- With increased DeFi hacks, DeFi protocols need to evolve, and EOS might have the solution.
- In DeFi, hacks are more a question of when and not if, so in a decentralized protocol, awareness and fast reaction are basically the only real tools you can use.
The EOS Network Foundation (ENF), a non-profit organization that focuses on the EOS Network, through Yves La Rose, the Executive Director, and Founder, has announced a new roadmap for the EOS community. The EOS Network now takes pride in two initiatives dubbed Recover+ and Yield+. With these two, the EOS ecosystem anticipates attracting more DeFi developers and investors. Thereby competing favorably with leading blockchains in total value locked (TVL).
According to analytics data provided by defillama, the EOS network ranks 26 by total value locked with approximately $96.74M. However, the EOS network is lagging behind leading blockchains like Ethererum, Binance, Tron, and Avalanche, which have $31B, $5.38B, $5.65B, and $1.41B, respectively.
The decentralization aspect of blockchain has significantly been harnessed through the DeFi ecosystem. As such, most blockchains have dedicated much focus to the DeFi ecosystem. Furthermore, the DeFi ecosystem has proved to be critical support for Web3 development.
EOS launches Yield+ and Recover+ to increase onchain activity
Chainalysis just announced that October 2022 saw “the biggest month in the biggest year ever for hacking activity”. Without any doubt, DeFi protocols need to evolve, and EOS might have the solution.
Yves La Rose just posted EOS’s new roadmap and announced Yield+ and Recover+ as the evolution of DeFi to 3.0.
Two issues have plagued DeFi: lack of sustainability and lack of safety.
BILLIONS have been lost due to DeFi projects being exploited or hacked.
That’s why the @EOSNFoundation asked some of the smartest minds in DeFi to try to solve these problems.https://t.co/MVPqvVKzmh
— Yves La Rose (@BigBeardSamurai) July 26, 2022
In DeFi, hacks are more a question of when and not if, so in a decentralized protocol, awareness and fast reaction are basically the only real tools you can use. Recover+ is an asset recovery framework and a coordination hub to tackle hacks and exploits.
“The Recover+ initiative was launched with the aim of laying the foundations needed for building a better future for individual projects, white-hat hackers, and the EOS network itself. A future that thrives and is free from the constant fear of smart contract vulnerabilities,” the ENF previously noted.
The second tool that is dubbed Yield+ is only meant for people that are eligible for Recover+. This is meant to ensure accountability and safety in the DeFi to enhance future growth prospects.
Yield+ is an incentive program to encourage people to put more liquidity, therefore ramping up the TVL and lowering the risks for market manipulations.
Market outlook
Blockchain technology has significantly been adopted through the smart contract and DeFi ecosystem. Businesses around the world are shifting towards the blockchain and cryptocurrency market to ramp up productivity.
The EOS ecosystem is competing with hundreds of blockchains for the same consumers in the global markets. As such, improving its system security features and incentives program is key to its future success.
According to our market data, the EOS token is trading at $1.03, down approximately 77 percent in the past year. The EOS network has a market capitalization of approximately $1 billion.
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