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 completed little to nothing to excite even its personal neighborhood as per worth 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 sudden rally. During the last 24 hours, the cryptocurrency surged 24.07% to achieve $1.58.
As of 16 August, the EOS worth was $1.26 with virtually no indicators of a rally.
Laborious fork incoming
Curiously, there could possibly be a purpose why EOS had had that affect. Yves La Rose, CEO of the EOS basis had said earlier, that the EOSIO would bear a rebrand which might result in an EOS laborious 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 you could learn about #TheNewEOS. 🧵
— Yves La Rose (@BigBeardSamurai) August 15, 2022
In accordance with him, the laborious fork would create an improve to the present EOS ecosystem. Known as Mandel, La Rose famous that the laborious fork was important in order to unite all of the chains working on the EOSIO community.
Usually, a tough fork might result in a cut up within the chain with EOS holders receiving the identical quantity of tokens from the splits. Nonetheless, 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 laborious fork could have grabbed quite a lot of consideration and contributed to the value uptick.
Nonetheless, it was not simply the EOS worth that rose during the last 24 hours. Knowledge from DeFillama revealed that the Complete Worth Locked (TVL) of the EOS ecosystem took a stunning 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 best TVL enhance throughout all DeFi platforms on the time of this writing.
As for the amount, Santiment knowledge 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 laborious fork occasion as there have been apparent indicators of improved exercise on the chain.
With the occasion edging nearer, EOS traders could wish to observe if the proposed improve can carry the coin out of its lengthy onlooking mode.