EOS blockchain community has supported an 80% reduction in the overall supply

What’s new? The community of the EOS Network blockchain has endorsed the idea of limiting the supply of the native token EOS to 2,1 billion coins. The EOS Network Foundation, a non-profit organization created to support the project, will set this figure as the maximum supply limit and eliminate 80% of excess tokens.

Source: X.com

What else is known? Previously, the total issuance of the asset was limited to 10 billion coins. There are currently 1,15 billion EOS in circulation, which is 54% of the new maximum limit.

EOS Network Foundation CEO Yves La Rose said that network participants have reached a consensus on the tokenization change and the initiative will be gradually implemented in the coming months.

EOS is a blockchain with support for smart contracts and a Delegated Proof-of-Stake (DPoS) consensus mechanism. Launched in 2018, it raised $4 billion in an initial coin offering (ICO). The native token of the same name is needed to purchase computing resources when running decentralized applications (DApps).

Early last year, the EOS team began implementing La Rose’s plan to revitalize network activity and attract new developers to the ecosystem.

Support for the Ethereum Virtual Machine (EVM) was added, allowing EOS to create applications based on the Solidity programming language used by the Ethereum blockchain. It also launched a grant program for developers for amounts up to $50 000.

Last April, market maker DWF Labs invested $60 million in EOS, after which the project’s native token rate reached a local high. DWF allocated $45 million to buy EOS tokens, and another $15 million to fund ecosystem projects.

At the time of writing the news, EOS occupies the 106th place in the ranking of cryptocurrencies by market capitalization with a figure of over $937 million and is trading at $0,8134, having added 1,9% over the day. The asset lost 1,6% over the week, with a 16% gain over the past six months.

The total value locked (TVL) of the project is $123,39 million, more than halving from its early April value.

In 2022, Ethereum founder Vitalik Buterin called the EOS blockchain “ether on steroids.”