EOS’ 2024 is about to begin, with EOS Network Foundation (ENF) CEO Yves La Rose heading to the World Cryptocurrency Forum in Davos, Switzerland, and ENF and EOS Labs representing EOS at the Blockchain 2 Government conference on behalf of the Thai blockchain community and government. Meanwhile, EOS Labs continues to announce new partnerships and integrations, while the ENF engineering team rolls out key protocol updates, starting with the stable release of Leap 5.
Before we dive into what’s in store for 2024, we wanted to take some time to look back at some of the most important milestones for 2023. If you’re not comfortable keeping up with the plethora of announcements made over the past twelve months or have recently joined the ecosystem, this article will help get you up to speed. We'll discuss some key points including:
Deployment of EOS EVM
The establishment of EOS Labs
Investment by EOS Network Ventures
Main partners
EOS native progress
Developer Relations Initiative
Community Development Milestones
EOS EVM enables Ethereum developers to use EOS
Perhaps the biggest milestone of the past year was the deployment of the EOS EVM on the mainnet. After more than a year in development, EOS EVM v0.4.0 went live on April 14th. This ushers in a new era for the ecosystem. It allows developers of protocols built on Ethereum to deploy their applications on EOS and take advantage of the unparalleled speed and performance that EOS offers.
Following the launch, both developer and user activity increased, with over 40 integrations deployed in 2023. In keeping with ENF’s important core values, the engineering team open-sourced the EOS EVM codebase on April 27 for all Antelope ecosystem to leverage. This enables projects such as ESCC to come to fruition later in 2023. ESCC is a full EVM built on EOS specifically for stablecoin trading.
After the release of the first version of EOS EVM, development has not slowed down. EOS EVM v0.5.0 was launched on June 20, bringing many improvements in performance, compatibility and user experience. On October 15, EOS EVM v0.6.0 was released, starting with USDT, providing trustless bridge support for ERC-20 tokens other than EOS. It also adds innovative cross-virtual machine (VM) communication capabilities. Finally, the EOS EVM engineering team capped off the year with the release of EOS EVM v0.7.0 RC-1, which introduces WebSockets, a key tool for developing applications that require real-time two-way communication.
The trustless bridge connecting the EOS Native and EOS EVM ecosystems also underwent multiple updates in the second half of 2023. This included a new frontend and support for many community-driven project tokens. All of this was done to improve the user experience of the EOS EVM and make it the ecosystem of choice for Solidity developers around the world. These innovations paid off when the EOS EVM was stress-tested during the Inscription event on December 11th. Throughout the day, 17.65 million transactions occurred on the EOS EVM, with zero growth in gas fees and no on-chain congestion or impact on other dApps. Learn more about the EOS EVM here.
Leap Update Continues to Innovate EOS Native Possibilities
Despite all the updates released on the EOS EVM, development on Antelope Leap, the underlying protocol for EOS Native, has not slowed down. The year started strong with the launch of Antelope Inter-Blockchain Communication (IBC). This brings cross-communication and near-infinite scalability to EOS and other Antelope-powered networks. In May, all Antelope consortium chains can be seamlessly connected after the activation of the WAX Blockchain.
On April 25, Leap v4.0.0 was launched on the mainnet, improving performance through multi-threading capabilities, bringing faster block propagation, better control of state/historical data, etc. Leap 5 also released some candidate versions, which were launched on the mainnet on January 4, 2024. This update brings a number of functional improvements to developers, API providers, and node operators, including relaxed constraints, increased speed, improved efficiency, and enhanced control.
While Leap 5 was being developed, major work on Leap 6 was also underway. Major work related to the instant finality and Hot Stuff consensus mechanism upgrades was completed in Q3 or 2023. Since then, the ENF engineering team has begun iteratively refining the algorithm and its implementation, rigorously testing the software and generating mathematical proofs for subsequent peer review. This release is likely to be the largest upgrade ever to EOS and a major milestone for the community. This large-scale consensus upgrade will be part of the Leap 6 release in 2024.
Another important milestone for EOS Native was the adoption of community-proposed changes to stop RAM inflation. On December 17, the MSIG proposal was passed and the impact of the proposal began to be implemented.
The Origin of EOS Labs: Cultivating the Next Wave of Web3 Innovators
In addition to advancements in EOS technical infrastructure, 2023 also saw many milestones achieved on a human level dedicated to increasing adoption of the network’s technology. The most notable of these is the launch of EOS Labs, an incubator designed to enhance the competitiveness of the EOS ecosystem in the challenging Web3 environment.
