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Seeking To Regain Past Glory? Poloniex Adds EOS

Poloniex has opened its markets to EOS trading in EOS/USDT, EOS/BTC and EOS/ETH pairs on August 1 as the first major listing to be made since the exchange, through its new owner, Circle, introduced an Asset Framework which touches on five key areas: fundamentals, technology, people, business model, and market dynamics.

Once ranked one of the top three cryptocurrency exchanges until mid last year when users started complaining of lagging issues, poor customer services and login errors, some users also complain that Poloniex has bugs. It has since dropped in rankings (26th in terms of volume/approximately $52.3 mln as at today) and customer base. It has been delisting several altcoins to free its operation – nine others will be delisted on August 2 – FLO, FLDC, XVC, BCY, NXC, RADS, BLK, PINK and RIC – to leave the platform supporting 58 assets in all.

Will adding EOS help Poloniex turn a new leaf? Time would tell. Dubbed the ‘Ethereum Killer‘, EOS reportedly caused a bear crypto market in the first six months this year based on claims the platform liquidated over two million ether through Bitfinex over the period – probably selling ETH for BTC and then market selling BTC for more liquidity. While this is unfounded, it shows extent of the platform’s reach as a budding operating system-like construct upon which applications can be built. EOS was an ERC20 token that was built on the Ethereum blockchain before it was migrated in June after launch the EOSIO mainnet. Read more: EOS’s market cap is currently worth about $7 bln as against Ethereum’s $43 bln. Its proponents believe $7 bln is justifiable for less than 10 projects unlike more than a thousand on the Ethereum platform.

ICOs could be run on EOS. It uses a modified ERC20 smart contract which enables all the standard token functionality. It can also allow linking an EOS address with the ETH address so that ICO tokens could be moved from Ethereum to the EOS platform.

EOS addition to Poloniex means the asset passed the exchange’s internal evaluation process to be considered not to be a security. While there are questionable doubts about the reliability of Poloniex at this point, the addition of a world-class asset like EOS as well as the continuous cleaning up process will boost interest in the US-based exchange again. As part of their strategy, they may add more major assets with time.

Also on August 1, EOS is added on Huobi OTC and the first ICO on the platform, iRespo, launches too. The success of ICO projects on the platform is expected to create the demand for EOS tokens.


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