Ever since its inception, EOS has been compared to Ethereum. Back when EOS’ ICO raised $4.1 billion, the crypto community fully expected it to take over Ethereum as the leading dapp platform, with its considerably faster speed and scalability. Fast forward to 2022, Ethereum is still the second largest crypto behind Bitcoin, while EOS is nowhere near the top 20.
By recalling an old joke about EOS, Ethereum’s Vitalik Buterin befuddled the cryptocurrency community. Buterin claimed that EOS stood for “Ethereum on Steroids,” adding that the project’s core team had learned from “Ethereum’s naivety and idealistic nature” and thus built a highly scalable platform.
“V, you OK?” Cardano founder Charles Hoskinson in response to Buterin’s puzzling comment.
It was assumed that Buterin’s account had been hacked. In reality, Buterin simply referred to a running joke within the EOS community, and only a handful of the programmer’s followers seemed to get it. Over the past few years, EOS, which was once the most hyped blockchain in the world thanks to its record-breaking $4 billion ICO, has faded into obscurity. Block.one’s project failed to gain traction, facing a great exodus of developers after its auspicious start. Since 2018, the blockchain’s user base has dwindled, making it all but irrelevant.
Although it was among the largest cryptocurrencies back in 2018, the native EOS token is currently ranked 48th by market capitalization. In the past, Buterin has been critical of EOS, which is why cryptocurrency enthusiasts view his praise as a red flag. Taking aim at its controversial on-chain governance structure in 2019, he referred to the “Ethereum killer” as a “centralized pile of trash”.