The EOS price (EOS/USD) has seen significant gains amid news that its blockchain has gone live.
According to industry website Coindesk, the blockchain became operational at around 17:56 UST, when the 150-million-vote threshold was surpassed. The blockchain required 150 million votes, or 15% of the total supply of EOS tokens, to determine the individuals or entities that will maintain the distributed network. At the time of writing, over 216 million EOS votes had been received, validating the blockchain.
The development comes roughly a week after EOS’s block producer candidates voted unanimously in favor of launching the blockchain on June 9. Some observers have attributed the delay to the fact that people could not vote with tokens held on cryptocurrency exchanges.
EOS received a big boost following the news, with its price surging to an intraday high of $11.57 in the final hours of yesterday’s session. The coin pulled back slightly before the end of the session, finishing the day at $11.30. This was still significantly higher than the coin’s opening level of $10.17.
While EOS has not experienced any sharp drops so far in today’s trading, the cryptocurrency has edged lower, as a result of a more gradual decline. At the time of writing EOS was trading below the $11 mark, according to data from digital currency tracker Coinmarketcap.
In today’s trading, the EOS price stood at $10.90, as of 16:41 BST. The digital currency has gained 7.4% in the past 24 hours, Coinmarketcap data shows. The coin currently has a total market cap of $9.7 billion, which makes it the fifth-largest digital currency on the market, behind Bitcoin (BTC), Ethereum (ETH), Ripple (XRP) and Bitcoin Cash (BCH).