  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 on the EOSIO
token ecosystem by conducting a comprehensive graph analysis on 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.
