EOS tokens are just a place holder for the real EOS when the blockchain launches. Once the blockchain launches the ERC20 tokens will be destroyed and you will receive EOS in return for your erc20 token.
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Just confused to why there would be a wallet app for the ERC20 tokens?
it's not a wallet for ERC20 token it's for EOS token of course nobody know's which entity will generate the genesis block by the way testnet is already live right now