The EOS mainnet launch has stalled as fewer than one-third of the tokens required to activate the platform have been staked by users.
Although the mainnet officially launched on June 10, the platform cannot be fully activated until 150 million EOS tokens, or 15 perfect of the total token supply, are staked for electing the network’s block producers. At the time of this writing, only about 5.9% of tokens, or 39 percent of the necessary tokens, have been submitted, with no indication as to when the other 91 million will be staked.
Given that voting is somewhat convoluted, users are presumably holding off due to their concerns of interpreting the complicated rules incorrectly. For instance, some users have expressed concerns related to the accidental exposure of private keys through the voting process.
While it’s possible that block producer candidates hold enough tokens to activate the network, there have been recent reports that detail heated tension shared among various groups that are jockeying to win one of the many exclusive spots within the network, according to The Wall Street Journal.
Kevin Rose, who is a community leader for one of the leading block producer candidates, EOS New York, recently told CoinDesk that he believes this slow start may have something to do with the launch occurring during the late night hours in Asia, which is home to a significant portion of crypto investors. The day following the launch, the number of staked tokens tripled, which overlayed with the opening of the Asian markets.
The price of EOS ($9.11 billion market cap) has experienced a significant decline since June 10, which may suggest that potential investors are beginning to see the ongoing delays as a sign of overarching project health — although the entire market has struggled lately.