Daniel Walker
The public blockchain EOS, originally launched in 2018 as a competitor to Ethereum, is undergoing a major transformation. Rebranded as Vaulta, the blockchain is shifting its focus toward Web3 banking. If the proposed transition is approved, EOS holders will be able to swap their tokens for Vaulta tokens starting in May.
Currently, the EOS token is trading 2% higher at $0.52. The new Vaulta token is set to be listed across 136 exchanges where EOS is already available, though the official ticker and additional technical details will be announced at a later date.
Built on the existing EOSIO software, Vaulta will incorporate exSat, a docking layer that enables smart contracts on Bitcoin. Key features of the cross-chain system include:
- 1-second transaction finality
- Compatibility with C++ and Ethereum Virtual Machine (EVM) smart contracts
This technological shift aims to improve blockchain scalability and bring decentralized financial services closer to mainstream adoption.
Web3 Banking OS & Institutional-Grade Services
Vaultaโs Web3 Banking OS will introduce institutional financial solutions through strategic collaborations with major industry players such as:
- Ceffu โ Provides custody, staking, and Bitcoin yield services
- Spirit Blockchain โ Specializes in fractional ownership of illiquid assets like real estate, commodities, and private equity
- Blockchain Insurance โ Focused on risk management solutions for digital assets
Additionally, the Vaulta Banking Advisory Council will feature industry experts from Systemic Trust, Tetra, and ATB Financial, guiding the networkโs expansion in financial services.
EOS was initially developed by Block.one co-founders Dan Larimer and Brendan Blumer to address Ethereumโs scalability challenges. The blockchain introduced a Delegated Proof-of-Stake (DPoS) model, where 21 elected block producers govern network operations.
Despite its promising technology, EOS struggled to meet market expectations. The project raised a record-breaking $4.1 billion through its ICO, yet adoption and growth fell short.
EOS Market Performance & Regulatory Challenges
At its peak in 2018, EOS had a market cap nearing $18 billion. However, it currently stands at $775 million, according to PRIMEโs EOS price data.
Block.one also faced regulatory hurdles, settling a $24 million lawsuit with the SEC in 2019 related to its ICO fundraisingโa small fraction (0.58%) of the amount raised.
In 2021, Block.one CEO Brendan Blumer shifted the companyโs focus, spearheading projects such as Bullish Global, a cryptocurrency exchange backed by Peter Thiel.
The Future of Vaulta: Will the Rebrand Spark a Comeback?
With its transition to Vaulta and Web3 banking, EOS aims to reinvent itself in the evolving digital finance space. The success of this pivot will depend on adoption, strategic partnerships, and execution, as the blockchain seeks to regain relevance in the crypto industry.
