Many cryptocurrency projects started their first inception based on the Ethereum network, and most of these projects issued their first coins in the form of the ERC-20 token.

After a period of development, these projects move to their main network with their main currencies and the process of exchanging the previous tokens for the new currencies.

The EOS project went through the above scenario, but many EOS tokens based on Ethereum remained untransferred and their owners did not “swap” them, which led to them being stuck there.

But the EOS administration intervened and introduced a smart contract-powered program, which gave these Ethereum-based ERC-20 EOS token holders new hope of getting their coins back. Indeed, over the past month, about 2,6664,279 EOS tokens worth about $7.6 million have been recovered at the time of writing.

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These codes, as we mentioned earlier, failed in the conversion process that occurred in 2018.

The program enables token holders, by proving ownership of the Ethereum-based token key, that automatically resets their EOS keys thus giving them access to EOS tokens on the new chain.

According to the statistics mentioned in SourceEOS coins have been redeemed for more than 1983 addresses through the now-closed program.

Do lost coins count towards the rolling supply?

The latest redemption report is significant because it means that the circulating supply of EOS tokens will more closely match the value of the tokens that add liquidity to the market.

Meaning, the missing coins are part of the circulating supply whether they are missing or active.

In a similar situation, at least $3 billion worth of Bitcoin Cash and Bitcoin SV have been lost and abandoned by their holders since the network forks and splits, even though these coins count toward their circulating supply.

Additionally, a recent study confirmed that at least 6.2 million ETH of the 110 million ETH in circulation were confirmed to have been burnt or lost, with another 3.8 million ETH likely to have been lost.

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It is also known that a large portion of the bitcoin recorded in the circulating supply (18.35 million bitcoins) has been permanently lost.

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