The EOS network is currently operating with the main purpose of distributing its new digital coin – EIDOS. The coin is already being traded with on exchanges and offers a unique chance for generating almost guaranteed income from its sale. The EIDOS airdrop, however, could congest the EOS network and the transactions even more.
As you probably know if you are following the EOS news on our website, the network behind EOS has been halted from November 1 to November 8. The activity now recovered, but new research from the crypto exchange Coinbase revealed that the bulk of activity is based on lending resources.
On top of this, most of the transactions are still supporting the EIDOS simulated mining and airdrop and the only large accounts with a lot of EOS at stake are capable of buying CPU resources to run their distributed apps.
“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 team said earlier.
The EIDOS airdrop may further halt the EOS network, which is now being used as a free money printer. Before October 31, several actors bought up the network resources (its CPU, RAM and NET) which is when the CPU usage price spiked by 10,000% right after the EIDOS airdrop began. The spike itself probably happened because of speculation on the network resources.
What’s also possible is the EIDOS airdrop being present on more and more exchanges – something which is already happening. The news show that it reached a listing on Bithumb Global and the EIDOS mania is still spreading through WeChat, as the EOS services started offering EIDOS to their clients.
The predecessor to EIDOS, the Enumivo project, was first rolled out and came out with a dramatic thought for the airdrop. The organizers even encouraged the dump of the asset all in order to “drop the price” so that it can match a level that balances the aidrop.
The EIDOS airdrop is designed to be fair and long to get more participants and at the same time help with price discovery.
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….
— Enumivo (@enumivo) November 10, 2019
The main idea of this tweet was to present the EIDOS airdrop as a use case for EOS and encourage users to send coins to the smart contract and receive EIDOS in return – as well as their EOS back.
Right now, the opinions on the airdrop are split. Meanwhile, the price of EOS is at $3.57 with a 2.44% increase on the day.
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