The total locked EOS value is up 273% and is on the verge of hitting the $300 million mark
EOS was one of the best performing platforms in February with a 273% increase in Total Value Locked (TVL).
Launched in June 2018, EOS.io (EOS) is an open-source blockchain platform that claims to eliminate transaction fees while helping developers, businesses, and investors build decentralized applications.
EOS Network’s TVL is up 23.3 million as of March 1st, 8.9% higher than February 2022.
While February didn’t garner much favor for blockchain protocols, companies like EOS and Theta Network posted impressive gains. Theta achieved a relatively higher percentage change than the EOS network with a TVL of $212 million.
At the end of the month, EOS TVL was at $259.94 million.
The number under $300 million is relatively small in today’s market with billions of dollars in Klaytn (KLAY), Polkadot (DOT), Cronos (CRO), Fantom (FTM), Binance Smart Chain (BNB), Ethereum (ETH) and Waves are locked (WAVES), Osmosis (OSMO) and Terra (LUNA).
EOS reaches new milestones in October 2021
As one of the breakthrough blockchain technologies based on smart contracts, data aggregation platform DeFillama started tracking EOS TVL last September.
As reported in September, its TVL was $140.41 but fell to $117.46 million by the end of the third quarter of 2021.
Over the next month, TVL hit amazing numbers, growing 58% in 24 days. With a 45% increase in just 24 hours, EOS’ TVL went from $185 million on Oct. 24 to $270 million the next day.
With a slight gain of 2%, the platform reached a new all-time high TVL of $277.28 million on 11/10/2021, thanks to a bullish engulfing candle in the crypto financial markets for tokens and dApp.
The subsequent steep drop in TVL took total liquidity to $113.03 million by the end of 2021.
After opening at $112.15 million on the first day of 2022, the platform’s TVL fell 39% on January 31, 2022 to $68.06 million.
TVL reached nearly $300 million in March 2022
Russia’s unprovoked invasion of Ukraine in February certainly does not bode well for digital assets, although the community is coming together to support the shipment of resources to Ukraine.
On the day of the invasion, EOS opened at $2.11, hitting an intraday high of $2.12 and falling 11% to an intraday low of $1.87. The selling pressure was evident in the high monthly trading volume of $734 million recorded during the day.
EOS/USDT chart. Source: TradingView
After ending just under $260 million in late February, 24-hour TVL grew to around $283.24 million on March 1, marking a gradual break of the $300 million mark.
Overall, the monthly percentage change in TVL EOS is 274% at press time.
EOS REX and DeFiBox increase TVL?
Some projects don’t seem to contribute much to the success of EOS. Among them are BetHash, NewDex, Sportbet, TrustDice and Equilbalance-EOSDT.
With this in mind, EOS REX ($128 million) and DeFiBox ($53.73 million) were the projects that brought the most TVL to this blockchain platform during the boom period. These dapps are decentralized lending apps that have become increasingly popular in recent months due to their ability to provide decent recurring returns.
EOS developer activity continues to boom
In a market with more than 17,000 crypto projects racing for the same virtual numbers, the EOS network continues to see consistent developer activity over time.
Source: San base
With several projects in development, deploying more DApps in this ecosystem will result in a significant increase in TVL.
Join Bitcoin Magazine Telegram to follow news and comment on this article: https://t.me/coincunews
According to beincrypto