It’s been two years since the EOS platform debuted, and it’s been two solid years of operation since the mainnet was released. Brendan Blumer, the CEO of the company behind EOS, Block.one, went to Twitter a few hours ago to celebrate the crypto project’s two-year anniversary.
In his tweet, Blumer noted that he is grateful to be part of the team behind EOS, which he describes as “the best performing and best aligned public blockchain”. Blumer believes this year will be the best year yet for EOS. “I’m so excited that I can’t even think clearly!” he added.
I’m so excited that I can’t even think clearly!
– Brendan Blumer (@BrendanBlumer) June 2, 2020
While EOS investors would have hoped the asset would have risen in price by today’s second anniversary, its performance has been fairly calm. The anniversary didn’t even spark much recognition from mainstream crypto media – possibly due to EOS’s poor performance lately.
EOS is currently worth $ 2.66, up 1.7% year-to-date. With these meager profits, EOS is certainly the worst performing cryptocurrency among the top ten cryptos. This performance is especially alarming when compared to the returns registered by other competing cryptos. For example, Ethereum is up 78.7% since the start of the year.
During the March crash, EOS fell over 70% to just $ 1.28. The cryptocurrency rebounded over 100% during a market-wide rebound. However, the weak fundamentals and the controversy surrounding it have kept it from holding a meaningful rally. In this case, the EOS blockchain was accused of centralization several times. The US-based research company Weiss crypto Ratings even downgraded its technology score twice due to the aforementioned concerns about centralization.
Block.one was recently hit by a massive lawsuit that exacerbated the situation.
Block.one’s legal issues
EOS’s bullish fall is further weakened as Block.one forges into a legal crosshair. At the end of May, the Crypto Assets Opportunity Fund (CAOF), together with investor Johnny Hong, initiated a class action lawsuit against Block.one, CEO Brendan Blumer, CTO Dan Larimer, former partner Ian Grigg and former chief strategy officer Brock Pierce.
The lawsuit alleged that the defendant artificially pumped EOS’s price during its first coin offering (ICO), which grossed over $ 4 billion in a year. The plaintiff also accused the defendant of violating the United States Securities Act by selling EOS as an unregistered security.
The plaintiff concludes by stating that Block.one failed to deliver on its core promise of decentralization despite having had the opportunity to create a decentralized blockchain. According to the lawsuit, this had a negative impact on the price of EOS and subsequently hurt the coin’s investors.
It remains to be seen whether 2020 will be the best year so far for EOS. The crypto asset is now the ninth largest crypto currency on CoinMarketCap.