Binance has provided an update in regards to the upcoming EOS Mainnet Token Swap.
Don’t Miss the Deadline
The team at Binance has communicated directly with the EOS team and has since confirmed that the EOS ERC20 Token Network will freeze at 9:59:59 PM UTC on June 2nd.
According to an official announcement, Binance will reopen EOS deposits until 4:00 PM UTC on June 2nd. After that time, the popular exchange “will suspend deposits again and process the EOS Mainnet Swap as previously announced.”
Though questions are still being asked on social media regarding whether or not Binance will support the EOS Mainnet Token Swap, the international multi-language cryptocurrency exchange confirmed its support three months ago, writing:
Binance would like to confirm that we will support the EOS MainNet Token Swap. We will handle all technical requirements involved for all users holding EOS.
For those still unaware, “EOS Tokens will become fixed (non-transferable) on the Ethereum blockchain within 23 hours after the end of the final EOS Token distribution period which will occur on June 1, 2018, at 22:59:59 UTC.” As such — in an effort to prevent the unnecessary loss of funds — the Binance team also advises:
To prevent any loss of funds, please ensure that you leave sufficient time for your EOS deposits to be processed prior to the suspension of deposits at 2018/06/02 4:00 PM UTC.
EOS investors holding their tokens on Trezor, meanwhile, will want to immediately register them, per EOS’ official guidelines. Failing to do so before June 2nd may lead to the loss of all their EOS tokens — as stated in an official announcement from the popular cryptocurrency storage solution.
The Time is Now
EOS itself is software that aims to introduce a blockchain architecture designed to enable vertical and horizontal scaling of decentralized applications. It is currently the fifth most valuable cryptocurrency by market capitalization, despite having yet to launch its mainnet.
EOS saw a dramatic price increase in April, skyrocketing from roughly $6 per token to a height of just under $23. As is often the case, investors and speculators have primarily bought the hype and sold the news — as the cryptocurrency is currently trading, at the time of this writing, at $12.30, down 0.49 percent over the last 24 hours.
There have also been concerns regarding the integrity of the project as a whole.
Chinese cyber-security mogul 360 Total Security recently identified a series of “epic” security vulnerabilities in the EOS network and determined that remote attacks could potentially take over and exercise full control over all the nodes running on the network. However, these vulnerabilities were reportedly fixed immediately after being discovered. Nevertheless, some concerns remain that other yet-to-be-discovered vulnerabilities currently exist.
Those critical of the EOS project, which has been built on the Ethereum blockchain, also claim that the project is potentially overvalued and will fail to challenge its predecessor. The platform’s proponents, on the other hand, argue that EOS could potentially pull off a massive bull run akin to that experienced by Ethereum last year.
Which way do you think EOS will go following the release of its mainnet? Have you registered your tokens, or do you trust Binance to handle the technical work? Let us know in the comments below!
Images courtesy of Twitter/@binance, Twitter/@TREZOR, CoinMarketCap.com, and Shutterstock.
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