From EOS to Vaulta: Web3 Rebranding and Token Swap
EOS Network Undergoes Rebrand to Vaulta, Unveils Plans for Web3 Banking Venture
The EOS Network is preparing for a drastic makeover as it rebrands to Vaulta and conducts a token swap, tentatively set for the end of May 2025, pending confirmation. This transformation marks a strategic shift towards a Web3 banking ecosystem with a focus on bridging the gap between traditional banking and decentralized finance (DeFi).
Stepping into Vaulta with Web3 Banking Emphasis
As part of this transformation, the blockchain platform establishes the Vaulta Banking Advisory Council, composed of experts from various financial and blockchain industries. The council's mission is to navigate the tricky terrain that separates conventional banking from DeFi. Notable members include representatives from Systemic Trust, Tetra, and ATB Financial [1][2].
In addition, Vaulta plans to absorb the exSat Bitcoin digital banking solution to enhance its BankingOS system, providing blockchain-based financial services. This initiative also includes partnerships with entities like Ceffu, Spirit Blockchain, and Blockchain Insurance INC [1].
Upon announcing the news, the EOS token experienced a notable surge, increasing by over 30% and seeing a 500% jump in volume within the past 24 hours [3].
A Tumultuous Past, a Promising Future for Blockchain Banking
Initially launched in June 2018, EOS Network entered the scene with much excitement following a record-breaking $4.1 billion initial coin offering (ICO) by Block.one [4]. Despite an initially promising start, the network faced criticism for its development trajectory, with some early contributors pointing out a lack of consistent support and strategic direction from Block.one [6].
In 2019, Block.one reached a $24 million settlement with the U.S. Securities and Exchange Commission (SEC), paving the way for the company to focus on other projects like the Voice social platform and the Bullish crypto exchange [6]. As a result, EOS network, co-founded by Dan Larimer and Brendan Blumer, aimed to resolve scalability and usability issues faced by earlier blockchains like Ethereum. Utilizing a delegated proof-of-stake (DPoS) consensus mechanism, EOS Network enabled token holders to nominate 21 block producers responsible for managing the network, offering high transaction throughput and reduced fees [3].
The rebranding to Vaulta signifies a new direction for the blockchain. The project will cater to banks and neobanks with blockchain solutions while expanding its ecosystem with offerings like Bitcoin banking, blockchain insurance, and tokenized real-world assets [1].
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- The upcoming Vaulta, a rebranded EOS Network, plans to strengthen its BankingOS system by absorbing the exSat Bitcoin digital banking solution and partnering with entities like Ceffu, Spirit Blockchain, and Blockchain Insurance INC, aiming to establish a decentralized Web3 banking ecosystem by 2025.
- In pursuit of bridging the gap between traditional banking and decentralized finance (DeFi), the blockchain platform Vaulta has established the Vaulta Banking Advisory Council, constituted by experts from Systemic Trust, Tetra, ATB Financial, and other financial and blockchain industries.
- The announcement of Vaulta's transformation and its focus on decentralized finance triggered a notable surge in the EOS token, increasing by over 30% and seeing a 500% jump in volume within the past 24 hours, as the platform prepares to rebrand to Vaulta and conduct a token swap tentatively scheduled for May 2025.
