The native token of the EOS Network recorded a strong bullish momentum amid the network’s rebranding to Vaulta.
By Wahid Pessarlay
Updated
3 mins read
EOS Network, an open-source blockchain system originally developed in 2018 to offer high scalability and security, announced its rebranding to Vaulta on March 18.
With this shift, Vaulta will focus on Web3 banking, according to an official press release. The strategic rebranding is expected to be completed by the end of May 2025.
In the first press release, Vaulta claims that the new platform will have a new token. In another statement, it says that EOS Network’s native digital asset EOS EOS $0.60 24h volatility: 1.0% Market cap: $915.69 M Vol. 24h: $160.58 M will be transitioned into the Vaulta token since EOS has already been listed on over 137 exchanges, including the leading platforms like Binance, Bybit and Coinbase, to name a few.
Moreover, Vaulta will also establish the Vaulta Banking Advisory Council to help with achieving the company’s goals in the Web3 banking sector.
Four of the most notable services that will be offered by Vaulta are wealth management, consumer payments, portfolio management and insurance.
In December 2024, EOS Network joined forces with Ceffu, Binance’s institutional custody partner, to combine the utility of decentralized finance with the facilities of centralized exchanges. They called it the “CeDeFi” solution.
In the latest press release, Ceffu has been named as a key partner in assisting Vaulta to reach its goals.
Vaulta will also inherit EOS Network’s infrastructure which has been built for decentralized data management, scalable systems and low-cost transactions. The integration of exSat, a digital banking solution for Bitcoin, will remain intact to complement Vaulta’s new Web3 banking system.
EOS was one of the leading projects in the crypto ecosystem for several years. It even reached a market cap of $18 billion in late April 2018, entering the top five cryptos list amid the Initial Coin Offering boom. Some even called it the “Ethereum Killer.”
However, EOS’ steady decline came after the block producers froze 34 accounts right after its mainnet launch in June 2018, claiming they were suspected of stolen funds while Block.one, the company behind EOS, offered no proof. Some users also complained about the lack of support.
This triggered massive outrage among investors. Consequently, EOS plunged to $1.8 by the end of 2018. Despite a few comebacks, EOS fell even deeper to an all-time low of $0.40 in November 2024.
With the latest rebranding announcement, EOS gained 25%, reaching a local high of $0.65 earlier today. The token is still down by 97.3% from its all-time high of $22.89 on April 29, 2018.
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Wahid has been analyzing and reporting on the latest trends in the decentralized ecosystem since 2019. He has over 4,000 articles to his name and his work has been featured on some of the leading outlets including Yahoo Finance, Investing.com, Cointelegraph, and Benzinga. Other than reporting, Wahid likes to connect the dots between DeFi and macro on his newsletter, On-chain Monk.