EOS Network reveals liquidity reward and security schemes

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The EOS Net­work Foun­da­tion (ENF), the new enti­ty entrust­ed by the EOS com­mu­ni­ty to devel­op its core blockchain soft­ware, has announced a new roadmap for the EOS community.

EOS Network

The EOS ecosys­tem is under­go­ing some sig­nif­i­cant changes, said Yves La Rose, the exec­u­tive direc­tor and founder, while speak­ing about two new ini­tia­tives dubbed Recov­er+ and Yield+.

Yield+ is an EOSIO work­ing group and com­mu­ni­ty ini­tia­tive that was start­ed to help devel­op the EOS DeFi ecosys­tem, grow the amount of total val­ue locked in EOS DeFi, and increase oppor­tu­ni­ties for users to earn yield off of their EOSIO assets.

The pur­pose of this liq­uid­i­ty incen­tive and reward scheme is to entice DeFi appli­ca­tions to join the EOS net­work. With this move, EOS joins the ranks of its top blockchain com­peti­tors in the DeFi space, includ­ing big names such as Ethereum (ETH), Solana (SOL), and Car­dano (ADA).

Mean­while, Recov­er+ aims to help the EOS com­mu­ni­ty estab­lish a for­mal­ized hack­ing inci­dent response process. Through improv­ing com­mu­ni­ca­tion among major EOS block pro­duc­ers and project devel­op­ers, Recov­er+ will cre­ate a safer and more reli­able enter­prise envi­ron­ment for busi­ness­es build­ing on the EOS network.

Recov­er+ is tout­ed as an asset recov­ery frame­work and a coor­di­na­tion hub to tack­le hacks and exploits. The ini­tia­tive was launched with the aim of lay­ing the foun­da­tions need­ed for Yield+ as an incen­tive pro­gram to encour­age peo­ple to put more liq­uid­i­ty, there­fore, to ramp up the TVL and low­er the risks for mar­ket manipulations.

These mile­stones come at a time when 2022 is on pace to become crypto’s biggest year for hack­ing on record, accord­ing to the blockchain intel­li­gence firm Chainal­y­sis. In the first 10 days of Octo­ber alone, near­ly $720 mil­lion was stolen from decen­tral­ized finance protocols.

At this rate, 2022 will like­ly sur­pass 2021 as the biggest year for hack­ing on record. So far, hack­ers have grossed over $3 bil­lion dol­lars across 125 hacks.

EOS, Telos, WAX, and UX Net­work have come togeth­er ear­li­er this year to gain con­trol over the devel­op­ment of the EOSIO pro­to­col core code that under­pins each of these blockchains. Part of their alliance, the coali­tion will lead the devote­ment of com­mu­ni­ty-run blockchain pro­to­col Antelope.

All four EOSIO pro­to­col-based blockchains have their own focus areas and are set to com­pete in var­i­ous are­nas. How­ev­er, the group as a whole focus­es on the areas where the chains over­lap, and incen­tives are posi­tioned to accel­er­ate the devel­op­ment of the core protocol.



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