As the blockchain sector evolves, occasional log updates are needed to ensure projects stay up to date with the latest developments and provide users with the best possible user experience.
Since May 5, EOS price has risen more than 100% following a recent protocol upgrade that increases the project’s rate of inflation.
EOS / USDT 4 hour chart. Source: TradingView
Data from Cointelegraph Markets Pro and TradingView show that EOS price was catapulted more than 100% from a low of $ 6.18 on May 5th to a midday high of $ 12.85 on May 6th, thanks to a record high of $ 15 Billion USD within 24 hours of trading volume.
The protocol upgrade increases the rewards for EOS stakers
According to the EOS Twitter feed, the major developments for the network over the past month have been related to resource allocation and the use of rewards.
A recent report commissioned by Block.one concluded that the protocol needs to increase the inflation rate from the current 1% to 1.2% to 3.8% in order to increase financial incentives for voters and block producers.
An EOS Staking Rewards model commissioned by @block_one_ + @moore_chaney interviews @rschlesinger for the @cryptowriter_ podcast https://t.co/psIFnzL9Xj@BrendanBlumer @ bytemaster7 @EOS_Nation @EverythingEOSio #EOS #EOSIO
– EOSwriter (@eoswriter) May 2, 2021
While the community has yet to agree on the exact level of inflation, the prospect of higher returns for community involvement will create more excitement in the project.
A second major development for the protocol is the EOS PowerUp model, which allows users to pay a fee to activate their account 24 hours a day for transactions on the network instead of paying a transaction fee for each transaction.
The PowerUP model offers EOS token holders another way to earn a return by depositing unused EOS tokens in order to receive a percentage of all network-generated activation fees.
This has become an increasingly attractive option as most traders are looking for ways to avoid the high transaction fees and network congestion on the Ethereum (ETH) network.
Cointelegraph Markets Pro’s VORTECS ™ data identified an optimistic outlook for EOS on May 4th ahead of the recent price hike.
The VORTECS ™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points such as market sentiment, trading volume, recent price movements and Twitter activity.
VORTECS ™ Score (green) vs. EOS price. Source: Cointelegraph Markets Pro
As can be seen in the table above, the VORTECS ™ Score for EOS was in the yellow zone for the first few days of May before moving into the green zone and a high score of 68 on May 4th. This was just an hour before EOS price began to recover 100% over the next two days.
EOS is a large-cap blockchain project that could continue to benefit if the bull market for cryptocurrencies advances.
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