The Good and Bad of EOS Disruptive Turbulence
No, this is not EOSweekly. Though, given the magnitude of events over the past 24 hours, it’s hard avoiding a sort of update. Check out what’s been going on:
Multifaceted attack on eCurve/ETH-EOS bridge
Bullish EOS trading volume growing exponentially
All of the mainnet community developments
EOS among cryptos now accepted at a multibillion dollar grocery chain
THE HACK
According to a tweet by DAPP Account DAO, eCurve went live on March 15, 2021. The app leveraged an ETH-EOS bridge that garnered respect from the community. The attack itself was uncharacteristically robust for a crypto hack. It involved numerous token exchanges and lending instruments that specifically targeted eCurve/Pizza. Fairyproof Tech provided analysis of the hack. The hacker’s cash out is estimated at $10 million. The bridge was able to be shut down on the EOS side before the hacker could do more damage. For information about the pool name, benefiting account, hash, and other stats, visit Fairproof’s Medium post. At the time of this writing, ecurve.finance was offline.
THE B1 SAGA: WILL BULLISH MAKE A DIFFERENCE?
If you’ve participated in mainnet discussions recently then you’re well aware of the soap opera in the making. The one thing that stands out is that B1 offers promises while the mainnet community ushers in new developments week in and week out. That said, B1 has set a heck of a stage.Â
Voice, Bullish, and B1’s enterprise blockchain services are at the starting gate. Some might say Helios and Brock Pierce fall under the B1 umbrella. If the mainnet is going to benefit from B1, it will be in the weeks ahead. The most recent example of promises coming to fruition is Bullish’s tweet about its exponentially growing EOS trading volume.
The mainnet community demands more than anything the B1 group has produced thus far. EOS Go just published a really nice write up on the matter in Block.One is denied $250M in EOS from EOS Community. Essentially, B1 failed to deliver on promises over the years. The mainnet community believed and relied upon what B1 promised. The result was years of delay and substantial devaluation.Â
Another key aspect supporting the community’s position is that much of the locked EOS was to be distributed over several years. When the B1 group touts millions of dollars in support while amassing billions in valuation one must wonder. When those millions are not readily available, it’s hard not to let doubt set in.
MAINNET COMMUNITY DISRUPTING HOW THE WORLD DOES BUSINESS TODAY
In stark contrast, the EOS Network Foundation has already distributed millions. And, it’s closer to weeks, rather than months, old. That fact just doesn’t make B1 look good. At least the group is large enough to take a PR hit. If EOS can take the aggressive FUD coming out of Ethereum (and other) camps, B1 can stand in the face of the mainnet’s wake as it sets its eyes on a new horizon.
The reality will likely be that B1 delivers on an exchange that at least competes with Coinbase and Binance. Voice becomes a household NFT name. And the EOS mainnet disrupts daily life for the masses:
Croatia’s most dominant supermarket is adopting nine cryptos as a transaction currency… include … EOS…
The ENF and Pomelo disrupted finance. In it’s first round, Pomelo launched onto the scene next to Gitcoin. There really is no reason why the ENF could not grow to the size of what Helios desires to be. Especially when EOS Marketplace helps deliver real world goods and branding and EOS finds recognition in major supermarkets.
CONCLUDING THOUGHTS
The most important events center around the mainnet community. Join an Eden or EOS telegram or discord discussion to understand why. It’s about making things happen every single day, not flashy headlines. Crypto is overwhelmed by emotional trading. The EOS mainnet community can cure such addictions. By engaging in EOS/Eden discussions, you’re sure to find those other crypto events feel different.