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EOS (EOS) Suddenly up 9% as Market Dips, This Might Be Reason

Fri, 03/03/2023 - 12:45
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Tomiwabold Olajide
EOS EVM mainnet beta expected to launch on April 14
EOS (EOS) Suddenly up 9% as Market Dips, This Might Be Reason
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EOS, the native crypto asset of the EOS blockchain, suddenly jumped nearly 8% as the entire market dipped. At the time of writing, EOS was up 9% in the last 24 hours at $1.27. The token is also outperforming weekly, up 8.70% in the past seven days.

In the last 24 hours, EOS trading volume has risen by a whopping 213%.

Bitcoin and the rest of the crypto market suffered losses early Friday, triggered by concerns about crypto-friendly bank Silvergate.

This is in response to fears that the crisis at the bank that is known to help market participants and exchanges transfer funds may deepen the liquidity crunch on the cryptocurrency market.

This comes after most exchanges on Thursday stated that they would no longer be conducting business with the embattled bank.

EOS releases timeline for EVM deployment

The EOS EVM mainnet beta is expected to launch on April 14, Yves La Rose, CEO of the EOS Foundation, stated in a recent tweet.

"The Mainnet Beta being released on April 14th will be version 0.4 of EOS EVM, and we'll continue rolling out updates and improvements in the weeks and months to follow," La Rose stated.

On March 27, the final testnet of the EOS EVM is scheduled to go live. The launch of the EVM, which has been in the works for over a year, represents an important milestone for EOS and the broader Web3 space.

The EVM hopes to combine the performance of EOS with the familiarity of Ethereum. Also, funding has been announced for developers who wish to build on the EVM platform, which might lead to its adoption.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.