BlockOne Attempts to Revive EOS network with Transfer of $210M to Helios

BlockOne Attempts to Revive EOS network with Transfer of $210M to Helios

EOS has been one of the worst-performing crypto-asset of this year. But to foster its network growth, BlockOne has come up with a new plan that comes in the midst of scathing attacks on the company.

Saying ‘BlockОne’s relationship with EOS has been mired with controversy’ is an understatement. As a result of continued backlash from the community, EOS has not only fallen from the top 10 cryptocurrencies by market cap, it now stood at the 44th spot. But the blockchain company behind its inception, BlockОne, has a plan that involves transferring 45 million EOS tokens to Helios.

Is BlockОne’s plans to rescue EOS a bit too late?

The announcement stated that BlockОne has agreed to transfer 45 million EOS (approximately $209 million) on November 8th after looking through many ways where it can leverage its token holdings to foster the network’s growth.

The company added that it is now looking at a series of transactions in an attempt to “empower the EOS network” and target new participants while exploring fresh opportunities, kicking-off new decentralized governance initiatives, and ramping up the liquidity of EOS-powered projects.

Helios, which happens to be led by former actor and crypto proponent Brock Pierce, has some plans to revive the network. While it is still early to say if the latest move will resuscitate the community’s confidence, Helios promises to have a few plans up its sleeves.

For one, the organization plans to roll out an EOS Venture Capital fund. It also aims to support the development of institutional-grade financial products based on EOS.

Besides, supporting the creation of necessary infrastructure, tooling, and documentation for EOS developers are also included on its roadmap. In addition to that, the platform will also focus on organizing community events surrounding awareness, networking, and expanding viability.

Battle Between BlockOne and EOS Community

Accusations about the EOS project being plagued by centralization have prompted a significant decline in the network’s activity. Around this time last year, EOS was the world’s seventh-largest blockchain by market value. Since then, a lot has changed.

BlockOne’s decision to transfer millions of funds comes less than a week after Yves La Rose, the Founder of the EOS Network Foundation, attacked the former developer for moving away from wanting to contribute to the EOS ecosystem. La Rose didn’t sugarcoat words when he claimed that “EOS is a failure” while speaking about the dwindling market cap as well as the value of the token.

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