There are several versions of this effect. Some finish with one hole, others with two. I think when it first came out, it was a surprise effect however, like many tricks, it tends to be overdone. Gen Grants is one of the easiest methods to perform and the one I like and use. There are no phony moves and very little to hide. It's a logical event. You tie a knot in the silk that everyone can see, cover it with your hand as you slide it down in one stroke. By giving the silk a slight tug before you reach the end of it, and showing the knot, in your hand, it really seems like the knot melted off the silk rather than sliding off the end.
It's easy to handle. In some of the versions, the initial tying of the knot does not look natural. Gen's is very fair, open and logical.