It was to be expected that there would be some issues when it came to the conversion of EOS tokens. With the project launching its mainnet, users had a limited time to convert their ERC20 tokens to the new mainnet’s EOS tokens. It seems over $1 million worth of tokens have not been converted properly, although that doesn’t mean these tokens have been lost forever.
EOS Token Conversion Issues
While using cryptocurrency is not necessarily convenient, token swaps only make the process more complicated. In most cases, it is sufficient for users to move their funds onto an exchange, where the tokens will automatically be converted to the new ones. However, that means users will need to move their funds to an exchange if they keep their tokens in another wallet.
That in itself shouldn’t pose much of a problem. For some reason, a fair amount of ‘old’ EOS tokens are still on the EtherDelta platform, and it seems unlikely that they will be converted in the near future. However, the EOS developers knew that something like this would happen and decided to build in a fail-safe for that reason.
It is evident that the wallet address belonging to EtherDelta holds over 1.513 million eosDAC tokens. Those are the old ERC20 tokens which became null and void once the project’s mainnet launched earlier this week. Additionally, there are still 74,483 EOS tokens contained in a wallet owned by EtherDelta.
It is those tokens which are currently valued at $1.103 million. While these tokens should have been converted by Saturday evening at the latest, it seems that did not happen for some reason. It is obviously a big problem, but not all hope is lost.
That’s because it appears that there will be a ‘recovery system’ for EOS tokens which were not registered or converted at the appropriate time. Exactly when that will happen and how users can ensure they will benefit from it remain unknown at this time. One caveat is that users will need to control the private key of the Ethereum address in question, which is virtually impossible when it comes to using EtherDelta.
This has created an interesting, albeit slightly worrisome situation for EOS holders. $1.1 million in lost tokens reduces the circulating supply of EOS, which is not the development most users had hoped for at this time. One can only hope that these unconverted tokens can be recovered somehow, although it seems unlikely that any real solutions will be implemented in the near future.
SET UP ALERTS: Sign up for early email alerts on the top news and ICOs.