The EOS token was first conceived on the Ethereum blockchain to raise funds for its ICO developments. However, come 1st June 2018, all the tokens distributed will be transferred to the Mainnet, signalling EOS’ official switch from ERC-20 tokens to their own native platform.
For a quick background, EOS.io is a project that introduces a blockchain architecture designed to enable vertical and horizontal scaling of decentralized applications. The advanced blockchain technology allows for the potential to scale to millions of transactions per second (tps), eliminates user fees and allows for quick and easy deployment of decentralized applications.
However, in case you aren’t aware, the existing tokens will be frozen and all EOS token holders need to register before 1st June 2018. Failure to do so would likely result in loss of all your funds held in EOS!
Uphill Task for EOS Mainnet Token Swop
Unfortunately, the registration of the EOS address is not that straightforward, especially for non-tech savvy people.
I done a simple search and found out several sources providing some insights to the registration of EOS tokens here and here. If the token is in your wallet and is unregistered with BlockOne, then users will not get the new EOS tokens. If the token is in a wallet, you will not be able to move or trade them.
There is zero liquidity of the EOS token in a wallet and the transfer by EOS from ERC-20 token to Mainnet token may also take longer than expected, so users will not be able to trade the token based on interim news.
All in all, I find it rather cumbersome and mindboggling to perform the token swop manually. This is perhaps why many cryptocurrency exchanges have started to offer support for the EOS mainnet launch such as Binance, Bitfinex and Huobi Pro.
3 Benefits of Depositing EOS Tokens in Huobi Pro
But we have good news for Huobi Pro users! To safeguard their users’ assets, Huobi Pro will support automatic EOS mapping and users claim the new EOS tokens without manual operation.
In order to facilitate a smooth mapping process, Huobi Pro will suspend the EOS withdrawal at 08:00 on May 31st (GMT+8), and suspend the EOS deposit at 18:00 on May 31st (GMT+8). Deposits and withdrawals will resume promptly after the EOS main net runs stably.
Here are 3 main benefits to leave your existing ERC-20 EOS tokens in Huobi Pro.
- Huobi Pro will do the claiming of the new tokens for you, ensuring a fuss-free, auto conversion of EOS ERC20 chain-swap to the EOS Mainnet token on Huobi Pro.
- Moreover, when you leave their tokens in Huobi Pro, you face no restriction to trade, so you will not miss out on any trading/scalping opportunities. Do take note that transfer of EOS will not be allowed during the EOS conversion period, thus remember to deposit EOS in advance for trading purposes.
- What’s more, when you deposit EOS to your Huobi Pro account, you will be sharing a total of 10,000 HT prize pool with other EOS token holders in Huobi Pro. The amount you receive is proportional to the amount of EOS tokens you have in relation to the collective amount held in Huobi Pro.
The snapshot will be taken at 18:00, 31 May 2018. Withdrawals will also be suspended for EOS tokens at that time onwards until the mainnet switch of EOS is done.
For further details, you can also join the Huobi Talk this Thursday, 31st May at 12pm (GMT+8) to find out more. Set your reminder on youtube right now by clicking here!