EOS Open for Deposits and Withdrawals on Binance
The EOS digital asset has been deemed stable enough in its new network, and coins have been released from the exchange.
A couple of weeks after the EOS mainnet launch, Binance deemed the network safe enough to open deposits and withdrawals. This frees up funds for voting, possibly for speculation on RAM prices as well.
However, EOS voting has now dwindled almost to nothing, stalled at 29% of all coins, with the block producers already settled in their positions. It is unknown what effect the newly released EOS would have or if more would be sent to exchanges for selling.
The EOS price plunged again to $8.76 as markets sank on the news of a temporary Binance lockdown following rogue trades on Syscoin (SYS). EOS is still up a net 15% over the past seven days though the price remains volatile. As trading picks up pace, more than 43% of all EOS trades are based on a pairing with Tether (USDT).
But for now, the USDT liquidity is not boosting EOS to any impressive price levels. Additionally, the lower influence of Ethereum trading means that EOS prices cannot be manipulated from the ETH stash of Block.One. Trading volumes have become more consistent at around $1 billion per 24 hours, and EOS remains one of the most actively traded assets, with a 5.2% share of all crypto trades.
EOS RAM speculation continues although prices have somewhat abated to 0.67 EOS per KB. This still puts the price of an EOS account at about $20, a non-trivial barrier. Also, smaller dApp creators could be hampered, and the EOS ecosystem may not grow as promised. Small-scale developers may only afford to showcase their dApps on the testnet, and ask for assistance from block producers.
The EOS RAM marketplace has imposed high prices for an otherwise ubiquitous and cheap resource. At one point, Redditors noted that the drive for decentralization meant a single RAM stick cost more than $50 million as per market prices within the EOS ecosystem.