To say that the EOS developer team has been busy would be an understatement. A host of key announcements have been made in recent weeks, perhaps none more headline-worthy than the latest: that Tether (USDT) has been integrated into the network for the first time.

EOS Native Crypto Dollars

Binance announced on Dec. 7 that it had completed the integration of USDT into EOS, opening up deposits and withdrawals for the world’s most widely used stablecoin. The availability of native Tether on EOS could be a major milestone on the network’s path to mass adoption, giving it a direct link to Binance’s vast trading ecosystem.

The introduction of EOS-native USDT, along with the Binance onramp, means that users can easily transfer cryptocurrency in and out of EOS without having to convert their assets to EOS or use a third-party bridge. Furthermore, users of DeFi protocols can enjoy access to a safe haven asset while having the ability to take advantage of Binance’s fiat off-ramp when they need to withdraw money.

Meanwhile, EOS-based projects can pay their employees in tokenized cryptocurrencies on a network they already support.

EOS, which raised $4 billion during the ICO boom of 2017-18, has lost ground to Ethereum of late due to legal disputes and a highly publicized split from developer Block.One. But there are strong signs that it could reaffirm his status as a major player under Yves La Rose.

One of the most significant developments was the November unveiling of a $100 million ecosystem grant to inspire a new wave of web3 projects. This vast treasure chest will be managed by a newly created entity, EOS Network Ventures (ENV), which will in effect be a VC operating independently of the executive branch of EOS.

EOS Network Ventures is charged with identifying and funding promising web3 projects that can bring innovative solutions to the EOS blockchain, not to mention value for existing $EOS token holders. Startups likely to be in the VC spotlight include those creating enterprise-scale decentralized applications, fintech protocols, virtual worlds, esports platforms, NFT marketplaces, and gamified finance dApps.

Additionally, EOS has created a couple of new initiatives to bolster its appeal as a DeFi host: Recover+ and Yield+. Recover+ is a cybersecurity portal that uses bug bounties and white hat incentives to protect DeFi projects from attacks. Yield+, on the other hand, is a complementary liquidity incentive and rewards program that allows users to earn yield on their EOS holdings.

DeFi transformation

In light of such initiatives, EOS is busy positioning itself as a serious web3-compliant blockchain. Of course, the fundamentals have been in place for a long time: from the very beginning, EOS boasted fast transaction speeds, low fees, and a user-friendly interface. Now he is focused on setting the stage for a flurry of developer activity in an attempt to win over the hearts and minds of web3 users.

The EOS network has recognized these goals, as well as its underperformance to date. In his document outlining the benefits of Yield+, he notes that “chains like Ethereum and Solana are leading the way [in DeFi], while others like BSV, Avalanche and Fantom are growing rapidly. Unfortunately, EOS is currently not a significant participant in this market – it lags behind other comparable chains in terms of overall DeFi activity.”

For DeFi activity to grow, of course, certain elements must be in place: access to safe-haven assets, on- and off-ramps, opportunities to earn yield, and an ecosystem with useful tools, infrastructure, and of course, dApps. Clearly, there is a concerted push to ensure every box is checked, and if EOS Network Ventures can back some winning dApps, 2023 could be a huge year for the third-generation blockchain.