EOS price jumps 20% for biggest gain in 15 months — what's fueling the uptrend?
EOS rose approximately 20% to reach $1.66 on Aug. 17 and was on track to log its best daily performance since May 2021.
Initially, the EOS rally came in the wake of its positive correlation with top-ranking cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH), which gained over 2% and 3.75%, respectively. But the upside move was also driven by a flurry of uplifting updates emerging from the EOS ecosystem.
On Aug. 14, the EOS Network Foundation (ENF), a not-for-profit organization that oversees the growth and development of the EOS blockchain, opened registrations for its upcoming "Yield+" incentive program.
The Yield+ is a liquidity incentive and reward program to attract DeFi applications that generate returns for their users. In doing so, the service attempts to compete with its top blockchain rivals in the DeFi space, namely Ethereum, Cardano (ADA), and Solana (SOL).
Since the beginning of Yield+ registration, the total value locked (TVL) inside the EOS pools has increased from 94.71 EOS to 102.18 EOS, showing a temporary spike in demand for the tokens. The TVL will likely increase in the days leading up to the reward activation on Aug. 28.
The Yield+ Launch Is Imminent!Designed to build economic activity on $EOS through incentivizing DeFi dApps that increase TVL and generate yield.August 14th — Registration opensAugust 28th — Rewards for TVL beginGet all the details here:➡️ https://t.co/fFOZCOEG4y ⬅️ https://t.co/b6q4Xmlay7 pic.twitter.com/ePZPkEiu4I
In addition, EOS will rebrand to EOSIO later this week, followed by a v3.1 consensus upgrade called Mandel in September, according to Yves La Rose, the CEO of ENF.
The rebranding and upgrade serve as EOS's symbolic divorce from Block.One, the company that originally designed
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