A proposal for increasing the inflation rate and boosting staking rewards has successfully triggered a humongous 100 percent rally in the price of EOS. The sector of the blockchain is changing and evolving constantly. Occasional updates regarding protocol are needed for ensuring that all of the projects are updated with all the latest developments while providing the best experience for all their users.
Since 5th May, the price of EOS has increased over 100% after a recent upgrade regarding protocol increased the inflation rate of the project. Data from TradingView and Cointelegraph Pro suggests that after the cryptocurrency hit its $6.18 low on 5th May. the EOS price has skyrocketed over 100 percent. The price now stands at $12.85 as of 6th May. All of the thanks must go to the trading volume of 24 hours which stands at $15 billion which is a record.
Protocol Upgrade Successfully Boosts EOS Stakers Rewards
The Twitter feed of the cryptocurrency shows the most important developments which are required for uplifting the network. All of the developments are related primarily to staking rewards and resource allocation. Block. one commissioned a report recently which concluded that every protocol is required to raise the inflation rate from its recent 1% pace to the rate of at least between 3.8% to 1.2%.
This method will increase the financial incentives given to the block producers and voters. The exact depth and size of the rate of inflation would be known after the EOS community settles. This will increase higher yields and generate more prospects for participation inside the community which will help to spark extra excitement and effort inside the project. Looking forward, the future of the cryptocurrency, EOS looks quite bright!
