EOS Network has officially rebranded as Vaulta, aiming to focus on providing Web3 banking services. This rebranding is scheduled for late May and will include the launch of a new token, the Vaulta Token, which will be available on nearly 140 exchanges where EOS is currently traded. Alongside the token transition, Vaulta plans to establish the Vaulta Banking Advisory Council to guide its new direction. Vaulta retains EOS Network's foundational infrastructure and will integrate the Bitcoin digital banking solution exSat, enhancing its BankingOS system in partnership with various firms. The rebranding comes after a gradual decline in EOS's market position since its high-profile launch in 2018, which was marked by a record-breaking $4.1 billion ICO. As a result of various missteps and shifts in focus by its parent company Block.one, EOS has fallen to the 95th position in market cap rankings. Investors and developers have voiced frustrations over perceived mismanagement and changes in direction by Block.one.

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