Hello, EDSer's. Yesterday I made a fatal mistake when issuing eds-vote rewards and issued 100x of the rewards I should have. This was 2 years of rewards in 1 payment. I have been working hard for the past 18 hours to resolve the problem as quickly and efficiently as possible. Here's the update!
We have replaced EDS with EDSI
Yesterday
- Forgot to include a decimal and sent out 29,600 EDS instead of 296.00
- Took snaps shots of EDS balance, incoming HP delegations, eds-vote transactions and EDS trading transactions.
- Released a post to explain the mistake and did damage control on discord
- Created a new token called Eddie Earner Income (EDSI) with the same hardcap as EDS
Today
- Compiled all the information I collected last night to give me EDS balances prior to the over-payment going out
- Factored in buy orders that people had in place on hive-engine
- Created 2 new mining contracts for both EDSM & EDSMM to mint EDSI
- Deactivated current EDS miners and activated new EDSI miners (No action required)
- Contacted dev to make some edits to existing bots to reward new EDSI token
- Minted 80,048.24 EDSI tokens
- Processed the airdrop
Within the next week
- Wait for dev to reply
- Wait for the work to be been, tested and then pay the dev
- Resolve any issues people for having on discord Click Here to Discord
By next Monday
- Have all issues resolved
- Have all reward bots edited to EDSI
Carry on as if nothing happened!
What about the current EDS Token?
To be honest, I have not thought about it all all. It's either a dead token are a meme token, I will think about it over the next week and let you guys know. I have changed the EDS logo to the word "STOP" and changed the description to say, stop all trading of EDS.
My advice would be to just HODL EDS for now, im sure it'll be dumped to being worth dust but we'll see if I can think of something.
NOTE TO PEOPLE THAT TRADED EDS post over-payment
When deciding how best to airdrop the new token, I had to side with people who had bought EDS due to having buy orders in place over resetting the balances of those who sold tokens. This does increase the circulating supply but you'll see how I handled this below. Siding with buyers ensures nobody loses any HIVE directly.
- People who bought between 03.00 and 18.00 (17/12) will receive EDSI to the same amount they bought during these times
- People that sold, sold.
I cant force anyone to do anything because this whole this was my mistake but it would be amazing if people who sold those overpayments could send 90% of the swap.hive they acquired to @eddie-earner to be powered up.
Impact on EDS EDSI
The total amount traded was not too much, to be honest, and I'd guess 2000 EDS at max were sold. A few people had auto-buy orders so there was some money there to cash out quick gains. There are nearly 2000 more EDSI in circulation than before but I have a feeling a few people will send some swap.hive back to @eddie-earner which will be powered up. On top of that, I have now removed the @null balance of 1800 EDSI from the accounting sheet reducing the circulating amount by 1800 EDSI putting us almost back to square 1. So thats 80,000 down to 78,000 and we had 77,600 pre-over payment.
If we can receive and power up 300-500+ swap.HIVE, we'll actually be in a better place and the EDSI APY will be a tiny fraction higher than the current EDS. I've not been accounting for that @null balance for a special time (the flip) but when if i mess up, it is a good reason too. SPI also holds 5000 EDSI not just to earn a HIVE income but they can be burned if I mess up again. I dont plan to mess up but I like to be semi-prepared.
Long term, this will have little to no impact on how @eddie-earner continues to operate. Like I said yesterday, EDS, EDSI, and EDSD are all just tokens that can be replaced at the drop of a hat because we hold the same assets, earn the same amount, etc, etc. Long term, we are still as good as we've been the past few years. We just swapped tokens.
As @riandeuk said on Discord,
Too Much Drama for you!
SPI will provide liquidity to buy 5k-10k EDSI at 1 HIVE each. I understand this is a huge mistake and it may have left a bad taste in a few people months so the least we can do is offer liquidity to those looking to exit.
https://tribaldex.com/trade/EDSI
That is the update
- Everyone's EDS balance was reset to pre-over payment - 18 hours ago
- Everyone has been airdropped the same amount as EDSI that is replacing EDS
- EDS miners are updated and minting the new EDSI
- I'll work with the dev over the coming days to edit reward bots
- We will come through the overside with minimal damage done
Massive sorry for my mistake...
...and of course sorry for any inconvenience this has caused
