Block.one developed the EOSIO platform based on a whitepaper published in 2017. The first testnet of EOSIO, Dawn 1.0, was launched on 3 September 2017, followed by the second testnet, Dawn 2.0, released on 4 December 2017. Two more testnet versions, Dawn 3.0 and Dawn 4.0, were released on 25 January 2018 and 7 May 2018, respectively. EOSIO 1.0 mainnet launch took place on 1 June 2018. Block.one distributed one billion EOS tokens as ERC-20 tokens for the initial coin offering (ICO). The token sale raised more than $4 billion to develop the EOSIO platform during its ICO. However, Block.one ran into regulatory challenges with the US SEC over the unregistered ICO and was later fined $24 million in September 2019. EOSIO v2.0 went live in October 2019, followed by a decision by the block producers to reduce the EOS token inflation rate from 5% to 1% in February 2020. This led to a token burning that destroyed over 34 million EOS coins from the circulating supply.