Going EOL means that there will be no security fixes for 7.4.30. The 7.x branch is dead; there won't be a 7.5 or 7.6. PHP developers only support a release for two years. While I feel the current way that PHP is developed is wrong, I have no control over it. Often, people on shared hosting are forced to change PHP version, even if it breaks their website or they have to pay the hosting extra to continue using an older PHP version.
I have some Dolphin sites I maintain and eventually they will need to run on PHP 8. I am not running into the night screaming over the EOL of PHP 7.4 at this time; I doubt that after November that major security issues will be found by hackers; although waiting until a version of PHP goes EOL is the perfect opportunity to start looking for issues to exploit websites.
Boonex promised "Dolphin 7.x will be supported and maintained until December 2023." However, they have not kept that promise. There are several reported bugs; along with the fixes, in the 7.4.2 release and Boonex refuses to release an update with those bugs fixed. I doubt they care if we can run Dolphin on PHP 8.x or not.
