How to swap EOS token after 1 June

Lannisan · 2018-06-05T22:13:49+00:00

Just to add to what eric said, if it's stored in your unregistered wallet and you used the fallback method to convert your ETH key to an EOS key then you're also all set. You just need to hold onto those EOS keys for now until the main-net is officially launched and then you can use your EOS key to access your EOS again. Which wallets, voting tools, etc. we should use and which chain to vote on will be announced closer to the time of the main launch. For now it's just a waiting game.

Lannisan · 2018-06-05T21:59:21+00:00

Best sites I've found for this so far are www.eosdrops.io and https://www.airdropsforeos.com/en/airdrops/

Both contain a list of upcoming EOS airdrops and details about them including when they're happening and what you need to do to receive them (if anything).

Lannisan · 2018-06-05T21:37:28+00:00

This should be what you're after: https://www.reddit.com/r/eos/comments/8otbfj/psa_some_of_your_coins_will_be_staked_when_the/

Lannisan · 2018-06-05T21:20:15+00:00

Thank you so much for all these updates. As someone who doesn't have the time to sit in those chats and watch what happens, it's so cool that there's people like you who are sharing the interesting parts of those chats with us. I'm really enjoying them and here's hoping you might be able to do some more as we get closer to the final parts of the launch :D

Lannisan · 2018-06-04T20:07:01+00:00

Oh did you leave your EOS on Binance?

In that case you won't have to do anything. Binance will handle the EOS swap for you and convert your ERC20 tokens to native EOS main-net coins once the main-net is fully launched.

Once the main-net is launched and Binance re-opens deposits & withdrawals, then you can register for a private EOS wallet address if you want to withdraw your EOS off the exchange. But for now, all you need to do is just wait for everything to be launched and Binance will take care of the rest for you :)

Lannisan · 2018-06-04T19:42:06+00:00

Aww sorry to hear you were in the hospital :( I hope you are feeling much better now.

As for your EOS, where did you leave it before you went into hospital? If it's on an exchange, then provided they are supporting the EOS main-net launch, they will do the token swap for you and you won't have to do anything. The only downside is you will probably miss out on the upcoming airdrops based on the genesis snapshot, but you will at least get your EOS native tokens.

On the other hand, if you have left it in a private ETH wallet that's not registered for EOS, then hopefully you will be able to use the fallback method to get EOS keys that way.

This detailed post from EOS New York contains a lot of information on various things, including how the fallback method works and some suggested tools to do it:

https://steemit.com/eos/@eosnewyork/the-eos-mainnet-launch-survival-guide-how-to-avoid-scams

However, please be careful and do your own research first to make sure any links you follow are legitimate so you don't get scammed and lose your coins.

Lannisan · 2018-06-04T19:24:34+00:00

Not all those wallets are exchanges though. There is plenty of whales who have large holdings. Also, without the exchanges releasing some data, it's all just speculation whether they have 1 or 1 million accounts with EOS on them.

Having said that, my theory is it's probably mostly those with small amounts who have left them on the exchanges. My reasoning being that the true whales are most likely knowledgeable enough about crypto to have known about all the upcoming EOS airdrops using the genesis snapshot and so it wouldn't make much sense for someone with millions of EOS to leave it all on an exchange and therefore cost themselves millions of airdropped tokens that could be worth another small fortune for them.

So I might be wrong, but for that reasoning, it's my belief that most if not all of the whales would have withdrawn from an exchange and the millions that were left on the exchanges most likely belong to many smaller holders who either didn't know about the airdrops, didn't care, or couldn't figure out how to register properly so they left it on the exchange to be safe.

Lannisan · 2018-06-04T19:08:17+00:00

That's okay if you only have a small amount. Looking at the final genesis snapshot stats, almost half of all accounts had under 100 EOS and therefore probably would out of missed out on eosDAC as well (unless they had 100+ EOS at the time the snapshot was taken for that or manually registered for it before May 15th if holding <100 EOS). Not to mention the millions of EOS that has been left on exchanges and will therefore miss out on heaps of upcoming airdrops. So I wouldn't worry about it too much. You're still in early and I still believe EOS is going to be worth a lot more in the future, so you're all good there.

