LONDON (Bywire News) - The EOS network is undergoing a process of transformation as it seeks to stake a claim to be one of the world’s leading next-generation blockchains. To do that it needs to give two things a big boost: security and liquidity. Yves La Rose of the ENF has been hyping two developments that will be key to those goals: Yield+ and Recover+.
Yield + in an incentive scheme to increase the amount of total value locked (TVL) within the EOS ecosystem. It aims to help the EOS DeFi system grow and create more opportunities for EOS users to earn yield from their EOSIO assets. The ENF hopes the incentive scheme will tempt DeFi applications into the EOS network and enable it to compete with big names such as Cardano, Ethereum and Solana.
Recover+, meanwhile, is a working group that aims to create a security and incident response framework for EOS. Cybercrime is a major issue for all blockchains with 2022 set to break new records for attacks against the network. Recent figures suggest hackers have grossed more than $3bn in attacks over the course of 2022. At the current rate, it is expected to comfortably exceed the record set last year.
With cyber criminals on the march, having a system that is secure with a clear framework for asset recovery in the event of a hack will be crucial.
Speaking about the programs, La Rose said on Twitter. “Two issues have plagued DeFi: A lack of sustainability and a lack of safety. Billions have been lost due to DeFi projects being exploited or hacked. That’s why the ENF asked some of the smartest minds in DeFi to try and solve these problems.
These initiatives are part of a wider program, which saw EOS, WAX, Telos and UX Network come together to take control of the EOSIO protocol core which runs each of these blockchains. Their alliance led to the hard fork from EOSIO to the community Antelope protocol which sets out to be a leading next-generation protocol in the crypto space.
(Writing by Tom Cropper, editing by Klaudia Fior)