New VC Partnership in Busan, South Korea
This week saw the greatest mainstream coverage of EOS since the emergence of the EOS Network Foundation. It might even prove to surpass anything B1 ever achieved on its own. Media outlets continue to report on the new ENF-Busan VC partnership. In ENF CEO Yves La Rose’s own words:
“Words cannot overstate how big of a deal this partnership is for $EOS.”
He went on to tweet:
“This is by far the most significant partnership in $EOS history and is an absolute gamechanger for us!”
Why is it such a big deal? Is it the collective $700 million dollar backing? Yes and no. Leading up to the announcement, Yves explained that the value VCs bring extend beyond their money. It’s infrastructure, notoriety and mainstream networking that EOS needs. All come along with VC backing. Other key terms for when visiting the ENF blog post are memorandum of understanding (MoU) and Venture Capital Alliance of Busan Blockchain (VCABB). To be clear, it was the ENF that signed the MoU and it’s the VCABB that holds $700 million under management and is allocating $100 million for blockchain-related companies. So we don’t know the details, or how much financial interest the city has in EOS. It’s still early, but you’re encouraged to read on… both the ENF blog post and the next section about Busan and South Korea.
About Busan
So about those VC intangibles. What kind of impact can a city of VCs have? Sure, only 6 organizations committed to the VCABB, but other eyes are surely scoping out the landscape. Busan is South Korea’s second largest city. Both Busan and South Korea are considered leaders in the crypto space. Busan is home to:
“... a thriving #Web3 ecosystem with 400+ blockchain-related businesses in the city…”
Busan understands the value of establishing a blockchain regulatory-free zone. Dedicating such an area is advantageous for Web3 development in general. The city’s mayoral initiative underling the ENF-VC partnership has a grand objective of attracting and supporting development in Busan to build a global, digital financial hub. Besides the EOS VC partnership, Busan is working with Huobi Global, Binance, FTX, and Gate.io to develop its blockchain infrastructure. Even beyond recent investments, South Korea has been a proven leader in the blockchain space- through thick and thin. (Kind of sounds similar to innovative efforts made by a group of core developers.)
ENF on Tour: Zaragoza, Lisbon, Barcelona
The intangibles brought by VC partnerships were touched upon in the previous section. Intangibles and networking is what the ENF’s month’s long tour is all about. In a way, EOS is running on a new blockchain (Antelope). The core development team’s mission greatly differs from B1. So it makes sense to treat the world tour as sort of a groundbreaking launch. Events leading up to part 2 of TOKEN2049 in London include:
- October 26 -27: at the Blockchain Expo in Zaragoza, Spain
- November 1-4: at the Web and Wow Summits in Lisbon, Portugal
- November 7-10: at the Gartner IT / XPO Symposium in Barcelona, Spain
This week’s Blockchain Expo coincided with a DeFi Congress. Check the tour schedule for future events. Zaisan continues to represent the ENF. Zaisan brings some exciting innovation to the table, particularly in DeFi and GameFi. The tweet’s source post may be a few months old, but the topic is as hot as it gets.
Yield+ Update
Yield+ is a long term program. Its ultimate aim is to foster innovation, not merely support existing DeFi applications. The recent Yield+ launch really was just a taste of what’s to come. There’s a lot of work still needed to be done to deliver the community the complete vision. Yield+ was never meant to be merely a subsidy program. Goals include the development of new DeFi applications with unique features. EOS is already seeing new applications inspired by Yield+. Not all registered projects are ready to participate given the staked asset requirements. Yield+ is said to be a decentralized process in that 7 out of 10 teams needed to approve the launch. Exciting things still to come as both Yield+ and new DeFi applications figure out how best to proceed. Watch the video excerpt from this week’s Fireside Chat with Denis Carriere and Zack Gall for the full recap.
Recover+ Update
“Someone should come along and issue an ERC20 called "Reversible Ether" that is 1:1 backed by ether but has a DAO that can revert transfers within N days.”
The above Vitalic Butern tweet is from 2018. Yet, it’s on topic given the current environment. Given recent market events, regulation, young infrastructure, and plethora of scams, blockchain needs decisive insurance and security. Recover+ is a manageable solution that’s ready today; and, it works with Yield+. Together, these ENF products reassure investors that their money is safe. So how does R+ deliver on what most blockchains seem to think impossible? The key is in:
“...leveraging the unique properties of EOS account permissions and its Delegated Proof of Stake (DPoS) consensus algorithm.”
