Unravelling Token Ecosystem of EOSIO Blockchain

Zigui Jiang, Weilin Zheng, Bo Liu, Hong Ning Dai*, Haoran Xie, Xiapu Luo, Zibin Zheng, Qing Li

*Corresponding author for this work

Research output: Contribution to journalJournal articlepeer-review


Being the largest Initial Coin Offering project, EOSIO has attracted great interest in cryptocurrency markets. Despite its popularity and prosperity (e.g., 26,311,585,008 token transactions occurred from June 8, 2018 to Aug. 5, 2020), there is almost no work investigating the EOSIO token ecosystem. To fill this gap, we are the first to conduct a systematic investigation of the EOSIO token ecosystem by conducting a comprehensive graph analysis of the entire on-chain EOSIO data (nearly 135 million blocks). We construct token-creator graphs, token-contract creator graphs, token-holder graphs, and token-transfer graphs to characterize token creators, holders, and transfer activities. Through graph analysis, we have obtained many insightful findings and observed some abnormal trading patterns. Moreover, we propose a fake-token detection algorithm to identify tokens generated by fake users or fake transactions and analyze their corresponding manipulation behaviors. Evaluation results also demonstrate the effectiveness of our algorithm.

Original languageEnglish
Number of pages17
JournalIEEE Transactions on Knowledge and Data Engineering
Publication statusE-pub ahead of print - 26 Mar 2024

Scopus Subject Areas

  • Information Systems
  • Computer Science Applications
  • Computational Theory and Mathematics

User-Defined Keywords

  • Blockchain
  • fake-token detection
  • graph analysis
  • token


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