Research Summary
This report provides a comprehensive analysis of the EOS ecosystem, highlighting key developments, performance metrics, and future prospects. It covers the roles of EOS Labs, ENF, and ENV in EOS development, the decrease in average daily new addresses, the decline in DeFi TVL on the EOS EVM, and the upcoming Antelope Leap 5.0 upgrade.
Key Takeaways
EOS Ecosystem and Key Players
- EOS Labs, ENF, and ENV: These independent third parties contribute significantly to EOS development and growth. EOS Labs focuses on the application layer, fulfilling incubator and builder roles.
- EOS Network Foundation: The non-profit ENF led a community-led effort to prevent further decay of the EOS ecosystem and protocol codebase.
- EOS Network Ventures and EOS Labs: Founded in August 2023, these entities contribute to EOS protocol and ecosystem development.
EOS Performance Metrics
- Decrease in New Addresses: Average daily new addresses decreased by 50% QoQ to 652, but these addresses had a higher participation rate in the ecosystem upon joining.
- EOS Revenue: Defined as the fees collected by EOS’s Resource Exchange (REX), total quarterly revenue increased 2% QoQ to 24,000 $EOS ($16,000).
- EOS Validators: At the end of Q3’23, there were 63 validators earning validator rewards, funded by 1% annual inflation.
EOS DeFi and DEX Performance
- DeFi TVL on EOS EVM: This decreased 92% QoQ to $72,000 due to a large withdrawal from DEX Noah Swap.
- Average Daily DEX Volume: On EOS native, this decreased by 12% QoQ to $435,000.
- EOS EVM’s DeFi TVL: This decreased 92% QoQ to $72,000, with Noah Swap remaining the top EOS EVM protocol by TVL at $63,000.
EOS Upcoming Developments
- Antelope Leap 5.0 Upgrade: This will implement a modified variant of HotStuff, expand the validator count beyond 21, bring near-instant finality, and separate the responsibilities of a validator into three roles.
- EVM V0.6.0 Upgrade: This will enable USDT transfers in the trustless bridge, benefiting the EOS EVM’s DeFi ecosystem.
- EOS EVM Incentive Program: Launched to attract more developers to the EVM by offering grants.
Actionable Insights
- Monitor EOS Labs, ENF, and ENV: These entities are key drivers of growth in the EOS ecosystem. Their initiatives and strategies could significantly impact EOS’s future trajectory.
- Assess the Impact of Upcoming Upgrades: The Antelope Leap 5.0 and EVM V0.6.0 upgrades could bring significant changes to the EOS ecosystem. Their successful implementation could enhance EOS’s performance and attract more participants.
- Investigate the Potential of the EOS EVM Incentive Program: This program could attract more developers to the EOS EVM, potentially leading to increased activity and innovation in the ecosystem.