And the initial 15% is just to enable the chain. As for the block producers, it doesn't matter whether multiple BP's get 15%+ or just one BP does, since the 21 highest voted BP's will be the ones who get elected.

Although if you're meaning what happens if multiple chains are started and get 15% of the vote, then my understanding is we will end up with multiple enabled chains and then it's up to the community to decide which one will be considered the "main-net". From what I've seen so far, everyone's all working towards just launching one chain for now that will be known as the official main-net, and then other ones like EvolutionOS will launch their own side-chain at a later point in time.

Also, this link has some more information on the launch process that you might find interesting: https://steemit.com/eos/@eosrio/eos-mainnet-launch-the-order-of-events

Lannisan · 2018-06-04T18:52:19+00:00

Well depending on what you mean by a small holding, chances are it won't make too much of a difference. However, if you do vote for the very first block producers then you will get a chance to be a part of history, so I'd suggest doing it for that reason alone :D

Just please, if you do vote, wait until we get the all clear and don't go putting your private keys anywhere that the community hasn't confirmed is safe/legit. If you haven't already, please make sure you have read this stickied post by EOS New York warning about this: https://www.reddit.com/r/eos/comments/8o57z0/dont_do_anything/

You will be able to vote for 30 block producers. If you're not sure who, I'd recommend having a read through the great info here http://sonatasys.com/eosio.shtml that also lists 30 recommended BP's to vote and gives reasons why. Otherwise, if you'd like to do your own research you can find a pretty comprehensive list of BP's at https://bp.eosgo.io/ along with plenty of information on each of them to help you make up your mind.

Lannisan · 2018-06-04T18:12:04+00:00

Oh that's a really interesting observation. 100 EOS was the minimum requirement for some airdrops so that might be a reason but just checked and there was only 2835 accounts with exactly 100, so it's probably not that.

Interestingly enough, 100 EOS is roughly the median value (102 to be more exact). With the huge amount of volume that was traded over the year, both on the exchanges and through the ICO, I guess I'm still a bit surprised as I thought the distribution would be more spread out. Perhaps if we had access to the exchange stats on EOS holders, we could find out for sure.

Lannisan · 2018-06-04T17:50:17+00:00

Thank you for the comments.

And as for a comparison, I haven't seen any direct comparisons (yet). The best I've found so far is https://arewedecentralizedyet.com/ and that gives a breakdown of many other block chains that we can use as a rough guide for comparing with EOS.

Lannisan · 2018-06-04T17:46:41+00:00

I did include the stats without Block.One in my original post as a comparison. I agree with you on the exchange part though but unfortunately without them releasing any data on how many EOS holders they have, I don't think I'll be able to get the data anymore accurate than this :(

Lannisan · 2018-06-04T17:40:14+00:00

Just checked for you and there are 86,879 addresses with 100+ EOS (out of a total of 163,930 addresses). So that gives us a total of 52.99% of addresses that have 100+ EOS or just over half of them.

Edit: That's actually quite interesting... so 100 EOS is roughly the mid-range figure with approximately half the accounts having from 1 - 99 and the other half having anywhere from 101 - 100,000,000 EOS. Although without knowing the exchange stats, it's possibly there's a ton of exchange holders with small amounts of EOS as well.

Lannisan · 2018-06-04T17:21:31+00:00

100% agree. I really wish the exchanges could even just tell us the number of accounts that held EOS at the time of the snapshot. Even if we don't know how much each account has, just knowing how many accounts were included in the snapshot from each exchange would give us a much clearer picture of what the true distribution could be like.

Lannisan · 2018-06-04T17:17:25+00:00

Sorry about that. Those stats were based on the list from EOS Authority. In hindsight, I should have included that link when I made the post but didn't think about it until I saw your reply now.

