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The EOS network entered into the crypto space with a bang due to the high speeds of its network. However, much of that hype did not hold for long, and EOS was among the worst-performing tokens this year despite bullish gains in the broader market.
EOS fell from among the top 10 cryptocurrencies in the market to the current ranking of 44. However, it now seems like BlockOne is working on a new initiative focused on reviving the network back to its former glory.
$210M to save the EOS network
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BlockOne is the blockchain company behind the development of the EOS network and token. The company is now working on a plan to transfer 45 million EOS tokens, valued at around $210M, to Helios.
In the announcement regarding this, the firm stated that the decision to transfer these funds was arrived at after several consultations on leveraging the token holdings to boost the network’s growth.
The firm notes that it will “empower the EOS network” and target new clients while looking for new opportunities through this initiative. Network users should also expect to see new decentralized governance initiatives sprouting up and boosting liquidity for projects operating on the EOS network.
Plans to revive network to its former glory
The Helios network has noted that it has several plans that could help revive the EOS network. One of these strategies includes launching an EOS Venture Capital fund. This fund seeks to support developers launching institutional financial products on the EOS network.
Other plans include supporting the development of critical infrastructure and getting involved in community events that will create awareness, foster networking and boost the project’s viability.
The recent action to revive the EOS network comes a few days after the founder of the network, Yves La Rose, attacked a former developer for leaving the project and not contributing to the growth of EOS. La Rose even stated that “EOS” is a failure.
While her words are harsh, they depict the real picture of what happened with EOS. One year ago, EOS was the seventh-largest token by market capitalization before everything went downhill.