EOS, a digital asset that still has no working blockchain, is more alive than ever on exchanges. There are indications that Tether (USDT) trading may be supporting the coin, leading to stronger gains even compared to the days when daily auctions were still active.
USDT volumes have risen to more than 17% of all crypto trades, becoming the second most traded asset after Bitcoin. USDT are present on many exchanges, with Binance being the lading market with the biggest USDT wallet.
But this time, the EOS market price is getting a direct boost. EOS/USDT is the second most active pair for the Tethers ecosystem, only superseded by Bitcoin. Roughly 20% of Tethers have gone into trading EOS.
The EOS asset has grown a net 13.4% this past week, rising to $14.04, and permanently displacing Litecoin (LTC) from its position on CoinMarketCap. But for now, EOS has a limited exposure to direct fiat funds, instead relying on pairings against other currencies. EOS is also supported by Ethereum trading, but Tethers are extremely influential.
The EOS market price moves in expectations of a launch of the EOS IO 1.0 software coming soon. However, the delay is stretching longer than expected, as block producers are still in discussion, and bugs are still found.
For now, only the EOS Classic project has gone live, a mainnet supported by Ethereum-like mining, but also taking features from the EOS software.
The recently released block explorer shows a still small mining activity of 62 MH/s. Having assets on the EOS Classic chain does not mean losing them on the upcoming EOS official blockchain - whenever it launches.
Owners of EOS balances are advised to keep their private keys, and not import them into wallets, until there is absolute certainty which is the original chain. No announcement has been made so far, and EOS balances cannot be taken off exchanges - hence the active speculative trading, the only thing that could be done at the moment.