EOS moves to re-establish itself as its token reacts positively, details inside

ambcrypto.com:

The EOS blockchain was one of the most well-funded blockchain initiatives when it was launched. Despite this, it lost steam after the excitement and fell short of expectations.

It is making an effort to resurrect and establish itself, nonetheless. The performance of its native token, EOS, will be used to gauge its performance in this area.

Read EOS (EOS) Price Prediction 2023-24

EOS is a blockchain platform that offers decentralized apps (dApps) a highly adaptable and scalable foundation. The Delegated Proof of Stake (DPoS) consensus technique used by EOS enables more rapid and scalable transaction processing.

The project’s Initial Coin Offering (ICO) raised an astounding $4.1 billion thanks to the investors’ faith in it. Around a quarter of the total funds raised during the ICO boom of 2017–2018 were raised by EOS.

In 2021, the EOS community formally severed ties with the original developers and began a U-turn. The community has decided to fork the open-source codebase in 2022 and freeze the token vesting contract of the founding team in 2021, with the ENF taking the lead. The ENF hopes to bring in new users even though EOS must compensate for the lost time. 

According to Messari reports, the team hopes to accomplish this by introducing a new consensus mechanism, a decentralized EVM solution, and a revitalized approach to expansion.

According to a recent report by Messari, the blockchain is undertaking what could be called a rebranding.

But how has its native token, EOS, reacted to the recent developments?

EOS was down over 2% in value as of this writing and was trading at about $1.3.

Yet, before the current trading period, it had been in an upward trend for six days. The uptrend had increased its value by 18.25%