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 price of EOS has increased by nearly 8% in the past week.
EOS to give $50,000 in incentives ahead of EVM launch
The EOS blockchain, launched in 2018 is aiming to go back to the top again after failing to live up to its hype 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 keeps an eye on the state of the Ethereum network. EVMs allow developers to build dApps seamlessly.
EOS price gaining momentum
EOS was regarded as one of the tier 1 projects when it launched in 2018.
It started off with a blast with its initial coin offering generating $4 billion and even reaching a $14 billion market cap peak at $22.71 on April 29, 2018. Unfortunately, the project began to lose momentum and has failed to reach its high potential since then.
Per the announcement by Rose, the EVM mainnet is slated for April 14 2023, and an incentive campaign to build EVM-compatible applications will kick off, with prizes ranging from $5,000 to $50,000.
The news of the EVM upgrades 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 has increased by 7.8% in the past seven days, reaching a high of $1.25 on March 4.
However, at the time of writing, EOS is down by 2.8% in the 24-hour timeframe, 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.