The proof-of-stake blockchain, EOS, revealed its new branding on Wednesday, 17 August 2022, as the project moves to distance itself from the previous developer, Block.one.

According to a Wednesday tweet from the EOS Network Foundation, the long-awaited EOS rebrand was imminent and scheduled for 16:00 UTC Wednesday, 17 August 2022. 

 On 15 August, the Foundation’s CEO, Yves La Rose, had hinted that the EOS rebrand would launch “this week”, but it was only after the EOS Network Foundation’s tweet that the EOS community confirmed the rebrand and entered a buying frenzy. As a result, the EOS price surged by over 24%  in just a few hours, making it one of the best-performing crypto tokens during the 16-17th August 2022 period, according to Coingecko.

price chart for eos

Why does the EOS Network Foundation want to rebrand?

rebrand graphic to capture EOS rebrand

EOS was one of the top crypto projects during the ICO era after raising a record-breaking $4 billion through its initial coin offering. However, over the years, the protocol has faced consistent criticism after failing to deliver the promises it assured its community. 

The EOS token has also underperformed most of the other layer 1 blockchains, and it has never broken its 2018 ATH despite the November 2021 bull run. Moreover, although the project has attracted some prominent backers like Peter Thiel, the co-founder of PayPal, internal disagreement between its developer team, Block.one and the non-profit EOS Foundation has weighed down the project.

However, under the new leadership of La Rose, the EOS Foundation has been working on severing ties with Block.one. According to La Rose, much of the developmental delays and struggles have been caused by Block.one. 

In February 2022, La Rose announced that the Foundation was going to seek legal counsel against Block.one on the grounds that Block.one had neglected its duties and was involved in some fraudulent cases. The EOS community also unanimously voted in late 2021 against issues vested EOS to Block.one, claiming the company failed to deliver the promises they had made to EOS.

EOS Rebrand is the Foundation Of a New Chapter

new chapter on type writer

Now, the EOS foundation is gearing up to enter what La Rose calls “A new chapter.” The EOS Foundation aims to rebrand itself under a new name to distance itself from Block.one. Additionally, the EOS plans to hard fork the EOS codebase on September 2022, a necessary step to transfer the project’s ownership from Block.one and other affiliated companies. 

“This marks the end of a turbulent journey from a codebase controlled by a toxic entity to a truly decentralized and open source project”, La Rose added on a Monday Tweet while explaining the rebrand and hard fork.

The EOS Foundation also plans to introduce an incentive program, the Yield+ incentive program. Through the program. The Foundation plans to attract DeFi applications and generate returns for their users. In doing so, it plans to take on other DeFi protocols such as Ethereum, Cardano and Solana. 

With the current saturation of Layer 1 blockchains in 2022, EOS will have a slightly tricky time positioning itself as a leader in the blockchain space.