Bitfinex Launches EOS Network Activation Community Vote For Exchange’s Enormous Balance


Bitfinex Launches Community Vote to Determine Whether to Stake Its Enormous EOS Balance

Bitfinex, one of the world’s largest cryptocurrency exchanges, is deciding whether or not to stake EOS balances to contribute to EOS network activation. To help decide the issue, Bitfinex is turning to the community. The exchange launched a community vote earlier today.

Bitfiniex also folloed up the tweet with:

In order for the EOS mainnet to go live, an equivalent of 15% of all issued EOS tokens (approximately 150 million of the total supply of EOS) must vote for at least one producer. This threshold is hardcoded into EOS. It’s designed to ensure that the mainnet has sufficient community support before activation.

Only after mainnet activation is it possible to unstake tokens to withdraw. There’s also a three day waiting period before receiving the tokens after the unstake request has been requested by the network.

Bitfinex, which currently holds about 70 million EOS tokens on behalf of users, has one of the largest repositories of EOS tokens in the community.

The initial plan was for Bitfinex to enable Block Producer (BP) voting on its platform only after the 15% threshold was reached and the EOS mainnet was activated. However, they’ve now launched community voting;

“for the sake of added transparency, and to provide our users with an opportunity to participate in the activation of the EOS network.”

How to Vote

Full details on how to vote can be found here. You can cast either a yes vote – if you want Bitfinex’s EOS tokens to participate in staking – or a no vote – if you want Bitfinex’s EOS tokens to remain unstaked.

Step 1) Visit www.bitfinex.com/reports/proofs

Step 2) Download the 4 files from that page

Step 3) Visit www.ballot.binfex.com and upload the 4 files you downloaded

Step 4) Navigate to the voting portal

Step 5) Insert the option you wish to vote for; press SIGN when ready; you can choose between “yes” or “no”, and your answer must be submitted in all lowercase letters to be counted

Step 6) Copy the generated voting payload

Step 7) Return to www.bitfinex.com/report/proofs, then past your voting payload from step 6 into the field provided in step 3

Step 8) Press “Register Vote” to submit your vote

Bitfinex has also published their on-chain EOS balances. You can view Bitfinex’s two EOS wallets here or here. The cryptocurrency exchange currently holds $700 million worth of EOS tokens – or around 72 million tokens.

Bitfinex’s EOS tokens represent a significant share of the EOS network – which is why this vote is important.

Bitfinex will hold EOS Block Producer voting at some point in the future if this latest vote is successful.

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