The idea was first proposed by long-time community leader Wen Huaqiang at a node meeting on July 19. In order to optimize the strategic focus of resource allocation, the EOS Network Foundation (ENF) has chosen to redirect funding from several of its ongoing projects to this new initiative. As an initial commitment to this transition, ENF is preparing to allocate a quarter of its resources (equivalent to 0.5% of network inflation) to EOS Labs.
EOS Labs plans to perform a variety of roles and responsibilities, including research and incubation, cross-project collaboration, and business development. Its goal is to enhance the competitiveness and growth of the EOS ecosystem while further decentralizing ecosystem funding and complementing the work of the EOS Network Foundation and EOS Network Ventures.
In the first few months of EOS Labs operations, a number of notable partnerships have been announced, which will be discussed later in this article. Learn more about EOS Labs’ role in this in-depth update.
EOS Network Ventures announces first major investment
EOS Network Ventures Wage (ENV) is an ecosystem initiative conceptualized in 2022 that aims to enable network investments in projects that benefit the EOS ecosystem while driving the value generated by these investments back to the EOS network. In March 2023, the potential impact of ENV became clear with a $20 million commitment to GameFi and EVM projects on EOS.
The first investment was $1.5 million into Upland on October 30 as part of a $7 million Series A expansion. Upland is one of the leading GameFi dApps in the industry, with over 20,000 unique active wallets and over 180,000 monthly transactions.
ENV announced its investment in Spirit Blockchain Capital, continuing its commitment to increasing opportunities for EOS to thrive. This news will play an important role in strengthening the collaboration between traditional finance and the blockchain sector, helping to accelerate the adoption of real-world assets (RWA) on EOS and driving positive change within the industry.
At the end of the year, ENV made its final strategic investment in EZ Swap, investing $500,000 as part of a $1 million funding round. This investment enriches the entire EOS ecosystem with advanced gaming solutions and expanded cross-chain functionality. Read more about EZ Swap investing in this update.
EOS’s reputation has grown due to many important partnerships
Through the collaborative efforts of ENF, ENV, and EOS Labs, 2023 has seen an influx of projects leveraging EOS technology and engaging with the EOS ecosystem in impactful ways. There are too many such announcements to cover in a single report, but here are some of the most notable partnerships that will bear fruit in 2023.
On April 13, ENF announced a strategic partnership with DWF Labs. Through this partnership, DWF supports the EOS network’s EOS-based businesses and projects through a $45 million EOS token purchase agreement and a $15 million investment commitment. In the same month, ENF CEO and founder Yves La Rose attended the Foresight 2023 Hong Kong Summit. While in the region, a partnership was established with Invest Hong Kong’s Cyberport. Cyberport is a hub of digital technology, creating new economic drivers for Hong Kong and has since provided resources for EOS-related initiatives.
To promote the adoption of EOS among GameFi projects, ENF announced its partnership with the Wombat X accelerator program on May 4. Wombat X is designed to support Web3 games through guidance, user acquisition, infrastructure support, and more. Additionally, in the GameFi space, PlayZap launched on EOS EVM and quickly became the most active dApp on EOS EVM, reaching a breakthrough 125,000 unique active wallets in December.
As mentioned previously, the EOS EVM has been a key vehicle for network integration over the past year, with several key partners playing a major role in increasing adoption in the space. One such collaboration was DappRadar’s integration of the EOS EVM in October. DappRadar is an industry-leading dApp library and data analytics platform that makes it easier for those deploying applications to reach a wider audience in the broader Web3 space. Another notable piece of news in the space was a partnership with BlocSec, bringing robust auditing services and increased trust to the EOS EVM ecosystem.
ENF facilitated EOS’s process of obtaining regulatory approval from the Japan Virtual and Cryptoasset Exchange Association (JVCEA). Following this milestone, the ecosystem began to see a significant increase in adoption of Japan-focused projects. This includes a listing on BitTrade Japan, as well as a listing on Binance Japan, giving EOS easy access to the market. In November, the ecosystem scored another major win in terms of adoption in Japan, with PassPay announcing it would leverage EOS as its digital payments platform. PassPay’s most notable move is the issuance of its stablecoin JPYW, the only stablecoin licensed for the Japanese yen.
