising million TPS, second-level confirmations, zero transaction fees, and using the DPoS (Delegated Proof of Stake) consensus mechanism with 21 supernodes producing blocks.

This narrative attracted global attention at the time. In April 2018, the price of EOS soared to around $22, making it one of the top five by market capitalization. The testnet 'Dawn' underwent multiple iterations before the mainnet launch, bringing great expectations to the community.

II. Emerging Concerns and Declining Reputation (2018–2020)

After the mainnet launch, EOS quickly exposed structural problems:

  • Centralized governance: The 21 supernodes are easily manipulated by funding groups, with frequent instances of node cross-voting, raising questions about the level of decentralization.

  • Complex resource leasing mechanism: Users must stake CPU, NET, RAM, etc., to trade; during congestion, resource prices surge, contradicting the 'zero fees' concept.

  • Insufficient ecological investment: Despite sufficient financing for Block.one, direct support for DApps has been limited, leading to the failure of many projects.

In 2019, the U.S. SEC imposed a $24 million fine on Block.one for allegedly issuing unregistered securities. Although the amount was not large, it impacted EOS's compliance image. Meanwhile, Ethereum pushed for scaling, while public chains like TRON captured market share, leading to a noticeable decline in EOS's popularity.

III. Community Power Grab and Technological Shift (2021–2022)

As prices and activity declined, Block.one was criticized for shifting resources to its exchange project Bullish, neglecting EOS's development. In August 2021, the EOS Network Foundation (ENF), led by Yves La Rose, was established, initiating a community takeover action:

  • Freeze the EOS tokens that Block.one has not unlocked, weakening its control.

  • Migrate the tech stack to the Antelope protocol, freeing itself from dependence on Block.one.

  • Launch the EOS EVM compatibility layer, attempting to attract Ethereum ecosystem developers.

This 'community coup' is rare in crypto history, reflecting the self-rescue capability of decentralized communities.

IV. The Difficult Market Rebound Attempt (2023–2024)

After the takeover by ENF, EOS underwent multiple network upgrades, including performance optimization, fee model adjustments, and cross-chain feature support. In 2023, EOS EVM was officially launched, allowing Ethereum developers to seamlessly migrate to EOS. However, market confidence has been slow to recover, and ecological application growth has been limited.

In 2024, EOS launched several support programs for DeFi and GameFi projects, but faced fierce competition and failed to create blockbuster applications. Nevertheless, community activity has rebounded from its lowest point, and developer engagement has increased.

V. Today, Seven Years Later (2025)

In 2018, Li Xiaolai once said, 'Look back at EOS in seven years.' It was a reminder for investors to think long-term.

By August 2025, EOS had fallen nearly 90% from its peak, to about $0.54, and its market cap dropped out of the top twenty. In some markets, the EOS brand was renamed Vaulta, shifting its strategy to Web3 banking services, attempting to regain vitality in the digital finance sector. This represents both a transformation attempt and indicates that it is no longer a core player in the public chain competition.

Why look back at EOS seven years later?

This is also something many of us in the current crypto circle need to understand.

  • The gap between technological promises and implementation: goals like million TPS and zero fees are constrained by real-world technology and governance structures.

  • Conflict between funding and governance: substantial financing has not led to long-term ecological prosperity, but rather caused community fragmentation due to strategic missteps.

  • The rise of community power: The takeover by ENF demonstrated that the community can play a crucial role in times of crisis.

  • The harshness of the market: Ultimately, the success or failure of public chains still depends on continuous technological innovation and real user growth.

EOS's journey is a microcosm of the blockchain industry. From Block.one's dazzling financing to community takeover and strategic transformation, it showcases a complete picture interwoven with dreams, divergences, games, and reality. Seven years later, this story remains worth savoring.