The seventh-largest cryptocurrency by market cap was set to undergo a major blockchain update which required a hard fork today. After the upgrade, EOSIO v1.8 will be implemented on the EOS Mainnet. Nonetheless, this bullish news has not had a huge impact on the price of the crypto.
EOS’ Largest Blockchain Update So Far
At 11.00 UTC on September 23, 21 EOS block producers (BPs) gave the go-ahead for a node upgrade, therefore initiating the hard fork. Presently, 29 out of 30 top block producers have committed to upgrading their node.
In a contentious hard fork, like in the case of Bitcoin Cash and Bitcoin SV, a new token emerges. However, no new coins will spring off from this hard fork as all its BPs are willing to work together on the new blockchain.
Following this update, EOS withdrawals and deposits will be suspended temporarily until further notice. However, trading of EOS is not to be affected by the hard fork. Binance team announced via a blog post today that it was supportive of the EOS hard fork. Huobi exchange also announced its support three days ago.
In addition to this blockchain update improving the overall performance of EOS, the EOSIO v1.8 update will make it more ideal to launch the anticipated trading platform dubbed “Voice”. Block.one, the company behind the EOS blockchain, publicized its plans to launch a new social media platform on June 1, 2019. Voice will be the first social media platform to merge blockchain technology and social media.
EOS Now Available On Binance Lending Platform
Binance is set to launch its sixth phase of its lending platform on September 25 at 6.00 A.M UTC. In this sixth phase, EOS holders will be able to earn interests for lending their EOS coins, with an annualized interest rate of 6%.
EOS and Chainlink are the latest cryptocurrencies to become included on the Binance lending platform, joining the likes of Binance Coin (BNB), Bitcoin (BTC), Ripple’s XRP, Ethereum Classic (ETC), and Tether (USDT).
Like other Binance lending products, EOS will be available on a 14-day fixed term on a first-come-first-serve subscription basis.
EOS Price Is Unfazed
In the last two weeks, EOS surged by more than 35% from $3.11 to $4.24. However, the crypto is trading at $3.83 at press time, gaining a meager 0.64% against the US dollar. On a weekly chart, EOS is down by 6%. At the moment, bears are showing signs of exhaustion, therefore, a steady uptrend could be on the horizon.
An increase in volume could totally change the crypto market, allowing EOS to continue rising. Even so, due to the current choppy state of the market, it will be wise to keep off big trades until a bull trend is confirmed.