One week before the expected freezing of ERC20-based EOS tokens, we found that 51.7% EOS tokens are still NOT registered. Compared with our last study on 05/01/2018, the EOS registration rate observes some improvement, but certainly not significant at all. Among the 48.3% registered tokens, 10% is already reserved for block.one at the very beginning, leaving externally-circulating tokens with 38.3% registered! This is a very BAD sign for the entire EOS community.

In Figure 1, we show the registration progress within last seven months. Specifically, for each month, we choose the first day as the cut-off day for our calculation. Plus, we add the latest registration result as of 05/25/2018. Each result is comprised of four stacked bars:

  1. EOSReserved: the reserved portion (with 100 million tokens or 10% of total supply) is withheld at address 0xb1 for block.one. The withholding address has been registered right after the crowdsale starts.
  2. EOSCrowdsale: the portion of tokens kept in the contract is still undergoing crowdsale. Certainly, they are not registered because those tokens could be transferred to any buyer during the crowdsale period.
  3. Mapped: the portion of tokens is currently circulated and the corresponding token holders have registered
  4. Unmapped: the portion of tokens is currently circulated and the corresponding token holders have not registered

Figure 1: EOS Token Registration Progress in the Last 7 Months

The results are very worrisome! As of 05/25/2018, within the last week before EOS mainnet launch, 51.7% of all EOS tokens are still not registered! Among the unregistered, the unmapped portion contributes 49.43% and EOSCrowdsale helps 2.27%. This is very alarming as the registration time window is closing in 7 days. We emphasize that the mainnet launch will also freeze the EOSCrowdsale contract and thus make all these issued tokens non-transferable.

In the following table, we show the top 10 EOS token-holding addresses as of 2018-05-23 and their registration status:

  Address Share Type Label Registered
1 0x00000000000000000000000000000000000000b1 10.00% Reserved EOSReserved Yes
2 0x742d35cc6634c0532925a3b844bc454e4438f44e 5.77% Exchange Bitfinex Yes
3 0x83761c6785427f5a27a07c92a9dcfa99947bc4ad 5.12% Exchange   No
4 0x6cc5f688a315f3dc28a7781717a9a798a59fda7b 4.72% Exchange OKEx No
5 0xfe9e8709d3215310075d67e3ed32a380ccf451c8 4.22% Exchange Binance No
6 0x88e343f4599292c2cffe683c1bb93cd3480bdbab 3.24% Individual   No
7 0xadb2b42f6bd96f5c65920b9ac88619dce4166f94 2.79% Exchange Huobi No
8 0x35576eac31ebd35fc07b524617045a4d890d30ac 2.33% Individual   No
9 0xd0a6e6c54dbc68db5db3a091b171a77407ff7ccf 2.27% Crowdsale EOSCrowdsale No
10 0x174443351e21d47ed9ab51517a301107d92ede64 2.06% Exchange Kraken No

For the top 10 addresses, we use the same approaches described in [2] to identify and classify the addresses of cryptocurrency exchanges. We also use the data in [3,4] to label the exchanges’ addresses. Beside the two known EOS-owned addresses, there are six exchange addresses and two individual addresses, but only one of them, Bitfinex, has registered its EOS native address — EOS7t3fDcbzSmSrV4WqpXDVPc5HR1uvS4DT6d4u7bo6vNcFy3pUC1. We applaud Bitfinex for taking the efforts to get the registration done!

From another perspective, despite the increased market capitalization of EOS, we highlight that a fully-engaged EOS ecosystem is impossible if more than half of the shareholders not likely to participate the following voting activities. This is certainly not a situation the EOS community wants to face. With that, we strongly urge the entire community and related shareholders to take the following actions, sooner instead of later:

  1. The publisher of EOS.IO software, i.e., block.one needs to elevate the efforts in advocating and promoting the need of token registration, which is a necessary step to better the development, operation, and maintenance of EOS blockchain;
  2. Various cryptocurrency exchanges should provide token-registration instructions in a transparent and timely manner to guarantee their customers that their benefits (including later voting privilege) will be protected;
  3. Individual token holders register your own valuable EOS tokens ASAP. Based on your wallets, here is the MetaMask guide [5], MyEtherWallet guide [6], and Exodus guide [7].

About US

PeckShield Inc. is a blockchain security company which aims to elevate the security, privacy, and usability of current blockchain ecosystem by offering top-notch, industry-leading services and products (e.g., smart contract auditing). Please contact us at Telegram, Twitter, or Email.

References