A $20 million investment has been made by EOS Network Ventures to develop applications and gaming products on the EOS network following the launch of the Ethereum Virtual Machine (EVM) in April.
EOS is gearing up for its second inning with a funding push ahead of the April launch of its EVMs. Developers use EVMs for creating decentralized applications (apps), which serve as a virtual computers for Ethereum accounts and smart contracts.
Developers can build dapps and decentralized finance (DeFi) applications similar to how they would on Ethereum using EVMs.
As a result of La Rose’s efforts, an upgrade to the consensus mechanism, an Ethereum Virtual Machine (EVM) system, and an overall renewal of the growth strategy is underway.
Market participants have long criticized and scrutinized EOS for earning $4 billion in its initial coin offering (ICO) with little to show in its early years in terms of both usage and technological development.
The increased effort may ultimately increase the price of EOS tokens in the upcoming months and increase the value of decentralized applications built on EOS.
The crypto market is becoming more and more crowded, meanwhile, as relatively newer networks like Arbitrum, zkSync, Optimist, and Solana, among others, compete for developer talent and boost their own profits through token incentives or airdrops.