The proposal to add to staking rewards led to a twofold increase in EOS value
EOS saw a 100% rise in its value after it proposed to add to its staking rewards and raise the inflation rate.
Blockchains tend to undergo protocol updates which sometimes have some impact on the value of that digital asset. These updates are indispensable to these assets if they wish to keep up with the latest trends and developments and besides that to make sure that the user is enjoying the best experience.
EOS has also had an upgrade for its protocol and its price has doubled since May 5. This upgrade not only increased its staking rewards but it also the inflation rate of the EOS project.
EOS/USDT 4-hour chart. Source: TradingView
According to the data from TradingView, EOS stood at $6.18 on May 5 and around noon on May 6, it jumped to $12.85, a more than 100% rise. Resource allocation and staking rewards have been the most important developments for EOS and according to EOS Twitter feed on May 3, EOS protocol should raise its inflation rate from 1% to a rate between 1.2% and 3.8% concluded Block.one in a report, so they can have more voters as a result of an increased staking reward.
This proposal has caused much excitement in the project although they haven’t settled an exact inflation rate.
PowerUp model is another significant development for the EOS protocol. This feature is interesting because once you pay a fee, you can transact as much as you want within 24 hours without having to pay for every single transaction. This opens up another profit-gaining way for holders of EOS tokens by gaining a percentage of all the 'power-up' fees that are generated by the network.
Unlike the Ethereum high transaction fees which have been rather repelling, this new feature attracts many people to the network for transactions. In this regard, VORTECSTM signaled a bullish trend for EOS two days before this major rise. They did it using a comparison among a mix of different data sources such as trading volume, market sentiment, recent price movements, and Twitter activity.
VORTECS™ Score (green) vs. EOS price. Source: Cointelegraph Markets Pro
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