The open source blockchain platform, EOSIO [EOS] may not have been on the lookout for many crypto investors. The reasons for this are as clear as the day.
Since 2021, EOS has done little to nothing to appreciate even its own community. Since hitting $6.21 in September last year, the altcoin has been in free fall off the charts.
To the surprise of crypto investors, EOS experienced an unexpected rally. In the past 24 hours, the cryptocurrency increased 24.07% to reach $1.58.
On August 16, the EOS price was $1.26 with almost no signs of a rally.
Incoming hard fork
Interestingly enough, there could be a reason why EOS had had that impact. Yves La Rose, CEO of the EOS Foundation had previously indicated that the EOSIO would undergo a rebranding that could lead to an EOS hard fork.
This week we reveal the highly anticipated rebranding of EOSIO, and next month, $EOS will activate its v3.1 consensus upgrade (hardfork).
🧵 Here’s what you need to know about #TheNewEOS.
— Yves La Rose (@BigBeardSamurai) August 15, 2022
According to him, the hard fork would provide an upgrade to the current EOS ecosystem. La Rose, also known as Mandel, noted that the hard fork was vital to unite all the chains working on the EOSIO network.
Normally, a hard fork can lead to a split in the chain, with EOS holders receiving the same number of tokens from the splits. However, it was not confirmed whether a new token would come out of the event due to take place in September.
just like the Ethereum [ETH] Putting it together, the EOS hard fork may have attracted a lot of attention and contributed to the price increase.
However, it wasn’t just the EOS price that rose in the past 24 hours. Data from DeFillama showed that the EOS ecosystem’s Total Value Locked (TVL) is a surprising increase.
At the time of going to press, the EOS TVL had a 24-hour increase of 15.77% to $136.8 million.
In addition, at the time of writing, the EOS REX registered the highest TVL rise on all DeFi platforms.
As for the volume, Saniment data showed that it rose 360.51% to $963.32 million, from $302.93 million on Aug. 16.
A look at the development activity also revealed that the concrete works on the hard fork event may have already started as there were clear signs of improved activity in the chain.
As the event draws closer, EOS investors may want to see if the proposed upgrade can take the coin out of its slow mode.
This post Decoding why EOS reversed stagnation amid hard fork anticipation
was published first on https://ambcrypto.com/decoding-why-eos-reversed-stagnancy-amid-hard-fork-anticipation/