The EOS blockchain recently announced plans to incentivize its developer community in anticipation of the launch of the Ethereum Virtual Machine (EVM), scheduled for next month.
The EOS price has increased by almost 8% in the past week.
EOS will give $50,000 in incentives ahead of EVM launch
The EOS blockchain, launched in 2018, aims to return to the top again after failing to live up to its expectations over the years.
According to CEO Yves La Rose, the EOS Network foundation is preparing a scheduled upgrade of its consensus mechanism, the Ethereum Virtual Machine (EVM) solution on April 14, 2023.
An Ethereum Virtual Machine or EVM is software that makes smart contracts work and monitors the state of the Ethereum network. EVMs allow developers to seamlessly create dApps.
EOS price gains momentum
EOS was considered as one of the Tier 1 projects when it launched in 2018.
It started off with a bang with its initial coin offering generating $4 billion and even reached a market cap peak of $14 billion at $22.71 on April 29, 2018. Unfortunately, the project started to lose momentum and failed to it has managed to reach its high potential ever since.
According to Rose’s announcement, the EVM mainnet is scheduled for April 14, 2023, and an incentive campaign to build EVM-compliant apps will kick off, with prizes ranging from $5,000 to $50,000.
The news of EVM updates on the EOS blockchain is having a positive impact on the price of EOS tokens. According to data available on Coingecko, the price of EOS rose 7.8% over the past seven days, peaking at $1.25 on March 4.
However, at the time of writing, EOS is down 2.8% in the 24-hour period, hovering around the $1.21 price area, with a trading volume of $179,238,026. This represents a 94.70% drop from its all-time high of $22.71 reached in April 2018.
