EOS Network reveals liquidity reward and security schemes
The EOS Network Foundation (ENF), the new entity commissioned by the EOS community to develop its core blockchain software, has announced a new roadmap for the EOS community.
The EOS ecosystem is undergoing significant changes, said Yves La Rose, Executive Director and Founder, while discussing two new initiatives dubbed Recover+ and Yield+.
Yield+ is an EOSIO working group and community initiative that was launched to help grow the EOS DeFi ecosystem, increase the total value locked in EOS DeFi, and increase the opportunities for users to profit from their EOSIO assets.
The purpose of this liquidity incentive and reward program is to incentivize DeFi applications to join the EOS network. With this move, EOS joins the ranks of its major blockchain competitors in the DeFi space, including big names such as Ethereum (ETH), Solana (SOL), and Cardano (ADA).
Meanwhile, Recover+ aims to help the EOS community establish a formalized process for responding to hacking incidents. By improving communication between leading EOS block producers and project developers, Recover+ will create a safer and more reliable business environment for businesses that rely on the EOS network.
Two issues have plagued DeFi: lack of sustainability and lack of security.
BILLIONS have been lost due to mining or hacking of DeFi projects.
— Yves La Rose (@BigBeardSamurai) July 26, 2022
Recover+ is touted as an asset recovery framework and coordination hub to combat hacks and exploits. The initiative was launched with the aim of laying the foundation for Yield+ as an incentive program to encourage people to put in more cash, thus increasing TVL and reducing the risk of market manipulation.
These milestones come at a time when 2022 is on track to be crypto’s biggest year on record, according to blockchain intelligence firm Chainalysis. In the first 10 days of October alone, nearly $720 million was stolen from decentralized finance protocols.
At this rate, 2022 will likely overtake 2021 as the biggest hacking year on record. So far hackers have brought in over $3 billion through 125 hacks.
EOS, Telos, WAX and UX Network came together earlier this year to take control of the development of the EOSIO protocol base code that underpins each of these blockchains. As part of their alliance, the coalition will lead the dedication of the Antelope community-run blockchain protocol.
The four blockchains based on the EOSIO protocol have their own focus areas and are ready to compete in various fields. However, the group as a whole is focusing on areas where the chains overlap and the incentives are positioned to accelerate the development of the core protocol.