EOS turns 5, celebrates the community’s effort to rebuild
After setting the record for having the largest initial coin offering in history, the EOS network suffered various setbacks, including fines and allegations of market manipulation.
Celebrating the 5th anniversary of the EOS Network, the team behind the protocol highlighted the importance of the community as it looked back on the many challenges it had to face to revive the scalability protocol.
After being launched in 2018, the EOS became known for its network’s performance and for conducting the largest initial coin offering (ICO) in history, with over $4 billion raised during the year-long fundraising process. Despite this, the project did not live up to the hype and expectations and encountered troubles with the United States Securities and Exchange Commission.
In September 2021, the protocol also faced allegations of market manipulation, with research claiming that the ICO was pumped by wash trades. Frustrated with the developments, the community formed the EOS Network Foundation (ENF) to attempt to rebuild the project.
The members of the EOS ecosystem expressed their dissatisfaction with the project’s developers and decided to fight for control over the network as they believed that they could no longer rely on Block.one.
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