Meeting called to discuss the planned freezing of the EOS token on the Ethereum blockchain.
Hold 10 Index Policy Committee*
Date: May 29, 2018
Time: 12:30 – 1:30 p.m. PT
Reason for Meeting: Meeting called due to the planned freezing of EOS tokens on the Ethereum blockchain.
In Attendance: Matt Hougan (Chair), Phil Glazer (Member), Hong Kim (Observer)
*Please note that, since this meeting took place, the name of Bitwise’s large cap index changed from the “HOLD 10 Index” to the “Bitwise 10 Large Cap Crypto Index.” The name of the governing committee also changed from the HOLD 10 Index Policy Committee to the Bitwise Crypto Index Committee, which is reflected in the title of this post.
Item 1: Response to the Pending Freezing of EOS Tokens on the Ethereum Blockchain
Explanation: The HOLD 10 Index Policy Committee conducted a Special Meeting on Tuesday, May 29, to discuss the pending “freezing” of EOS on the Ethereum blockchain. As described at https://eos.io/faq, “EOS Tokens will become fixed (non-transferable) on the Ethereum blockchain within 23 hours after the end of the final EOS Token distribution period which will occur on June 1, 2018 at 22:59:59 UTC.”
The committee has been monitoring the situation for the past month, and in today’s meeting, determined that the pending freeze amounts to an effective delisting of the coin from all major exchanges. This delisting will cause EOS to fall short of Eligibility Criteria for inclusion in the index.
Conclusion: 2/2 vote yes to remove. To ensure the index remains investible and robust, the coin will be removed from the HOLD 10 Index on May 31, 2018, at 4 p.m. Pacific Time (00:00 UTC).
The format of these notes have been adapted to reflect Bitwise’s 2019 format for the posting of index committee notes. The original notes from this meeting were posted contemporaneously on the Bitwise Asset Management feed on Medium.com, and are available here.
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