EOS Triples in 2 Days, Making Yunbi Top Tier Exchange With Over 230k BTC Volume
EOS has attracted public attention not only for its year-long ICO marathon but also the phenomenal trading volume as its price triples in 2 days on Yunbi, which handles around 80% of the token’s overall transaction. With the rise of EOS, Yunbi tops all global exchanges with over 230,000 BTC in 24 hours. According to Coinhills, Yunbi now ranks 1st on all global cryptocurrency exchanges with over 237k BTC and overtakes OKCoin(108k BTC) and Poloniex(90k BTC).
Top 3 Crypto exchanges of the day. Credit: Coinhills
EOS stands for Enterprise Operating System and is
“designed to enable vertical and horizontal scaling of decentralized applications (the “EOS.IO Software”). This is achieved through an operating system-like construct upon which applications can be built. The software provides accounts, authentication, databases, asynchronous communication and the scheduling of applications across multiple CPU cores and/or clusters. ” – Eos.io
Unlike previous ICO, EOS has some interesting but controversial rules to distribute tokens. 200 million tokens were distributed in the first 5 days starting on 26 June. Next 700 million will be sold in 23 hours based 350 next cycles, or 341 days beginning on July 1, 2017. Finally 10% of total 1 billion tokens stays with block.one fund.
Some Chinese blame such method as a “black hole of capital” for the unusual extension of ICO period while the company’s justification is:
“The EOS Token distribution structure was created to provide a sufficient period of time for people to participate if they so choose, as well as give people the opportunity to see the development of the EOS.IO Software prior to making a decision to purchase EOS Tokens.”
It’s worth mentioning that such complicated distribution is auto-executed by the smart contract based on Ethereum, which is more efficient than the distribution of protoshares, a funding token for BitShares back in 2014. Thread on bitcointalk claims that EOS is a “rebranded Bitshares” as nathanhourt , a top contributor of EOS, replaced “Bitshares” with “EOS” in April on github.
EOS token was listed on Yunbi 1st July and became tradeable on 2nd July.
“YUNBI has helped the users to claim their tokens from the EOS smart contract. Based on the EOS official statistics, 1 ETH equals to 306.7944 EOS tokens in the first period of distribution.”
Based on the transaction history, the ICO cost of EOS token on the first stage is around 6.5 Yuan. The default page when clicking the “Trading” button on Yunbi has been directed to EOS/CNY trade pairs. Lowest quote of EOS was 5.87 CNY on 2 July and is around 30 CNY at press time.
The rise and rise of EOS also becomes the center of topic among the Chinese crypto community. Memes are created along the waves like the Jackie Chan one.
Meanwhile, Rock Xie, aka Rockminer (agent of ASICMINER), announced indefinite suspension of Xuanchain ICO, which is planned to be released on 15 July. The project has collected over 1,200+ BTC during the pre-ICO stage. It is reported that 32 people behind the China’s futuristic elevated bus are arrested for illegal fundraising by Beijing Police. Illegal fundraising is a criminal act punishable by death in China.
If 2016 is the first year of the blockchain era, 2017 belongs to ICO. EOS is like pouring fuels to the fire and the fever may continue to “inspire” more.