Research Summary
The report provides a comprehensive analysis of the EOS ecosystem, highlighting its performance in Q4 2023. It covers key metrics such as transaction volumes, DeFi Total Value Locked (TVL), and daily active addresses. The report also discusses the impact of partnerships, grants, and investments facilitated by the EOS Network Foundation (ENF), EOS Network Ventures (ENV), and EOS Labs.
Key Takeaways
EOS Ecosystem Performance
- Significant Transaction Volumes: EOS Native and EOS EVM platforms experienced high transaction volumes in December, with EOS Native recording nearly 14.9 million transactions on December 11 and EOS EVM seeing almost 17.7 million transactions on December 10.
- DeFi TVL Growth: The DeFi Total Value Locked (TVL) on EOS EVM, which had dropped by 93% in Q3, rebounded with a growth of almost 3,000% quarter-over-quarter, reaching $2.2 million. This growth was partly fueled by the integration of USDT into the EOS Trustless Bridge in mid-October.
- Upland’s Success: Upland, a virtual property game on the EOS Native platform, successfully raised $7 million in funding, with EOS Network Ventures leading the round. With an average of 21,000 daily active addresses, Upland emerged as the most popular application on EOS Native in Q4.
- EOS Market Cap: The crypto market’s recovery in Q4’23 also benefited EOS, with its circulating market cap rising by 49% quarter-over-quarter to $951 million, although its market cap rank dropped from 55th to 74th.
- EOS Revenue Increase: Onchain EOS activity surged in Q4, particularly in December, leading to a 222% quarter-over-quarter increase in total EOS revenue, amounting to 78,000 $EOS ($61,000).
Actionable Insights
- Monitor EOS Ecosystem’s Growth: The significant growth in transaction volumes and DeFi TVL on EOS platforms indicates a thriving ecosystem. Stakeholders should keep a close eye on these metrics to understand the network’s performance and potential.
- Assess Impact of Partnerships and Investments: The EOS ecosystem has seen development through partnerships, grants, and investments facilitated by the ENF, ENV, and EOS Labs. Evaluating the impact of these collaborations can provide insights into the network’s growth strategy and future potential.
- Understand EOS’s Unique Resource Model: EOS’s unique resource model, which separates bandwidth and storage costs, allows users to utilize the Resource Exchange (REX) to pay for increased bandwidth and trade storage resources. Understanding this model can provide insights into the network’s user experience and potential advantages over other blockchain platforms.
