Ethereum founder Vitalik Buterin recently took Twitter to opine on the once-hyped blockchain network EOS. After labeling it to be “Ethereum on Steroids,” he went on to mockingly praise it. The exec asserted that the EOS core team had capitalized on Ethereum’s “amateurish naivety,” and built out a faster and scalable smart contract platform.
Cardano’s founder, and ex-Etheruem exec, bluntly questioned Buterin if he was “OK”.
Post its launch in 2018, EOS quickly grabbed the limelight because of its ability to raise $4.1 billion via its initial coin offering. With time, EOS was dubbed to be a competitor of Ethereum, owing to its capacity to offer a higher rate of transactions per second.
Buterin has always been cynical of the network though. Back in 2019, he had called the network a “centralized pile of trash.”
Post its hyped phase, however, EOS became a victim of its own success and started losing relevance. Nonetheless, EOS Network CEO Yves La Rose recently contended that the network is more than just a victim. He said that the community has shown “great resiliency” and compared it with that of Bitcoin. The exec, in fact, advocated a “comeback” and said that the new EOS was primed to become the talk of the town again.
Has the Ethereum killer taken an overdose of steroids?
The network is currently in a fix and is, perhaps, bearing the side effects of steroids. Per data from Messari, the number of active addresses currently hovers around 4k. Back during its hype phase, the number easily revolved around 100k.
The state of the average transfer value metric also reflected something similar. The current value of settlements taking place on the EOS network is nowhere close to what used to be executed a couple of years back.
Price-wise also, EOS is on a slippery slope. Per data from CMC, the ETH rival token created a local peak of $14.38 last May. At press time, however, it was revolving under $1, at $0.99.