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Ahead of its mainnet launch, 65% of users haven’t registered for EOS’ token swap

Ahead of its official mainnet release on June 2nd, EOSAuthority has revealed that 65% of users have not registered to swap their ERC20-compatible tokens ahead of the project’s migration to a proprietary blockchain.

Written by Bryan Smith Published on

The digital water-buffalo migration is upon EOS – though 65% of the herd hasn’t shown up.

According to EOSAuthority – a London-based block producer candidate – early statistics show that EOS’ planned token migration has not met its desired pace.

Ahead of EOS’ mainnet launch in June, users holding ERC20-compatible EOS tokens will be required to register and exchange their holdings for EOS’ proprietary token. The move will be necessary in order to use the EOS blockchain upon launch.

Read: Tesloop plans to test EOS to track Tesla cars on its rideshare platform

However, in dire news for the project, only 35% of all ERC20-based EOS tokens in circulation have been registered.

ERC20 tokens not registered before the mainnet launch on June 2nd will not be counted in the blockchain snapshot – hence, unregistered coins will not be compatible on the EOS network and will be nigh-on useless to investors.

The news is somewhat ironic, as EOS stands as one of April’s most profitable altcoins given the excitement surrounding the network’s imminent launch. Since January 1st this year, EOS has rallied from an opening price of $8.77 USD to reach $12.13 USD at press time – not counting a high of $22.66 USD on April 29th.

EOS

Since its first release, EOS has operated through means of an ERC20 token on the Ethereum network to effectively conduct its initial coin offering (ICO). The present token swap and mainnet launch will mark a new phase for the project, where it will transition to its own proprietary blockchain in a bid to achieve its development goals.

The migration to its own blockchain will see EOS continue to strive towards its set goal of facilitating a theoretical million transactions per second (TPS). EOS’ development team has claimed that the network will soon be able to support a bare minimum of 1,000TPS – which, if true, would place the platform light-years ahead of the present 15TPS afforded on Ethereum.

Read: Tron, Aeternity, and EOS: How much would you have made if you invested in April’s most profitable altcoins?

It remains to be seen, however, if additional investors will swap their tokens before then.

EDIT: This article originally reported only 45% of EOS token holders had registered for the token swap. This has been corrected – we regret the error.

Written by

South African technology journalist, podcaster, photographer and filmmaker. Hodling - BTC, NEO, ETH.@bryansmithsa

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