R+ is considered a new insurance-layer on the EOS Network. Yield+ projects are required to participate in R+. The new insurance-layer isn’t mandatory for participation in EOS and projects like ZEOS. Rather, R+ is a voluntary option for both DeFi applications and investors. Though, rewards are already proving quite attractive.
EVMxIdeathon and Trust EVM Update
October 31 is the last day for project submission for the EVMxIdeathon. The event went a long way toward demonstrating the potential of Trust EVM. The latest news out of the Trust team is a partnership with Multichain. The Multichain team cites its growing number of EVMs/chains (66) and Ethereum bridges (approaching 3,000) as motivation for becoming:
“...the ultimate router for web3.”
Below are some highlights that Multichain offers Trust EVM:
- promotes interoperability across networks
- facilitates assets and transfers for cross-chain architecture
- seamless data/message transmission for cross-chains dApps
- Non-custodial
- No-slippage Swap
EVMxIdeathon saw nearly 600 participants. Team Helios revealed the final judge this week (like there was any doubt). Watch the closeout ceremony here on November 14. Yep, that’s the same day that Pomelo begins accepting grant applications.
Pomelo Update
About another two weeks to go before Pomelo grant applications open (on November 14). Given the aggressive development of ENF working groups and recent product releases, Pomelo’s 4th season promises to be something special. Among the most inspiring of the ENF’s products is Yield+. Here’s a list of projects gearing up for season 4:
- Edenia’s EOSIO Dashboard - Antelope tools
- Defibox - revenue reform
- EOS Bees - subsidized swarms
Note that there’s many projects building new applications and features with Antelope tools. Also note that Defibox is one of a growing number of DeFi projects looking to take advantage of Yield+. EOS Bees subsidized swarms (thanks in part to Pomelo funds) are a great opportunity for projects looking to get some more notoriety. As for Pomelo’s S4 NFTs:
“Craft your Robot Potion and then start claiming your Moon Bots! 🛠”
Eden on EOS
The community around Eden remains strong as a day-to-day networking environment. Headlining this week’s Eden news is Eden Korea and its successful internal mainnet test (see bloks.io). Adopting an altered form of EdenOS is trending among the ecosystem’s diverse communities. Novacrypto got together with some recognizable names to hold Antelope Workshop #16. EOS Support continues to make inroads into connecting with mainstream information sources; this time it was in gaining early access to CoinMarketCap’s Live Discussion Boards for EOS. Helios’ DAO Debate discussion (#4) continues, and again finds participation from at least 2 Eden CDs. Read more about what’s going on around Eden on EOS and the mainnet community:
- Fourth term *CDs meeting #03*
- Leap #37 (meeting notes)
- Antelope Coalition meeting for October 20
- Fireside Chat
- The Giveaway Show
- Daily news by EOS Vision, Bywire, and Helios
- EOS / Eden weekly recaps on telegram
What happened to CDs meeting #2? Good question. Here’s the Odysee link to the first meeting.
COMMUNITY CHATTER
https://twitter.com/EOS_Nation/status/1585986232080900098
https://twitter.com/EOSnFoundation/status/1586345862992723968
https://twitter.com/Trim_Bot/status/1585965665634041858
https://twitter.com/EosGenius/status/1585246120136962048
https://twitter.com/AlfredodeCandi1/status/1584446126140248065
https://twitter.com/bytemaster7/status/1585487231116054529
https://twitter.com/bytemaster7/status/1584540667971137537
https://twitter.com/EOS_Nation/status/1585985728701665281
https://twitter.com/adoptwombat/status/1584560360987795459
https://twitter.com/eossupportio/status/1584907637317144579
https://twitter.com/wildwex/status/1586151846699073538
https://twitter.com/eossupportio/status/1584545251192176640
Briefings highlight recent news and key projects within the EOS ecosystem.
Unique needs and services continue to emerge as the advantages of blockchain technology are realized. Easy access to information becomes increasingly important for expansive Web3 networks.