EOS rate rises by 6,7% following news of the partnership with DWF Labs

The company will allocate $60 million to support blockchain and projects based on it

13.04.2023 - 14:05

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3 min

What’s new? The rate of the native token of the EOS blockchain has increased by 6,71% in 24 hours and reached its highest point in the last month. On April 13, the asset was trading at $1271 on the Binance crypto exchange. The sharp growth occurred amid the news about the partnership of the EOS Network Foundation (ENF) with DWF Labs, in which the project will receive investments of $60 million.

Announcement of the partnership on the Cointelegraph website

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 buy computing resources when launching decentralized applications (DApps).

Details on the partnership. DWF Labs, a digital asset development and Web 3.0 investment firm, will provide $45 million to buy EOS tokens and another $15 million to fund projects based on the EOS blockchain to accelerate its growth and adoption.

ENF is developing EOS, and coordinating its support and funding. The partnership with DWF Labs was announced amid the approaching launch date of the beta version of the EOS Ethereum Virtual Machine (EVM), which will outperform its closest competitors by several times in terms of data exchange speed. The parties plan to work jointly to unlock the potential of EOS in the blockchain ecosystem and Web 3.0 space.

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The EOS team announced a full resurgence of network activity and growth with planned broad application developer support in early March.

Also in April, DWF Labs led a funding round for the CryptoGPT blockchain, focused on data monetization. The company estimated the project at $250 million. And last year, DWF Labs allocated $10 million for the development of the TON blockchain.

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