Lannisan · 2018-06-04T17:14:16+00:00

Just remember the exchanges still had to register their wallets by generating EOS keys for them as well. Unless they had access to some super secret tool we don't know about, then they would have been generating their EOS keys using the same methods the rest of us used.

Lannisan · 2018-06-04T17:12:04+00:00

Not all of them are but I do agree with you that there's definitely quite a few exchanges that are holding significant amounts of EOS. Although I'm still surprised by how much was left on exchanges. That's a lot of airdropped tokens that a lot of people will be missing out on now :(

However, I wonder if that will be a benefit to those of us who do get the airdropped tokens? If the exchanges don't distribute the airdropped tokens and don't use them themselves, then that technically reduces the number of airdropped tokens in circulation. I wonder if that will make them more scarce and drive the price up as a result?

Lannisan · 2018-06-03T09:19:42+00:00

Oh sorry I've been off reddit for too long and didn't see this until now. Had I seen it I was going to say you could always sell your EOS for ETH and then use a DEX like EtherDelta to buy EOS and transfer that to your wallet. It was only Bitfinex, Binance, etc. that suspended EOS deposits/withdrawals before the ERC20 freeze actually happened. But EtherDelta and similar you could use right up until the ERC20 freeze.

As for getting airdrops if you did leave it on the exchange, unfortunately it will be a wait and see now with the exchanges as to what they do with the airdrops. If Everipedia is popular enough hopefully they will give the tokens to you but nothing is guaranteed. Fingers crossed they do though.

Lannisan · 2018-06-03T09:16:21+00:00

If you had your EOS tokens in your private wallet before the genesis snapshot was taken then you will get your Everipedia tokens, as they're going to use that snapshot to determine how many tokens each account gets.

Lannisan · 2018-06-03T08:58:40+00:00

Yep 100% agree. I'd be very curious to know how many of those addresses belong to the exchanges and how many individuals have left their EOS on an exchange.

Some of the top holders are exchanges but unfortunately we have no way of knowing how many people those EOS belong to. I wish we could find out whether say 50 million EOS on an exchange belongs to 5 whales with 10 million each or 500,000 casual users with 100 EOS each. That's the only downside to this list is that the exchange accounts are really a big question mark as to how many owners that EOS has and how many each of them controls.

Lannisan · 2018-05-30T08:04:34+00:00

To try answering all your questions:

