The EOS Network has rebranded as Vaulta as it pivots toward Web3 banking.
EOS Network, which hosted the largest ICO ever raising $4 billion during the ICO boom, has changed its name to Vaulta to expand into Web3 banking services.
The company plans to complete the transition to Vaulta by the end of May, launching a new token and establishing the Vaulta Banking Advisory Council to guide its new direction, according to a March 18 statement.
In an additional statement, the firm announced that it would rebrand the EOS token as the Vaulta Token, keeping it available on almost 140 exchanges and introducing a swap portal in May.
The company stated that it would release details on the token’s ticker and technical features at a later stage.
By transitioning to Vaulta, the company will inherit EOS Network’s infrastructure, including its connection to the Bitcoin banking platform exSat. This move strengthens Vaulta’s BankingOS system, which delivers financial services through partnerships with Ceffu, Spirit Blockchain, and Blockchain Insurance Inc.
By rebranding as Vaulta, EOS Network is taking a new path, moving away from its initial launch in June 2018, which immense hype and a record-setting $4.1 billion ICO orchestrated by Block.one fueled.
For years after its introduction, EOS consistently ranked among the top 10 cryptocurrencies by market value.
Over time, EOS’s value steadily declined, and it now ranks 95th on CoinGecko, remaining within the top 100.
Different analysts have provided various explanations for EOS’s loss of momentum.
Some developers who worked on the network argue that Block.one’s lack of support and leadership prevented progress.
Some believe Block.one lost interest in EOS’s foundational technology after its $24 million SEC settlement in September 2019 and instead focused on projects like Voice, which shifted from a social app to an NFT marketplace, and the Bullish crypto exchange.
However, Yves La Rose, the founder and CEO of the EOS Network Foundation (ENF), stated that the EOS community took control because Block.one refused to fund the ecosystem after its 2018 ICO. In may 2023, EOS CEO called for legal action against Block.one.
La Rose emphasized that the EOS community had to build everything from scratch since they lacked control over any of the prior intellectual property.
He highlighted that years of capital scarcity had plagued the ecosystem, making it crucial to inject funds quickly and strategically.
However, the community needed to inject funds before establishing the processes and frameworks that guide decision-making.
When asked why he advised the community to reject Block.one’s settlement offer, La Rose argued that the proposed amount represented only “a tiny fraction of the $4.1 billion that Block.one raised from the community in its ICO sale.”
Additionally, he claimed that the settlement offer drastically fell short of the $1 billion that the blockchain firm had promised to inject into the EOS Network and community but never provided.
