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EOS Pumps 10% Amid Broader Market Correction due to EVM Speculation

2 mins
Updated by Geraint Price
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In Brief

  • The total crypto market cap is down by 4% today, but EOS soared 10% from its lows.
  • The project has announced a date for the EVM launch.
  • The community calls EOS EVM a game changer.
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While the broader crypto market dipped, EOS swiftly recovered 10% from the lows. The project recently announced the launch of the Ethereum Virtual Machine (EVM).

The total crypto market cap is down by almost 4% today. But in contrast, the price of the EOS token jumped nearly 10% from its lows. 

EOS Price jumped 11% from the low, Source TradingView
EOSUSDT,. Source: TradingView

Is it due to speculation among the community after an announcement from Yves La Rose, the Chief Executive Officer (CEO) of the EOS Foundation? The CEO announced the EOS Ethereum Virtual Machine (EVM), claiming it to be the fastest, capable of more than 800 swaps per second.

EOS EVM Claims to Beat Solana and BNB Combined

La Rose claimed on Twitter that the EOS EVM is benchmarked three times faster than Solana and BNB combined. While it is 25 times faster than Avalanche. As a result, the community calls it a game changer for decentralized finance (DeFi).

The mainnet beta launch will go live on April 14, while the final testnet will be live on March 27. The project has also announced a grant program to help developers build on EVS.

Along with the price rise, the Total Value Locked (TVL) on the EOS chain is increasing in contrast to its peers. According to DefiLlama, TVL is up 1.43% in 24 hours and 5% in the last seven days.

EOS Total value locked from DefiLlama
Source: DefiLlama

Furthermore, there is speculation about Chinese money flowing into the EOS ecosystem. The People’s Bank of China is injecting liquidity into the market. As a result, the projects with Chinese backgrounds gave double-digit gains last month.

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Harsh Notariya
Harsh Notariya is a journalist and crypto expert that excels in delivering the latest Web3 and Crypto News. Previously, as a Growth Marketer at Sporty and a Community Consultant at Totality Corp, he significantly boosted community engagement and followers. Harsh also crafted engaging content for top crypto influencer Shivam Chhuneja, blending meme references for an educational yet fun experience. His versatile skills make him a notable figure in crypto journalism.