• The EOS community has come together to stop ongoing payments to Block.one.
  • EOS members believe that Block.one has done little to support the blockchain network.
  • Block.one will no longer receive 67 million EOS tokens in the next six to seven years.

The EOS community has decided to halt ongoing payments to the company behind the blockchain’s network, Block.one. Through a super-majority consensus, the community claims that the firm is no longer acting in the network’s best interests.

EOS begins a new era

Block.one released the software for the EOS blockchain in 2018, running on delegated proof-of-stake by the top 21 producers, voted in by token holders. However, these 21 block producers could be voted out of power by token holders despite having combined control over the network. Block.one was originally set to receive 100 million EOS, worth roughly $375 million over ten years, about 10% of its total supply in return for supporting the blockchain.

However, the EOS community has been disappointed by the firm’s commitment toward the blockchain, providing few use-cases for it, according to the EOS network Foundation (ENF). 

La Rose, who formerly ran the EOS block producer, was appointed as the leader of the ENF and expressed his plans for the network in November. He stated that EOS had been let down by Block.one and the network needed another path to move forward. 

The ENF had been in discussions with Block.one, with the aim of getting hold of the EOS network’s intellectual property. However, the ENF was dissatisfied with the result, therefore the network’s block producers came together to halt ongoing payments to Block.one.

Around 67 million EOS tokens that were set to be distributed over the next six to seven years to Block.one will be stopped, as EOS claimed that the firm is no longer acting in the blockchain’s best interest.

The ENF stated that the EOS network has taken its future into its own hands by voting to fire Block.one, beginning a new era for the blockchain.

EOS price at risk of 53% decline

EOS price is on the edge of further losses as the token dropped below the symmetrical triangle’s lower boundary in late November on the daily chart. The prevailing chart pattern suggests a 60% decline from the downside trend line of the triangle toward $1.62.

The first line of defense for EOS is at the 78.6% Fibonacci retracement level at $3.05, then at the December 6 low at $2.81. An increase in selling pressure may see the token retest the December 4 low as support at $2.40 before reaching the bearish target.

EOSUSDT

EOS/USDT daily chart

If the bulls manage to reverse the period of underperformance, the first obstacle will appear at the 61.8% Fibonacci retracement level at $3.57, then at the 21-day Simple Moving Average (SMA) at $3.82. Bigger aspirations will target the 50% retracement level at $3.93.


Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Recommended content


Recommended Content

Editors’ Picks

Bitcoin punches new all-time high above $111,800 following brief shock from weak 20-year bond auction

Bitcoin punches new all-time high above $111,800 following brief shock from weak 20-year bond auction

Bitcoin (BTC) hit a new all-time high above $111,800 on Thursday, rebounding from a brief dip to $106,000. The surge followed weak demand in the US Treasury’s 20-year bond auction, which pushed yields above 5%, potentially shifting investor interest toward alternative assets like Bitcoin.

VeChain partners with Wanchain to launch cross-chain bridges to over 40 blockchains

VeChain partners with Wanchain to launch cross-chain bridges to over 40 blockchains

VeChain (VET) announced a strategic partnership with Wanchain on Wednesday to integrate cross-chain bridges connecting its VeChainThor blockchain to more than 40 other networks, including major chains like Bitcoin (BTC) and Ethereum (ETH).

Ethereum Price Forecast: ETH sees rising buying pressure as it recovers the $2,500 mark

Ethereum Price Forecast: ETH sees rising buying pressure as it recovers the $2,500 mark

Ethereum (ETH) saw a 2% gain in the early Asian session on Thursday, recovering the $2,500 key level after whales stepped on the gas with their buying pressure. Ethereum's supply on exchanges extended its decline to 18.73 million ETH on Wednesday.

WLD rallies as Worldcoin Foundation raises $135 million for network expansion

WLD rallies as Worldcoin Foundation raises $135 million for network expansion

WLD saw a 7% gain on Wednesday following an announcement from the World Foundation that it raised $135 million from token sales to expand its World network in the US and other regions.

Bitcoin: BTC stabilizes near $103,000 amid trade optimism, rising institutional demand

Bitcoin: BTC stabilizes near $103,000 amid trade optimism, rising institutional demand

Bitcoin (BTC) price stabilizes at around $103,000 when writing on Friday, after facing multiple rejections at the key $105,000 resistance level throughout the week.

The Best brokers to trade EUR/USD

The Best brokers to trade EUR/USD

SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.

BTC

ETH

XRP