EOS Network, which once set a record of $4.1 billion in fundraising in the blockchain industry, officially announced its brand reshaping, changed its name to Vaulta, and fully turned to the field of Web3 banking services. This transformation plan is tentatively scheduled to start at the end of May, when a new token Vaulta Token will be launched, and a Vaulta Bank Advisory Committee composed of industry experts will be established to assist in formulating strategic directions. According to the official statement on March 18, this move marks a major transformation of EOS Network from an underlying public chain to a financial infrastructure service provider.
As the core of the transformation, EOS Network’s native token EOS will gradually transition to Vaulta Token. The new token is expected to be launched in May through a dedicated exchange portal and will be simultaneously launched on nearly 140 exchanges that originally supported EOS transactions. Although the token symbol and technical details have not yet been announced, the official emphasized that existing EOS holders can seamlessly migrate assets. It is worth noting that Vaulta will inherit the underlying technical architecture of EOS Network, including integration with Bitcoin banking solution exSat, and a financial service ecosystem based on the BankingOS system in cooperation with institutions such as Ceffu and Spirit Blockchain.
Looking back at history, EOS Network once became the focus of the market in 2018 with the record-breaking ICO led by Block.one. After its mainnet was launched, its market value has long been in the top ten. However, with the lack of ecological development and management disputes, the value of EOS tokens has continued to shrink, and its current ranking has fallen to 95th on the CoinGecko list. It is generally believed in the industry that the predicament of EOS Network is closely related to Block.one’s strategic focus shift. After the company reached a $24 million settlement with the US SEC in 2019, it gradually shifted its resources to projects such as the social application Voice and the exchange Bullish, resulting in insufficient support for the EOS ecosystem.
In response, community developers and analysts have repeatedly criticized Block.one for “misleading investors.” Goodblock CEO Douglas Horn once bluntly stated that Block.one’s ICO was fraudulent, regardless of whether it was originally intended. The renaming of EOS Network to Vaulta is seen as a key step to get rid of historical baggage and regain market trust. The new advisory committee may introduce cross-border talents from traditional finance and Web3 to promote the implementation of compliant banking services.
Although the transformation prospects are still unclear, Vaulta’s Web3 banking blueprint has sparked industry discussions. If it can effectively integrate the original high-performance underlying technology of the EOS Network with emerging financial protocols, it may inject new vitality into the ecosystem that has been sluggish for several years. However, whether the market can accept a “de-EOS” brand still needs time to test.
