EOS (EOS) reached $1.66, up nearly 20% today. The altcoin managed to record its best daily performance since May 2021. While Bitcoin (BTC) and Etherum (ETH) gained 3%, it gained momentum thanks to the update announcements from the EOS ecosystem.

On August 14, the EOS Foundation (ENF), a non-profit organization that oversees the growth and development of the EOS blockchain, opened registrations for its upcoming 'Yielding' incentive program. Yielding is a liquidity incentive and rewards program to attract decentralized finance (DeFi) applications that generate returns for their users.

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In doing so, EOS competes with top blockchain competitors in the DeFi space, Etherum, Cardano (ADA) and Solana (SOL). Since the critical announcement, the total value (TVL) locked in EOS pools has increased from 94.71 EOS to 102.18 EOS. This showed an increase in token demand. TVL will likely increase in the days leading up to bounty activation on August 28.

Additionally, according to ENF CEO Yves La Rose, EOS will be rebranded as EOSIO later this week, followed by a v3.1 consensus update called Mandel on September 21. The rebranding and update marks the symbolic departure of EOS from Block.One, the company that originally designed the network.

La Rose noted that the update will happen via a hard fork, meaning that the new version (EOSIO) will not be backward compatible with the original chain and will follow the new consensus rules. The hard fork means that in the event of a possible chain split, all existing EOS holders will receive an equal amount of tokens on both chains. Theoretically, this could increase demand for EOS among speculators in the days leading up to the hard fork, as seen in the case of Ethereum.

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From a technical perspective, the price of EOS is following a long bullish trend in the coming weeks. The first important clue is the cup and handle formation on the EOS daily chart, which is confirmed by a downward channel trend followed by a U-shaped price trajectory. As an important rule of technical analysis, a cup-and-handle pattern indicates that the price increase will continue. According to Cointelegraph analyst Yahu Gola, EOS price could reach $2.45 in the short term.