The year ended perfectly with the exciting news of a partnership between EOS and Turkey’s leading cryptocurrency exchange, CoinTR. As part of the alliance, CoinTR will drive EOS adoption in Turkey through multiple initiatives including the Web3 Incubator, Launchpad, and EOS Staking Pool. All of these announcements represent just a small sampling of the projects that will adopt the EOS network in 2023. Head over to the EOS Ecosystem page to learn more.
Improving the accessibility of EOS to developers around the world
Over the past year, Nathan James, ENF’s Director of Developer Relations, has worked tirelessly alongside other ecosystem contributors to improve the experience of building on EOS. An integral part of this strategy is the EOS Documentation and EOS Learn Portal, which continue to regularly add new written and video content educating developers on how to leverage EOS to power their dApps.
The launch of EOS WebIDE in August is also noteworthy and will serve as a valuable platform for new developers to get started. The tool allows developers to easily write and deploy smart contracts on the Jungle testnet or EOS mainnet. Likewise, Greymass' release of WharfKit will have a huge impact on technology-focused ecosystem contributors. Before the launch of WharfKit, it was very difficult to start building on the EOS native layer. This new toolkit changes everything by providing a range of SDKs, tools and libraries for those working with Antelope blockchains such as EOS.
The EOS Developer Relations team also launches many events to encourage participation, such as webinars, hackathons, developer bounties, and more. All of this helps overcome some of the major challenges EOS faces in the lack of resources for developers to get started. This has resulted in a significant influx of developer activity in 2023. Join the EOS EVM Developer Community and connect with other builders in the ecosystem.
Raise awareness of EOS and grow the community
Thanks to the combined efforts of the ENF Marketing and Communications team, EOS Labs, and countless communities across the ecosystem, the EOS community has seen tremendous growth over the past 12 months. EOS community leaders participated in more than 20 events in 9 countries, helping to raise awareness of EOS among industry enthusiasts around the world.
A steady stream of written content, video content, and digital events have helped grow EOS’ digital community, with ENF’s Twitter followers increasing by 18,300 (78%) throughout 2023. ENF has also launched a number of new community initiatives such as the Everything EOS Livestream and ENF Office Hours, which will take place every Wednesday at 8:00 PM UTC on the newly launched EOS Global Telegram channel.
These efforts, combined with the milestones discussed in this article, have also resulted in increased PR coverage in notable media outlets such as Cointelegraph, CoinDesk, and Altcoin Daily. ENF CEO and founder Yves La Rose was also included in Cointelegraph’s list of 100 crypto influencers in the cryptocurrency and blockchain space.
Stay tuned to see what 2024 has in store!
The EOS ecosystem has undergone a tremendous transformation over the past year, thanks to the hard work of contributors and community members around the world. The network has thrived both from a technical perspective as well as from a recognition and adoption perspective, but there is still a lot of work to be done.
There’s a lot to be excited about heading into 2024 as our efforts and milestones continue to add up and compound. Be sure to follow EOS on Twitter to stay up to date on everything and join the Telegram community. Don’t forget to join our Office Hours discussion on Telegram every Wednesday at 8:00 PM UTC. We’d love to hear from you about how you’d like to see EOS evolve in the coming months. Here’s to another epic year for EOS and Web3!
About the EOS Network
The EOS network is a model of the blockchain 3.0 era, powered by EOS VM. EOS VM is a low-latency, high-performance and scalable WebAssembly engine that enables near-invisible deterministic transaction execution. The EOS network is designed for Web3 and is committed to achieving the best Web3 user and developer experience. EOS is the flagship blockchain and financial center of the Antelope protocol, and through the EOS Network Foundation (ENF) as a tool for multi-chain collaboration and the development of public infrastructure products, it further improves the infrastructure and drives the rapid development of EOS.
About the EOS Network Foundation
The EOS Network Foundation (ENF) was born to create a prosperous, decentralized and future for the EOS ecosystem. By encouraging the active participation of major stakeholders in the EOS ecosystem, supporting community projects, providing ecosystem funding, and supporting the construction of an open technology ecosystem, ENF is setting off a new round of Web3 changes. As the center of the EOS network and a leading open source platform, ENF was founded in 2021 and has a stable set of frameworks, tools, and blockchain deployment libraries. Together we enable innovation in community building and work to create a stronger future for all.
