On Saturday (November 9), Coinbase said that it has been "degraded performance" for EOS transactions since 1 November 2019, and that this poor performance has been caused by the increased traffic on the EOS network due to the recent EIDOS token airdrop.
- On 1 November 1, Coinbase started noticing that there was so much congestion on the EOS network that the only way it was able to "unblock customer transactions" was by "increasing the amount of staked CPU" in the EOS wallets it controls. As EOSWriter explained on November 7, this congestion meant that regular users of the network had no chance to make transactions:
If you’re a regular user and don’t have a lot of CPU resources, you probably won’t be able to make a transaction. You will get a failure message about 'billable CPU exceeding, etc'. The end result is that your transaction won’t go through.
- Here is how the Enumivo Twitter account announced the EIDOS airdrop on October 30:
EIDOS tokens are coming soon to EOS chain. Convert your EOS CPU/NET to EIDOS for free instead of letting them go to waste. More details will be published on https://t.co/7qUXWFBSqB.— Enumivo (@enumivo) October 30, 2019
The 3rd iteration of our EIDOS airdrop testing was finished. We will do a 4th test and we go live for a 15-month long EIDOS airdrop where 800M EIDOS will be given for free, 100M EIDOS will be given later as bounties for our EIDOS-powered USD stablecoin.— Enumivo (@enumivo) October 31, 2019
100M reserved for us.
- Although testing of the EISOS airdrop took place on October 31, it was not until November 1 that the EIDOS faucet was deployed on the address "eidosonecoin::
We just deployed the EIDOS faucet on the address eidosonecoin, any EOS you send to it will be instantly sent back to you. But start Nov 1, 8am GMT, it will mint 20 EIDOS per second, and everytime you send EOS to it, you'll also get 0.01% EIDOS it has. Full announcement shortly.— Enumivo (@enumivo) November 1, 2019
- The first EIDOS tokens were given away at 08:00 UTC on November 1:
Liftoff confirmed!https://t.co/Zls95iVGvh— Enumivo (@enumivo) November 1, 2019
- Various crypto exchanges, such as Bithumb Global, started listing EIDOS/USDT trading pairs on November 1, which meant that people could sell the EIDOS tokens they had received via the airdrop.
- On November 1, the increased activity on the EOS network caused it to go into congestion mode (Coinbase says that this "limits the amount of transactions a user can broadcast to their pro-rata share of total staked CPU resources on the EOS network"). Here is Coinbase explaining the reason for the EOS network entering congestion mode in more detail:
Currently, we’re observing around 95% of all EOS transfer actions are related to the EIDOS contract. Because each transfer counts towards the amount of CPU used in a block, this spike in transfer actions caused the EOS network to enter congestion mode.
- Coinbase points out that the EOS protocol is not behaving strangely; it is just that the EOS network will stay congested until "it is no longer profitable to collect EIDOS or until the massive leases taken out on REX expire after 30 days and the leasers don’t renew their lease."
- Coinbase says that this was the state of the EOS network as of November 8:
As of November 8th 2019, the EOS network is still in a congested state. Only addresses with significant CPU resources staked are able to have their transactions processed in a reasonable amount of time.
- By November 8, day eight of the EIDOS airdrop, around 25000 EOS accounts had received free EIDOS tokens:
8th day of EIDOS.— Enumivo (@enumivo) November 8, 2019
25K EIDOS holders.
Thank you everyone. We are already a strong force.
- This is a list of exchanges where EIDOS is being traded:
Trade EIDOS here:— Enumivo (@enumivo) November 8, 2019
MXC Fans @MXC_Fans
Bithumb Global @BithumbGlobal
Hoo Exchange @Hoo_community
- Although much anger has been expressed in the EOS Telegram groups, the people behind the EIDOS airdrop remain unapologetic:
The EIDOS airdrop is designed to be fair and long to get more participants and at the same time help with price discovery.— Enumivo (@enumivo) November 10, 2019
To the toxic EOS telegram groups, if you really hate us, it's time to put your money where your mouth is, you'll be incentivised to destroy us....
The good thing about running an airdrop is we are not beholden to anyone. We can speak from the heart and not be afraid of ridicule. Only time will tell who is doing more good than bad to the EOS ecosystem.— Enumivo (@enumivo) November 10, 2019
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