A suggestion to improve the current inflation rate along with staking rewards triggered the price of EOS to rally 100%. Gradually the blockchain industry continues growing. Constant protocol overhaul is required to verify the projects that are up to modern standards and to supply users with the best attainable experience. From the 5th of May, the price of EOS has rallied 100% after the latest protocol upgrade, which increased the inflation rate of the project.
Statistics from Trading View and Cointelegraph show the price of EOS was at $6.18, and after the latest protocol upgrade, that price has catapulted greater than 100%, reaching $12.85 due to an exceptional trading volume of $15b in 24-hours.
EOS backers reap the fruit of protocol upgrade
Going by the Twitter of EOS, the vital improvements for the network came in staking rewards and resource allocation. According to the latest report by Block.one, the protocol requires an increase in the rate of inflation from 1% to 1.2% – 3.8% to improve the financial motive for block producers and voters.
Currently, the community has not decided on the specific inflation rate increment size. Furthermore, the increase in output would drastically improve the excitement surrounding the project for community participants. Another improvement is the PowerUp model, which enables users a limited time to transact over the network and charge the user for the service. By availing of the service, users can embrace another method to pocket profits by placing unused tokens to gain a certain percentage of the power-up fees produced by the ecosystem.
The method can become an appealing option for many traders who do not want to wait countless hours due to network congestion and inflated transaction fees on the ETH ecosystem.
Before the spike in EOS prices, data indicated by Cointelegraph already detected the bullish trend for EOS. The VORTECS data score is a comparison algorithm of the current and historic market conditions. The algorithm considers many things like trading volume, market sentiment, Twitter activity, and latest price activity.
At the start of May, VORTECS scored the digital asset in the yellow zone. However, just before the recent climb of more than 100% by EOS, VORTECS scored the digital asset in the green range with a high of 68 scores.
As the bull market trend continues to heat up the crypto market, it has pushed ETC and LTC to record high. EOS blockchain project could also ride that bandwagon and benefit from the ongoing bull trend.