EOS price turns bullish following EVM launch

EOS blockchain just recently revealed strategies to incentivize its designer neighborhood in anticipation of the launch of the Ethereum Virtual Device (EVM), set up for next month.

The rate of EOS has actually increased by almost 8% in the previous week.

EOS to provide $50,000 in rewards ahead of EVM launch

The EOS blockchain, introduced in 2018 is intending to return to the top once again after stopping working to measure up to its buzz for many years.

According to CEO Yves La Rose, the EOS Network structure is preparing an arranged upgrade of its agreement system, the Ethereum Virtual Device (EVM) service on April 14, 2023.

An Ethereum Virtual Device or EVM is software application that makes clever agreements work, and watches on the state of the Ethereum network. EVMs enable designers to construct dApps flawlessly.

EOS rate acquiring momentum

EOS was considered among the tier 1 tasks when it introduced in 2018.

It started with a blast with its preliminary coin offering producing $4 billion and even reaching a $14 billion market cap peak at $22.71 on April 29, 2018. Regrettably, the task started to lose momentum and has actually stopped working to reach its high capacity ever since.

Per the statement by Rose, the EVM mainnet is slated for April 14 2023, and a reward project to construct EVM-compatible applications will begin, with rewards varying from $5,000 to $50,000.

The news of the EVM upgrades on the EOS blockchain is having a favorable influence on the rate of EOS tokens. According to information offered on Coingecko, the rate of EOS has actually increased by 7.8% in the previous 7 days, reaching a high of $1.25 on March 4.

Nevertheless, at the time of composing, EOS is down by 2.8% in the 24-hour timeframe, hovering around the $1.21 rate location, with a trading volume of $179,238,026. This represents a 94.70% drop from its all-time high of $22.71 reached in April 2018.