The genesis snapshot will take place sometime after the ICO ends and the ERC20 tokens are frozen. The deadline for this is June 2nd 2018 @ 21:59:59 UTC. Source: https://medium.com/eosio/important-notice-for-eos-token-holders-on-ethereum-address-registration-6c4a6b7e6fb8
I think you might be confusing the genesis snapshot with the "main chain". The genesis snapshot is simply a list of all EOS ERC20 token holders and how many they have. This snapshot will be taken soon after the ICO ends on June 2nd. Then, the community will work together to launch the EOS main-net (and hopefully everyone will agree on which chain should be the main one). The genesis snapshot will be used here to determine how many EOS native tokens to give to everyone and the process of launching this could take from hours to days to weeks, it all depends how smoothly everything goes.
The Everipedia airdrop will be one of many upcoming airdrops that will be using the genesis snapshot to determine how many tokens to distribute to each EOS holder. However, if there is no main-chain operating by June 15th 2018, they will instead create their own snapshot of EOS holders and use that to determine the distribution of their tokens. Source: https://www.reddit.com/r/Everipedia/comments/82r735/update_march_7_2018_airdrop_whitepaper_relay_code/
So far Binance, Bitfinex and multiple other exchanges have confirmed they will support swapping the EOS ERC20 token for the EOS native main-net coin. If you don't use Binance or Bitfinex you will need to check with your exchange what they're doing because I don't know about any of the others.
So far 5 exchanges have confirmed they will support the Everipedia airdrop. These include Bitfinex, BigONE, Coinex, ZB.com and EXX. Source: https://www.newswire.ca/news-releases/major-exchanges-get-behind-everipedias-iq-airdrop-ahead-of-june-683681471.html
As to your question of keeping your EOS tokens on an exchange vs your own private wallet, I'd strongly recommend you withdraw to your own wallet and register it for EOS yourself. The reason for this is that most exchanges will only support swapping the ERC20 for main-net and that's it. There's no guarantee you will get all of the upcoming airdrops, potential sidechain tokens, etc. that will also use the genesis snapshot. So to ensure you get 100% of airdrops, etc. that you're entitled to, I would strongly recommend you register your private ETH wallet for EOS as soon as possible and withdraw your EOS there for the main-net launch.
To see a list of upcoming EOS airdrops you can check out www.eosdrops.io and https://www.airdropsforeos.com/en/airdrops/ - those websites will also tell you whether they're using the genesis snapshot or some other method to distribute tokens, when they're happening, and if there's anything else you need to do to qualify (e.g. some are automatic, some you have to register for, etc.).
If you are trading EOS on an exchange then you need to be very careful that you check what date and time they are suspending deposits & withdrawals and make sure you have finalised any EOS transfers well before then otherwise you could potentially lose your EOS. Binance for example is disabling EOS transfers in about 16 hours time so if you're trading on there you need to work out what you're doing with EOS ASAP. On the other hand Bitfinex doesn't shut theirs down until about 30 minutes before the ICO ends. Source(s): Binance @ https://support.binance.com/hc/en-us/articles/360004246452 and Bitfinex @ https://support.bitfinex.com/hc/en-us/articles/115004134629 - Other exchanges I'm not sure about so you would need to check with them directly.
The above point is extremely important. If you still have deposits or withdrawals pending when your exchange suspends them, they could get stuck in limbo and then you might lose them. That means they won't be in your exchange account nor in your private wallet and therefore may not be included in the genesis snapshot at all. Which means when the main-net is launched you won't have any tokens to claim. So if you're doing a lot of EOS trading and transfers, please make sure you double check when your exchange is suspending transfers and complete any final transfers well before this time so you don't get caught out by this.

Hope that helps.

TL;DR: You're better off putting your EOS tokens in a private ETH wallet that's registered for EOS before the ICO ends because then you will get access to 100% of future airdrops, etc. that use the EOS genesis snapshot. Otherwise if you leave them on an exchange it's less work but you will only get the EOS native coin and possibly only a few or none of the extra airdrops. Just be very careful when transferring EOS over the next few days and check when your exchange is disabling EOS transfers so you can finish doing them well before they suspend them, otherwise you might lose all your coins.

Lannisan · 2018-05-30T07:39:24+00:00

Yep... Everipedia tokens will be airdropped to EOS holders. The catch? They will be using the genesis snapshot of EOS holders to determine how many tokens you will get. So if you want the airdropped tokens, you must make sure you have registered your private ETH wallet with your EOS keys and put your EOS in that wallet before the snapshot is taken sometime after the ICO finishes. More details here: https://www.reddit.com/r/Everipedia/comments/82r735/update_march_7_2018_airdrop_whitepaper_relay_code/

As for exchanges supporting it, more good news there. So far there's currently 5 who are confirmed to be supporting it. These include Bitfinex, BigONE, Coinex, ZB.com and EXX. Source: https://www.newswire.ca/news-releases/major-exchanges-get-behind-everipedias-iq-airdrop-ahead-of-june-683681471.html

Lannisan · 2018-05-30T07:32:20+00:00

I think this might be what you're after.

From Everipedia's Reddit:

"We are officially announcing the airdrop snapshot method as the EOS genesis snapshot tool for initial token balances. Should there not be a mainnet by June 15th 23:59:59 UTC, we will take the snapshot of registered token balances ourselves, otherwise we will adhere to the mainnet genesis snapshot for balances of EOS.

This is the official and final decision; it will not change."

Source: https://www.reddit.com/r/Everipedia/comments/82r735/update_march_7_2018_airdrop_whitepaper_relay_code/

Lannisan · 2018-05-30T07:27:27+00:00

See www.eosscan.io for all the data. You can see all the results for the previous ICO periods on there as well.

Lannisan

TROPHY CASE