Looks like there is some problem with the Eagle Token withdrawal that was supposed to happen today. That got me very worried. I did check my wallet and it wasn’t deposited. The Telegram group seems to be stating that there was some issue with the withdrawal and it is very likely due to the cost of the withdrawal. It seems that when they used a “bulk sender” to credit the miners’ wallet, the cost was 228BNB which is about USD 95k. Not too sure why the developers did not anticipate the costs of the withdrawal but seems that was the reason. It is simply too costly to withdraw the Eagle token to our wallets (which will become the actual Eagle Token EAN). And so what will happen? And as the Eagle Tokens are worth like USD 0.0003, it is not likely that miners will be able to afford paying for the transfer either. Furthermore how are miners going to transfer BNB to their mining application to do the transfer?
So what would be the next step? I honestly don’t know. If it costs more to transfer out to our wallets, then what is the point? And without the ability to transfer out the EAN tokens, how are we going to trade, swap or exchange the tokens. Can’t imagine that the developers didn’t think through this step. And how are the users going to get the EGONWAP token now? The developers said that they would need some times to think of another solution and have asked the miners to wait till Thursday for a solution (it is Sunday today). But alas, I am not too sure what solution can there be. The only way is to pay for the transfer. However if you think about it more, you would realize that this is practically impossible without breaking the bank for the Eagles team. This is because the miners are supposed to be able to withdraw every month. Just imagine how much it would cost by the next month. They could ask the miners to pay for the transaction but again why would anyone be willing to pay for transactions fees when the transaction fee is more expensive than the value of the tokens combined? And even if they wanted, how are miners going to transfer BNB (as this is a BSC network) to their mining app? Looking at both the low value of the token and the small amounts involved, I think you can easily see the problem here.
I also didn’t know that there is a cost to actually mint a token. But I am guessing that there should be some cost involved. Nothing is for free on a blockchain as someone needs to do something and that involves some work. The problem here is to extremely low value of the Eagle tokens – which makes it not economically to do any form of transaction. This project certainly didn’t have a great start. But we all learn and I did tell all my readers never to buy all such tokens. You will never know whether they will actually succeed. Even if the developers are not out to cheat or scam you, there is a chance that they didn’t think everything through. Sadly, this happened. The project is probably dead in the water now. I have seen a few major issues along the way as the project was in development throughout the 7 months. You can read them here and here.
Anyway lets wait till Thursday to see what solution the Eagles team will come up with. Honestly I don’t have much high hope for any real solution for this problem. It is boils down to the Binance Smart Chain and the network. Unless of course they have plans to go to Algorand or something else that can offer “free” transaction fees. But all these will still take time and money to implement.