EDSer's, we have a problem that you need to be aware of. As many of you are aware, rewards for @eds-vote go out on Mondays and if you have seen your wallet already, you will have seen your EDS rewards this week are massive. Sadly it is not a Christmas bonus as I have made a fatal error.
While inputting the amount of EDS to mint for EDS-vote rewards, I forgot to add the decimal and minted 100x more tokens than I should have. So instead of minting 296.15 EDS, I minted 29,615 EDS and all have been shipped to those delegating HP to @eds-vote. Im normally very careful when doing this, but I messed up today.
Thanks to @dkid14 for letting me know in the Discord server.
I'd advise to stop all EDS trading. No selling and buying please until this issue is sorted. It might result in you losing your investment
DONT PANIC Just Yet!
I'll not sugarcoat this, but I can tell you that increasing the EDS circulating supply by almost 50% overnight is not good. The EDS APY has tanked to 14-15%, and anyone who holds EDS that is not delegating to eds-vote has just been liquidated. Im not trying to make you panic, just letting you know what has just happened.
There is no need to panic because EDS is just a token. The thing that gives EDS value is it's backed by the @eddie-earner HP balance and it's all still there. Even if I minted 296k EDS by mistake, we'd still have the same assets and as long as we can reset token allocations, we have no game over situation and the problem can be fixed.
After seeing the message from dkid14 and confirming my mistake, I checked and saw no EDS buy/sale orders done on hive-engine so nobody was trying to dump and cash out what would appear to be a massive over-payment. I then...
- Took a snapshot of all incoming HP delegations to @eds-vote
- Took a snapshot of the EDS token holder list
- Downloaded all the transactions from @eds-vote this evening
With this information above, I will be able to work out everyone's EDS holdings back to before the overpayment went out earlier this evening. Luckily, there is no EDS payment required for another 6 days so there is time to fix the problem before that date comes.
What's Next?
I have only found out about this 45 minutes ago and would like to sleep on it before I can give a certain answer but right now, the best course of action would be to reset the EDS balance back to what it was before this overpayment went out.
In my eyes, the current EDS token is cooked
90% sure that the best course of action would be to create and airdrop a new replacement token for EDS. It's the only way to fix this problem and restore everyone's balance to what it should be and requires 0 input from token holders.
Will update Tomorrow
It's 5.45 am here in the UK and I need to go to bed. I am glad that I was able to collect all that information soon after the overpayment went out. Right now, it looks like creating a new token to replace the current EDS and airdrop it for everyone. This would make the current EDS token worthless in a few days. Once again, sorry about this and I will make sure to fix the problem and keep you guys up to date.
The most important thing is, nobody has lost or gained anything
I'd advise to stop all EDS trading. No selling and buying please until this issue is sorted. It might result in you not being airdropped.
