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- According to data from Messari, the EOS network has experienced major setbacks since the launch of the EOS EVM.
- The network remains committed to funding GameFi and EVM-based projects, despite the network’s market cap dropping by a whopping 43%.
Like many other blockchains, the EOS blockchain network has faced a lot of setback since the start of the year. As Q3 draws near, new research reveals the network’s current position.
According to a recent research conducted by Messari Research, the EOS network initially reflected growth and increased network adoption earlier on. However, the network has unfortunately continued to underperform since the second quarter of the year.
In a series of tweets, Messari highlighted some of the key metrics reflecting the current state of the EOS network.
The EOS network launched the EVM execution environment back in April. The EOS EVM, an EVM execution environment, accumulated more than $1 million in Transaction volume. The network also averaged 5,100 daily transactions after the launch.
However, activity on EOS EVM has since dropped, as the average daily new addresses drop to an average of 316.
As Messari further stated ;
“Since launch [of EOS EVM]4.3 million $EOS was bridged to the EVM by 616 unique addresses. Only 1.4 million EOS was bridged back from the EVM, indicating a net inflow of almost 3 million EOS via the EOS native <> EVM bridge. In USD terms, the EVM had a net inflow from EOS native of over $3 million. However, almost 2 million of the EOS bridged to the EVM came from one address on May 5.” The address exploited a DeFi protocol before transferring stolen funds to thousands of addresses on the EVM.
EOS’s market cap drops below the $1 billion mark
Additionally, total addresses active in Q2’23 decreased 57% QoQ to 350,000. 42% of these addresses were only active for a day, while 75% were only active for 4 days. The EOS network also saw a significant decline in its market capitalization. EOS’ market cap dropped by 43%, QoQ to $740 million. This moved it from the 42nd spot to the 49th position.
Despite the hindrances recorded on the EOS network, the platform is still focused on advancing GameFi and EVM-based projects. Within the 1st and 2nd quarters of 2023, EOS Network Ventures (ENV) deployed a staggering $5.4 million of its $20 million fund. The EOS Network Foundation (ENF) further threw $158,000 to Pomelo match contributions to projects within those categories.
Meanwhile, the EOS token has managed to remain in the green zone this week. Holding the spot as the 47th most valued asset by market capitalization, altcoin has ushered in some gains over the past week. While other rival altcoins struggle to remain afloat, EOS is up by 1.17% in the last hour. According to our data, EOS is now trading at a press time price of $0.7305.
