Bitfinex Triggering Big Fluctuation in BPs Ranking by Changing Votes
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The data in this article is as of September 6, 2018, 11:00.
01 Bitfinex Expanding Influence by Multi-accounts and Multi-proxies
Who is Bitfinex? People who focus on the EOS must be familiar with it. Wikipedia shows that Bitfinex is cryptocurrency trading platform, registered in the British Virgin Islands (BVI) and headquartered in Hong Kong, China.
After the launch of the EOS main network on June 9th, 2018, based on the natural advantages of its exchange, Bitfinex set the account called g4ztqmbrgege with 70 million of EOS, to participate in the BPs voting. At the end of June 2018, Bitfinex changed its voting strategy and participated in the voting by multi-accounts and multi-proxies. The g4ztqmbrgege was mainly divided into three accounts: bitfinexcw11, bitfinexcw12, and bitfinexvp13.
As the competition of the BPs heats up, in order to expand the control of the BPs ranking, Bitfinex, which is rich in EOS, added 10 voting accounts. So far, Bitfinex has a total of 13 voting accounts, of which 12 accounts have more than 3 million EOS, 1 account has more than 4 million EOS, and 13 accounts have more than 40 million EOS in total.
There have been more than 26,200 voting accounts by now and the top 5 voting accounts have more than 42 million EOS in total. In other words, only the top 5 voting accounts combine toghter, can they compete with Bitfinex. What's even more frightening is that this is just half the strength of Bitfinex! It can be said that Bitfinex can easily controls the BPs ranking, and becomes the dominant player in a high-profile manner in the whole EOS network by its multiple accounts based on its rich and powerful financial resources.
02 Bitfinex Triggering big fluctuation in BPs ranking with votes changes
After the Bitfinex changed votes on August 19, 2018, the BPs rankings seem to have no significant wide-ranging changes. However, after the voting changes of its 13 accounts on September 6th, the rankings of some BPs show a new round of fluctuations. Although Bitfinex uses its 13 accounts to add or remove BPs repeatedly, it is not difficult to find that Bitfinex's voting changes involve a total of 44 BPs, 18 of which are added votes by Bitfinex, while 22 are removed votes by Bitfinex. The list of BPs is as follows:
Among the 18 BPs that are added votes by Bitfinex, the rankings of 11 BPs, including 4 BPs in the top 21 and 7 standby BPs, increase to varying degrees. Details are as follows:
- The rankigns of 4 BPs in the top 21, including zbeosbp11111, EOSHuobiPool, eosfishrocks and EOS Authority, increase by 2 to 8 places. zbeosbp11111, nearly its four-fifths increased votes from Bitfinex, even ranks the 1st on September 6th from the 5th on September 4th.
- EOSGen, eosiosg1111, EOSMetal, and EOSUK, who still ranked behind the 70th before September 6th, squeeze into the top 70 successfully because of votes adding by Bitfinex. EOSGen has received 28 million votes by Bitfinex and ranks the 29th increasing 41 at least (the ranking on September 4 can not be determined, but not in the top 70). At the same time, the ranking of EOSCafeCalgary rises by 3, and EOSTitan, which received Bitfinex's total of 22 million votes, jumped from the 40th to the 27th.
Among the 22 BPs that were removed the votes, the ranking of 17 BPs, including 7 BPs in the top 21 and 10 standby BPs, show different degrees of decline. Details are as follows:
- 7 BPs in the top 21, inlcuding EOS42, EOSNewYork, EOSCanada, Sw/eden, EOSAsia, EOSRio, eosDAC, decrease in the range of 3 to 8 places, and EOSRio and eosDAC are not in the top 21 now due to the withdrawal votes of Bitfinex.
- The lower ranked BPs are affected by the withdrawal votes of Bitfinex, and their rankings fluctuate more. The rankings of HelloEOS, EOSBlockSmith, and EOSUnion dropped by 15, 14, and 17 place respectively.
In conclusion, Bitfinex's votes changes this time have a wide range of changes and influences, involving a total of 44 BPs, triggering the great ranking fluctuations of 11 BPs in the top 21 and 17 standby BPs. It can be said that a little leak of Bitfinex sinks a great ship in BPs ranking. To be more specific, 1) due to the adding votes of Bitfinex, the ranking of 4 BPs in the top 21 has risen, and ZB has soared to the top of the list; 4 BPs ranking behind the 70th before have jumped to the top 70, among which EOSGen, claiming to be the world's largest cloud mining company, was also pushed to the 29th. 2) Due to the romoving votes of Bitfinex, the rankings of 7 BPs in the top 21 dropped, and 2 of them fell out of the top 21; the rankings of 10 standby BPs showed different degrees of decline, among which EOSUnion ranking the 50th dropped to the 73rd place at one night.
03 Unite with smaller voters to jointly maintain the EOS ecological balance
With its strong financial resources, Bitfinex can still have a high concentration of power in the EOS world, which is known for its decentralization. Bitfinex controls the ranking of BPs, and gain great profits from the BPs ranking.
To make matters worse, exchanges or whales that can change the BPs rankings like Bitfinex have sprung up. Although their current strength can't match Bitfinex, no one can predict the future development. Once they form a coalition of interests, and jointly control the ranking of BPs, then the EOS will undoubtedly become a place for them to harvest their interests. At that time, in order to improve the rankings, the BPs will collude with these exchanges or whales, instead of enhancing their strength and contribution, which will undoubtedly ruin the EOS reputation and destroy the EOS ecosystem.
As a supervisor for BPs and a builder for EOS ecosystem, EOSONE is acutely aware of the above problems and its adverse impact on the EOS ecosystem. In order to solve these problems, EOSONE has recently launched a voting proxy service, which is intended to unite the strength of thousands of smaller voters, and vote for the highly qualified BPs based on the strict evaluation of the strength and contribution of the BPs, and jointly maintain the EOS ecological balance!
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