Expect Delays in Claiming Your EOS Mainnet Assets

What we’ve learned about how long you’ll have to wait to use your EOS and why.

After meeting with representatives from a number of block producers, we have learned that there is a strong possibility there may be a significant amount of time (seven days in the best-case scenario) between the time your EOS ERC20 tokens will be frozen on the Ethereum blockchain and when you will be able to transact EOS assets normally on the new mainnet.

We understand how nerve-wracking the EOS swap is for many of you who are holding EOS right now. Ideally you will not have to wait more than seven days to move your EOS assets on the mainnet, and we are working hard to identify trusted wallets as well as developing our own solution so we can provide clarity for you as soon as possible without sacrificing security.

However, we do expect that the mainnet launch may actually take longer than initially expected by the community.

This is due to 3 key factors:

1. The EOS block producers will need consensus on how the mainnet will be launched. While block producers have stated that they are committed to one mainnet, there is a possibility that more than one mainnet could be launched simultaneously which could cause temporary confusion as to which one is the true mainnet.
2. After the time it takes to debug and launch the mainnet, there is a mandatory 3-day period where most of your EOS, all but 10 EOS per address, will be non-transactable.
3. There will be very few, and possibly zero, user-friendly EOS mainnet wallets to use on launch day that have been tested for security failures and deemed trustworthy.

I Heard That I Am Covered By Fallback?

You may have heard about a supposed alternative to registration referred to as “Fallback”, a method for trying to cover Ethereum wallets that did not register before the mainnet launch.

While we understand that “Fallback” may seem like an attractive solution for those of you who have yet to register, we do not recommend relying on it. “Fallback” was coded a week and a half ago and, while some developers have tested it on smaller batches of addresses, it remains untested at scale.

We cannot emphasize enough that you must register your EOS address before June 2nd as it is currently the most secure way to make sure your EOS tokens are swapped to the mainnet.

You can register your EOS address in Exodus by following this step-by-step-guide: https://support.exodus.io/article/690-how-do-i-register-my-eos-address-inside-exodus

What Are My Options?

1. Wait for Exodus to release an EOS mainnet solution. Exodus is committed to providing you with a stable, user-friendly, and secure EOS mainnet solution and will not release anything until we are certain it will work 100%. While the wait time could be months instead of days, this is the safest approach as you won’t have to export your Private Key.
2. Wait until there is a secure and trusted mainnet wallet that accepts private key imports. In this case, you can export your EOS Private Key from Exodus, use it in that wallet, and then immediately delete your private file. One important thing you should always keep in mind: You should never input your 12-word phrase, your Ethereum private key, or your EOS mainnet private key into any other service whatsoever without verifying its legitimacy. We’ve seen too many customers lose funds in the past to untested scam wallets, and an ounce of prevention is worth a pound of cure.
3. Alternatively, if you want to trade with EOS right away, either buying or selling them, then holding your EOS on an exchange could be a better option than on Exodus. This is also true if you are planning to liquidate your EOS holdings before the mainnet launch. Just keep in mind that you will be trading in futures, meaning not actual assets but the promise of them, and you won’t be able to withdraw your EOS funds from the exchange until the mainnet is launched.

Exodus is all about giving you full control of your assets, and you can always rely on our support team as resource for deciding the best option for your EOS. Be sure to do your due diligence and investigate these options thoroughly before making any moves with your EOS mainnet coins.

When In Doubt, Reach Out!

We are communicating with you now as soon as we have become aware of these updates to the timeline of when you will be able to access your funds upon the launch of the EOS mainnet. We hope this provides transparency for you about when you can expect to realistically claim and transact with your complete EOS mainnet balance. Please review and decide accordingly how you would like to manage your EOS ERC20 tokens before the token freeze on June 2nd.

As always, if you have any questions or concerns please reach out to us in our support inbox at support@exodus.io and we will be more than happy to have an honest conversation with you about anything we have written in this article. We understand that you may have some very legitimate concerns at this time, and we are here to listen!

Please reserve the Medium comments section for lively and honest discussion about the article! If you have technical issues with Exodus, our Community Support team will be happy to speedily assist you if you send a descriptive email to: support@exodus.io