EOS Network rebrands to Vaulta, targeting Web3 banking solutions

The EOS blockchain network announced its rebrand to “Vaulta” on Tuesday as it shifts focus toward Web3 banking solutions.

The EOS blockchain network announced its rebrand to "Vaulta" on Tuesday as it shifts focus toward Web3 banking solutions. This strategic pivot caused the network's native EOS token to jump 30% to $0.65 shortly after the announcement, according to CoinGecko data.

The rebrand comes as EOS aims to capture growing market demand for innovative financial products. The transition to Vaulta is scheduled for the end of May 2025.

During the transition, EOS token holders will be able to swap their tokens for the new Vaulta token at a 1:1 ratio. The swap process will be bi-directional for four months through a dedicated portal.

The new Vaulta token will be listed on nearly 140 exchanges where EOS currently trades. The token ticker and additional technical details will be disclosed later, according to an official statement.

Vaulta's "Web3 Banking OS" plans to offer tools enabling fractional ownership of real-world assets. The platform will also support staking, custody, and Bitcoin yield strategies among other financial offerings.

The platform will build on existing EOS technology. It will include key upgrades to improve interoperability with other blockchain networks.

One main upgrade is a feature called exSat. This will support smart contracts on Bitcoin and allow Vaulta to interact with other blockchain networks.

The new system will feature one-second transaction finality. It will also offer C++ compatibility and Ethereum Virtual Machine (EVM) compatibility for smart contracts.

To expand its financial reach, Vaulta is forging partnerships. Through collaborations with Spirit Blockchain, it will facilitate fractional ownership of real-world assets.

A partnership with Ceffu will concentrate on custody and yield strategies. Vaulta claims these partnerships will merge DeFi and traditional finance in a “secure environment.”

The project plans to establish a Banking Advisory Council. This council will guide the project's direction and include representatives from fintech and web3 companies like Systemic Trust, Tetra, and ATB Financial.

EOS launched in 2018 as a challenger to Ethereum. It initially gained attention for its high transaction throughput and lower fees with its delegated proof-of-stake consensus mechanism.

The project also raised an astronomical $4.1 billion through its initial coin offering (ICO), which was a record at the time. EOS was initially seen as an “Ethereum killer” and a major contender in the blockchain space.

However, within a year of its launch, the U.S. Securities and Exchange Commission filed charges against Block.one, the company behind EOS, for selling tokens without registration.

Block.one settled the case by paying a hefty $24 million fine, which was small compared to the massive $4 billion raised through the ICO.

Over time, EOS faced network congestion issues and allegations of “mutual voting,” leading to a loss of market confidence and a drop in token value.

Despite the recent price surge, EOS remains down 188% from its all-time high of $22.89, highlighting the long-term challenges the blockchain has faced.

Technical analysts suggest that EOS may continue its upward movement and could reach price levels between $0.80 and $1 if the current rally persists.

The rebranding has sparked renewed interest in what was once a top 10 cryptocurrency but has since fallen in the rankings as newer blockchains emerged.