EOS Network reveals liquidity reward and security schemes, Recover+ and Yield+
The EOS Network Foundation (ENF), the new entity entrusted by the EOS community to develop its core blockchain software, has announced a new roadmap for the EOS community.
The EOS ecosystem is undergoing some significant changes, said Yves La Rose, the executive director and founder, while speaking about two new initiatives dubbed Recover+ and Yield+.
Yield+ is an EOSIO working group and community initiative that was started to help develop the EOS DeFi ecosystem, grow the amount of total value locked in EOS DeFi, and increase opportunities for users to earn yield off of their EOSIO assets.
The purpose of this liquidity incentive and reward scheme is to entice DeFi applications to join the EOS network. With this move, EOS joins the ranks of its top blockchain competitors in the DeFi space, including big names such as Ethereum (ETH), Solana (SOL), and Cardano (ADA).
Meanwhile, Recover+ aims to help the EOS community establish a formalized hacking incident response process. Through improving communication among major EOS block producers and project developers, Recover+ will create a safer and more reliable enterprise environment for businesses building on the EOS network.
Two issues have plagued DeFi: lack of sustainability and lack of safety.
BILLIONS have been lost due to DeFi projects being exploited or hacked.
— Yves La Rose (@BigBeardSamurai) July 26, 2022
Recover+ is touted as an asset recovery framework and a coordination hub to tackle hacks and exploits. The initiative was launched with the aim of laying the foundations needed for Yield+ as an incentive program to encourage people to put more liquidity, therefore, to ramp up the TVL and lower the risks for market manipulations.
These milestones come at a time when 2022 is on pace to become crypto’s biggest year for hacking on record, according to the blockchain intelligence firm Chainalysis. In the first 10 days of October alone, nearly $720 million was stolen from decentralized finance protocols.
At this rate, 2022 will likely surpass 2021 as the biggest year for hacking on record. So far, hackers have grossed over $3 billion dollars across 125 hacks.
EOS, Telos, WAX, and UX Network have come together earlier this year to gain control over the development of the EOSIO protocol core code that underpins each of these blockchains. Part of their alliance, the coalition will lead the devotement of community-run blockchain protocol Antelope.
All four EOSIO protocol-based blockchains have their own focus areas and are set to compete in various arenas. However, the group as a whole focuses on the areas where the chains overlap, and incentives are positioned to accelerate the development of the core protocol.