About a week ago, there was some issue with the Eagle Network that resulted in some let’s say…unhappiness in the community. What happened was that the developers were supposed to release the Eagle (tokens) to the users’ wallets but the day went and there were no tokens in most users’ wallets. So naturally (myself included) thought that there was something very fishy going on behind the scenes. I mean they have been promising us that they will allow the withdrawal of the tokens but nothing happened. They did make an announcement later and the statement claimed that it was due to the expense of pushing the tokens out. Apparently they used a 3rd party bulk sender to send out tokens to the users’ wallets and it costed like 95K USD to send out to the wallets. This would mean that every month they will need to incur such a huge cost, which is not really that practical. Just look at the number of users they have – 95K will probably be considered small as more and more users get onboard. And they did say that they will find another solution for it but didn’t say how they were going to do it. You can read more about this here.
So naturally people like me who have been “mining” for a few months got suspicious. Did they not think of this cost issue when they planned how they were going to distribute the tokens via their “staking” option? I mean that should be the first thing they should have planned right? The cost of sending out so many tokens to their users numerous times – that was the plan. It is meant to ensure that users will not dump their tokens into the market when the token is launched. Honestly, that has happened countless of times during token launches. We see it like drop to 5% of its initial value on the day of the launch. And in quite a few cases, these tokens never recover – simply because no one likes to see charts with a such a steep slope. Just imagine if you were looking at the market charts for a lesser known cryptocurrency and you see the huge dump in the beginning – you too will be just a bit more curious right?
Anyways for those who are worried that the Eagle Network is a scam – you should not be. Seems that they have developed their own application to do the release of the tokens to their users. Apparently it is much cheaper than using a third party application. Anyway the BSC network transaction fees should be pretty low. Yes the Eagle Token is running on the BSC network. The problem is that they have to transact to a lot of users. That is where the bulk of the cost is at. There was supposed to be 14,634 total request and the total amount of tokens was 16 million. 14k requests should not be so costly if you ask me. I have done numerous transactions via the BSC network and none costs more than a few cents only – so I do find it strange that using a Bulk sender would cost so much. And I would also expected way more requests than that considering that they have over 1.2 million users. But as I mentioned before, quite a lot of users are just not really into the project and I don’t think they add much anyway. Just add to the numbers only.
Well now it is to see whether they will actually release the tokens as promised. Their own bulk sender is currently under testing but as they claimed, it should be up and running soon. The Eagles Team would like to ensure that the application is functioning correctly which is fair I guess. Rumours say it should be ready by the end of the month. Yes I will keep you guys updated on any development. I hope to see the Eagle Tokens in my wallet as well. It has been quite a while. Please take care!