EOS Price Jumps 20% for Biggest Gain in 15 Months - What's Fueling the Uptrend?
EOS is trying to become a fully decentralized network after a key hard fork in September.
Altcoin Watch
EOS rose around 20% to $1.66 on August 17 and was on track to post its best daily performance since May 2021.
Initially, the EOS rally came on the heels of its positive correlation with top cryptocurrencies such as Bitcoin (BTC) and Ether (ETH), which gained over 2% and 3.75% respectively . But, the upward move was also driven by a flurry of uplifting updates from across the EOS ecosystem.
EOS/USD daily price chart. Source: TradingViewOn August 14, the EOS Network Foundation (ENF), a nonprofit organization that oversees the growth and development of the EOS blockchain, opened registrations for its upcoming Yield+ incentive program.
The Yield+ is a liquidity incentive and reward program to attract decentralized finance (DeFi) applications that generate returns for their users. In doing so, the service is trying to compete with its main blockchain rivals in the DeFi space, namely Ether, Cardano (ADA) and Solana (SOL).
Since the start of Yield+ recording, the total value locked (TVL) inside the EOS pools has increased from 94.71 EOS to 102.18 EOS, showing a temporary spike in demand for the tokens. The TVL will likely increase in the days leading up to the reward activation on August 28.
EOS is trying to become a fully decentralized network after a key hard fork in September.
Altcoin Watch
EOS rose around 20% to $1.66 on August 17 and was on track to post its best daily performance since May 2021.
Initially, the EOS rally came on the heels of its positive correlation with top cryptocurrencies such as Bitcoin (BTC) and Ether (ETH), which gained over 2% and 3.75% respectively . But, the upward move was also driven by a flurry of uplifting updates from across the EOS ecosystem.
EOS/USD daily price chart. Source: TradingViewOn August 14, the EOS Network Foundation (ENF), a nonprofit organization that oversees the growth and development of the EOS blockchain, opened registrations for its upcoming Yield+ incentive program.
The Yield+ is a liquidity incentive and reward program to attract decentralized finance (DeFi) applications that generate returns for their users. In doing so, the service is trying to compete with its main blockchain rivals in the DeFi space, namely Ether, Cardano (ADA) and Solana (SOL).
Since the start of Yield+ recording, the total value locked (TVL) inside the EOS pools has increased from 94.71 EOS to 102.18 EOS, showing a temporary spike in demand for the tokens. The TVL will likely increase in the days leading up to the reward activation on August 28.
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