$11 Billion: EOS Mainnet Goes Live After Launch Group Gives Green Light

Omar Faridi
  • 10 Jun 2018
  • /
  • In #EOS
  • The EOS mainnet has just launched, following the official “go ahead” from the EOS Mainnet Launch Group.
  • The EOS project is moving forward despite questionable governance and vulnerability issues.

A website counting down towards EOS’s mainnet launch currently states that the cryptocurrency’s mainnet has just launched. On June 9 (01:00 UTC), the EOS Mainnet Launch Group (EMLG) members unanimously decided to go ahead with the launch of the EOS blockchain.

Reportedly, the official “launch sequence” process began later that day and is scheduled to be completed within the next two days. For the EOS blockchain to go live, there were a number of steps and processes that must be satisfactorily completed.

One of these steps is meshing with the seed nodes. In order to facilitate the process, the EMLG was to recommend a number of trusted peers to mesh with, in addition to the related software and system requirements. The EMLG was also to determine how the validation process on the EOS network is to be performed. Based on the results of the validation process, the mainnet could go live.

Another important step that must be completed is voting to appoint the first 21 block producers. There will reportedly be official notifications posted by block producer candidates. The voting process will require 150 million tokens to be spent, and once this has been done, the chain will be officially designated as the EOS mainnet and will be accessible to the platform’s community.

Should token holders decide at this stage to unstake their tokens, they may do so while also being able to reclaim them after 72 hours. In order to vote, there are a number of tools that have been developed by community developers. These, however, have not passed any official security audit, and as such aren’t recommended. Entering private keys in a third-party tool could see holders lose all their funds.

The only voting tool that can reliably be used is one approved by Block.one, the company behind EOS, a command-line based tool called “cleos”, which is bundled with the EOSIO software.

Questionable Governance and Critical Vulnerabilities

The EOS project has received a lot of criticism and has experienced a number of setbacks in the past few weeks. Notably, the EOS mainnet launch had to be postponed, partly because critical security vulnerabilities pointed out by a Chinese cybersecurity company, but also because of what seemed to be protocol violation issues.

Block producers purportedly decided to print an extra 19,000 EOS tokens in order to resolve a Random Access Memory problem. This, however, appeared to be in violation of the EOS protocol’s constitution, which sets a cap on the number of tokens that are to be in circulation.

 At press time, EOS is trading at $12.37, down from a $14.7 high the cryptocurrency reached earlier this month at the time its mainnet was supposed to go live. EOS' market cap is of $11 billion.

Ethereum-Based DeFi Project Reportedly Grew Nearly 780% Last Year

Decentralized finance (DeFi) projects based on the Ethereum blockchain have grown by 778% when compared to the first quarter of 2019, driving growth in the decentralized application space.

According to a report published by DappReview, compared to the first quarter of 2019 the total value of transactions made on decentralized applications grew by 8.2.2% to $7.9 billion, across a total of 13 different blockchains.

The top three blockchains – Ethereum, TRON, and EOS - contributed a total of 99.1% of the volume. The report notes that both TRON and EOS, however, lost users and transaction volume year-over-year, while Ethereum kept on growing.

This growth saw decentralized finance projects increase 778% compared to the first quarter of last year. Notably, these grew even though the total active addresses interacting with decentralized applications dropped by 22.1%.

The report notes that on the Ethereum blockchain, the total transaction volume on decentralized applications during the first quarter of the year was of $5.64 billion, an increased of 652% compared to last year. The report reads:

The main growth was driven by DeFi projects which have become the growth gist of Ethereum since 2019, with the largest transaction volume. It is worth noting that most of the volume of DeFi projects are in ERC-20 tokens (such as WETH, DAI, USDC, etc.), rather than the native token Ether.

ERC-20 tokens, it adds, made up 84% of the total transaction volume. Per DappReview the Ethereum dApp ecosystem “remains diverse and the performance was very steady compared to the other blockchains.”

The report further notes that casino decentralized applications, which were popular last year, saw their volume drop 64.6% year-over-year, while still remaining among the top three sectors when it comes to active addresses.

As CryptoGlobe reported, earlier this year the total value locked in decentralized finance apps hit a $1 billion all-time high, before dropping over one project being exploited through so-called flash loans, and over the value of cryptocurrencies going down.

Cryptocurrency wallets have also been making it easier for users to earn interest on DeFi platform, with Coinbase wallet integrating support for these project late last month.

Featured image via Pixabay.