The Past and Present of EOS

EOS (commonly known as "Yuzu") is a typical example of the "high opening, low decline" pattern in the crypto world: falling from the throne as the "Ethereum killer," experiencing founder departure and community fractures, and ultimately rebranding to Vaulta in 2025 in an attempt to pivot to a Web3 bank. This has been a long and shattered dream from "technological utopia" to "capital discard."

1. The Past: ICO Myth and "Ethereum Killer" (2017–2019)

Dream Start: The Largest ICO in History

In 2017, Block.one, founded by Dan Larimer (BM, creator of BitShares and Steemit) and Brendan Blumer, launched EOS. It raised about $4.1 billion through a year-long ICO, setting the record for the largest funding in crypto history, highly praised by domestic crypto figures like Li Xiaolai.

Technical Ambitions and Super Nodes

Promise of Millions TPS: EOS uses DPoS (Delegated Proof of Stake), claiming to achieve millions of TPS and zero fees, aiming to completely outperform Ethereum in performance.

21 Super Nodes: 21 nodes responsible for block production, highly efficient but criticized for centralization. After the mainnet launched in 2018, exchanges and capital worldwide competed for node election, shining brightly.

2. The Collapse: Three Major Reasons for Falling from Grace (2019–2021)

1. Broken Promises and the "Gambling Chain" Stigma

Performance Shortfall: Actual TPS only in the thousands, far from millions, with complex resource models (CPU/RAM), leading to poor user experience.

Malformed Ecosystem: Early ecosystem dominated by gambling DApps ("Gambling"), turning into a "Gambling Chain," causing legitimate developers to flee.

2. Block.one's "Betrayal" and SEC Fine

Community discovered that Block.one used the huge funds raised to buy US bonds and real estate instead of supporting the ecosystem. In 2020, BM announced his departure; in 2021, Block.one paid a $24 million fine to SEC and settled, deeply disappointing holders.

3. Community Fracture: Expelling Block.one

In 2021, EOS Foundation (ENF) was established, voting through nodes to stop issuing tokens to Block.one, and forked the code into Antelope, marking EOS's complete separation from the founding company and entering an era of community governance.

3. The Present: Renaming to Vaulta and Struggling to Transform (2022–2026)

Technical Repairs and Track Shift

EOS EVM: Launched between 2023–2024, compatible with Ethereum ecosystem, attempting to regain developer interest.

exSat Narrative: Introduced exSat based on Bitcoin ecosystem, trying to ride the BTC Layer 2 wave.

2025 Rebranding: Vaulta Era

Brand Revamp: In March 2025, EOS Network officially rebranded as Vaulta, shifting strategy to Web3 banking and RWA (Real World Assets). Tokens are 1:1 mapped, with high-yield staking incentives.

Current Status: Price has long hovered below $1, market cap dropped out of the top 50, from a "top-tier project" to a marginal chain relying on rebranding for survival.

4. Core Lessons and Current State

EOS's failure was not due to technical shortcomings (its underlying performance remains strong), but due to governance and capital failures. It proves that in the crypto world, having only fundraising ability and technical slogans, without sustainable ecosystem development and community trust, will ultimately lead to being abandoned by the times. #Gate广场四月发帖挑战