worldcoinindex.com
The blockchain network EOS has announced a major transformation, rebranding as "Vaulta" as it shifts focus toward Web3 banking solutions. The move comes as the industry sees growing interest in decentralized financial services, positioning Vaulta as a key player in this evolving landscape.
The announcement spurred immediate market reactions, with EOS’s native token surging 30% to $0.65. Despite this rally, the token remains significantly below its all-time high of $22.89, highlighting the challenges the network has faced since its launch.
Set for completion by the end of May 2025, the transition to Vaulta will involve swapping EOS tokens for the new Vaulta token on a 1:1 basis. This swap will remain available for four months through a dedicated platform. Additionally, the Vaulta token will be listed on the approximately 140 exchanges where EOS currently trades, with further technical details yet to be disclosed.
Vaulta aims to revolutionize blockchain-based finance with its "Web3 Banking OS," offering services such as fractional ownership of real-world assets, staking, custody solutions, and Bitcoin yield strategies. The upgraded platform will retain EOS’s existing technology while integrating key improvements for broader blockchain interoperability. A notable addition is exSat, a feature designed to enhance smart contract functionality on Bitcoin, thereby strengthening Vaulta’s cross-chain capabilities.
The rebranded network will boast one-second transaction finality, compatibility with C++, and support for Ethereum Virtual Machine (EVM)-based smart contracts. Vaulta is also forging strategic partnerships to bridge DeFi with traditional finance. Collaborators include Spirit Blockchain, which specializes in fractionalized asset ownership, and Ceffu, focusing on custody and yield services.
In a bid to steer its long-term vision, Vaulta plans to establish a Banking Advisory Council featuring fintech and Web3 experts from Systemic Trust, Tetra, and ATB Financial.
EOS, launched in 2018 as an "Ethereum killer," initially attracted massive attention due to its high transaction speeds and low fees, powered by its delegated proof-of-stake (DPoS) mechanism. Its record-breaking initial coin offering (ICO) raised an unprecedented $4.1 billion. However, regulatory hurdles soon emerged, with the U.S. Securities and Exchange Commission (SEC) charging Block.one—the entity behind EOS—with conducting an unregistered securities sale. The company settled for $24 million, a fraction of the capital raised.
Despite its promising start, EOS struggled with network congestion and governance concerns, leading to declining confidence among investors. Through its rebrand to Vaulta, the network aims to reinvent itself, capitalizing on the growing demand for innovative Web3 financial solutions while addressing past shortcomings.