Lead EOS Network developer the EOS Network Foundation (ENF) has announced an alliance with PassPay, the Tokyo-based crypto payments company. As a result of the arrangement, PassPay will integrate the EOS Network into its eponymous wallet. It will also develop new applications for crypto payments that intersect with EOS and take advantage of its low-fee environment.
The arrangement enacted between PassPay and the ENF will support several strategic goals. Broadly speaking, the two entities will collaborate to develop optimized financial services that make use of blockchain technology. More specifically, it appears that PassPay will focus on the application layer, with the ENF providing the technical support to integrate EOS Network, thereby supplying a fast and low-fee conduit for routing transactions.
Stablecoins and New Tokens
Up until now, PassPay’s foray into crypto has been embodied by one consumer-facing application and one token. PassPay Wallet forms a mobile wallet for managing multiple cryptocurrencies, blockchains, and NFTs. In terms of tokenization, meanwhile, PassPay is the developer of JPYW, a stablecoin based on the Japanese Yen. This stablecoin remains a focus of PassPay’s crypto operations and it seems likely that its use cases will be expanded with the integration of EOS Network.
While EOS Network didn’t capitalize on the DeFi boom that characterized the last bull market, it’s positioned itself better for the current one that is in its nascent stages. Fees on layer1s such as Ethereum have rendered most decentralized finance applications prohibitively expensive for most users but EOS has no such constraints. Fees have empirically been extremely low on EOS Network, which has since been complemented by the EOS EVM, which, despite using similar architecture to Ethereum, boasts fees that are multiples lower.
EOS Enters the Game
EOS has spent much of 2023 quietly gaining credibility in the eyes of developers and partners. The network may not have realized its full potential following launch, but since the ENF took the reins, it’s been advancing in leaps and bounds. The release of the EOS EVM has been instrumental in driving this improvement. The ability for developers to launch dapps created using Solidity has lowered the barrier to bring decentralized finance to EOS.
There are clear signs that EOS, now existing as both the original network and the EOS EVM, is primely positioned to make a fist of things in 2024. Building on EOS has become easier and the recent upgrade to v0.6.0 of the EOS EVM has brought USDT into the fray. The stablecoin can now be bridged trustlessly, bringing much-needed liquidity.
With PassPay now committed to building on EOS, the future is looking bright for the network, whose native asset is up 27% in the past month. If the ENF can ally with more crypto-friendly projects in the same vein, it has the potential to usher in a new era for innovation and mass adoption on EOS.