EOS has officially rebranded to Vaulta, signaling a strategic shift toward the growing demand for innovation in Web3 banking. The transition, including a token swap from EOS to Vaulta tokens with a 1:1 ratio, is set for May 2025.

The announcement on March 18 was met with some excitement by investors, EOS reached a high of $0.65, a nearly 44% price increase from its all-time low four months ago.

The EOS blockchain project launched with great ambition following its record-breaking ICO (Initial Coin Offering) in 2017-2018, which raised over $4 billion. Developed by Block.one, EOS was the first to introduce a performant Delegated Proof of Stake (DPoS) mechanism in which users continuously elect 21 Block Producers similar to validators found in PoS systems. Also, unlike traditional blockchains where all data is stored on-chain permanently, EOS uses a RAM-based database to store fast-access, temporary data needed for smart contracts and dApps.

However, despite the unique tech and enormous funding, the network struggled with governance challenges, centralization concerns, and disputes over Block.one’s commitment to development.

By 2021, frustration with Block.one’s leadership led to the formation of the EOS Network Foundation (ENF), spearheaded by Yves La Rose, the former CEO of EOS Nation, the largest block producer. The ENF took control of the blockchain’s development, cutting ties with Block.one and forking the original EOSIO software into Antelope in 2022. This move was supported by other EOSIO-based blockchains like Telos, WAX, and UX Network, marking a shift towards decentralized community-driven development.

Since its rebranding to Antelope, the network has maintained robust transaction volumes, reliably processing millions of daily transactions across various applications, including DeFi, NFTs, and gaming.

However, the network struggled to find its unique product niche, and user adoption rates and transaction volumes, relative to other blockchains, remained limited.

By rebranding to Vaulta, the project is also trying to tap into the emerging sector of blockchain-based banking applications and Bitcoin DeFi. Vaulta will focus on wealth management, consumer payments, portfolio investments, and insurance, aiming to integrate Bitcoin into decentralized finance.

"Vaulta will seek to revolutionize the financial services industry by acting as a scalable and robust operating system that will power real-world financial applications." says the announcement.

The newly formed Vaulta Banking Advisory Council will guide this initiative. The announced members of it include senior management of Systemic Trust, Tetra and ATB Financial

“This transformation represents more than just a name change; it’s a decisive step forward in our mission to deliver open, accessible financial access for everyone,” said Yves La Rose, Vaulta Foundation CEO. "Vaulta is the product of years of planning, strategic development, and thoughtful design, culminating in a holistic Web3 banking approach."

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