With more and more investors switching their attention to the blockchain sector, most projects issue regular protocol updates, in an attempt to remain up to date with the latest developments, while delivering a top user experience. And one of the tokens which recently went through this is EOS!
From May 5 to May 6, the coin’s price has rallied more than 100%, as an effect of a recent protocol update, which can increase the project’s inflation rate.
Before hitting a low of $6.18 on Wednesday, EOS’ price reached a mid-day high of $12.85 on May 6, following a 24-hour trading volume of $15 billion.
Bigger rewards for EOS stakers
Among those who will get the most benefits from the latest EOS protocol update are stakers, as new rewards will be in order.
According to a report from Block.one, it will be somehow mandatory for the protocol to increase its current rate of inflation, from 1% to 1.2% and 3.8%, in order to increase incentives for both voters and block producers.
However, even though the community doesn’t know the exact inflation rate, solely the prospect of higher rewards for the community helped EOS skyrocket this week!
Expect big things in the near future
Even though the new protocol was the one to spark interest, there’s a second major development in store, the EOS PowerUp model!
Specifically, we’re talking about a new way of paying to power up users’ accounts for 24 hours, in order to transact on the network. This is totally different from paying a transaction fee for each and every one like it’s currently done.
The PowerUp model is a very attractive option for both investors and traders, as they are looking for ways of avoiding increased transaction fees, but also the infamous network congestion on the Ethereum network.
We’re looking forward to observing how EOS will evolve and keep benefiting from the current cryptocurrency bull market.