Major Strategic Transformation

(1) Brand and Business Change

On March 19, it was announced that the public chain EOS will be renamed Vaulta and will transform into a 'web3 bank.' If the proposal is approved, from May, EOS tokens will be exchanged for new Vaulta tokens at a 1:1 ratio. Vaulta is built on the EOSIO software and integrates the exSat cross-chain system, which can complete transaction final confirmations within 1 second and supports smart contracts compatible with C++ and EVM.

(2) Business Layout

Vaulta will leverage partnerships with projects such as Ceffu, Spirit Blockchain, and Blockchain Insurance to provide institutional-level financial services. At the same time, it will establish a bank advisory committee composed of experts from the finance and blockchain industries, with members from institutions such as Systemic Trust, Tetra, and ATB Financial.

(3) Market Response

After the announcement, the price of EOS tokens rose over 30% in the short term, reflecting the market's optimistic expectations for its new strategic direction. However, some investors are concerned about potential selling pressure after the token swap, and the competition in the Web3 banking sector is fierce, with projects like Celo and Algorand already in place, requiring Vaulta to highlight its unique advantages.

Project Background and Development History

(1) Project Overview

EOS aims to create a blockchain architecture platform similar to an operating system to enhance the performance of distributed applications. It adopts a DPOS consensus mechanism, with 21 super nodes ensuring ecological stability and achieving efficient and stable consensus, with nodes elected by community user votes. The platform provides developers with services such as accounts, identity verification, and databases, designed with a maximum TPS that can reach millions, and users do not need to pay transaction fees.

(2) Development Challenges

Although EOS raised $4.2 billion through an ICO in 2017 and was once regarded as the 'Ethereum killer,' its actual TPS is far lower than advertised, and the growth of ecological applications is slow. Meanwhile, new public chains like Solana and Polygon are capturing the market with higher efficiency and lower costs. EOS, due to its unclear positioning and failure to define differentiated advantages, has led to the loss of developers and users.

This transformation indicates that the EOS team is shifting from 'technology-first' to 'demand-driven,' attempting to find a balance between technological ideals and real-world needs. Whether Vaulta can succeed in the future depends on the speed of technology implementation and its ability to overcome compliance challenges. If successful, it may provide a model for the transformation of the older generation of public chains; if it fails, it could become a cautionary tale for the crypto industry. $EOS