EOS increases more than 100% after the proposed increase in staking rewards
As the blockchain space is constantly evolving, occasional log updates are required 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% after a recent protocol upgrade that increased the project’s rate of inflation.
EOS / USDT 4 hour chart. Source: TradingView
Data from TradingView shows that after hitting a low of $ 6.18 on May 5th, EOS price rose more than 100% to a midday high of $ 15 billion in 24 hours on May 6th Rose $ 12.85.
Protocol upgrade increases rewards for EOS stakers
According to the official EOS Twitter account, the main developments on the network over the past month have been related to resource allocation and staking rewards.
One report Recently commissioned by Block.one, it was concluded that the protocol would have to increase the inflation rate from the current 1% to a rate between 1.2% and 3.8% in order to provide financial incentive for voters of Tri and To increase block producers.
While the community has yet to determine the exact extent of the spike in inflation, the prospect of higher returns for community involvement has helped spark more excitement in the project.
A second major development for the protocol is the EOS PowerUp model, which allows users to pay fees to activate their accounts for network transactions for 24 hours instead of paying transaction fees for each transaction.
The PowerUP model offers EOS token holders another way to benefit by depositing unused EOS tokens to receive a percentage of all network generated “power-up” fees.
This is becoming more and more attractive as most traders are looking for ways to avoid high transaction fees and network congestion on the Ethereum (ETH) network.
As the entire crypto market heats up and projects from the 2016 era like Litecoin (LTC) and Ethereum Classic (ETC) hit new highs, EOS is a large-cap blockchain project that could continue to benefit if the cryptocurrency bull market develops.
Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
According to Cointelegraph