EOS rose approximately 20% to reach $1.66 on Aug. 17 and was on track to log its best daily performance since May 2021.
Initially, the EOS rally came in the wake of its positive correlation with top-ranking cryptocurrencies like Bitcoin (BTC) and Ether (ETH), which gained over 2% and 3.75%, respectively. But, the upside move was also driven by a flurry of uplifting updates emerging from the EOS ecosystem. EOS incentive program launch
On Aug. 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 attempts to compete with its top blockchain rivals in the DeFi space, namely Ether, Cardano (ADA), and Solana (SOL).
Since the beginning of Yield+ registration, 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 Aug. 28.
EOS hard fork in September
In addition, EOS will rebrand to EOSIO later this week, followed by a v3.1 consensus upgrade called Mandel in September, according to Yves La Rose, the CEO of ENF.
The rebranding and upgrade serve as EOS’s symbolic divorce from Block.One, the company that originally designed the network, nine months after the EOS community elected to stop the issuance of 67 million EOS, or around $108 million, to it on malpractice concerns.
La Rose noted that the upgrade would occur via a hard fork, meaning that the new version (EOSIO) will not be backward compatible with the original chain and will follow new consensus rules.