EIDOS airdrop sends EOS into congestion mode

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garry
Nov 11, 2019
Crypto kitty congested eth.. Eidos congested eos..


On Sunday many noticed that EOS entered a congestion mode:

EOS congestion social volume

The background of this event is deeply covered by Coinbase and Fred Krueger,

There are A LOT of details covered so I would not dive into details here.

Basic exctracts:

  • Reason is EIDOS token airdrop
  • EOS is dominated by EIDOS related actions
  • Though the EOS protocol is behaving as expected, this is a design flaw
  • And the EOS network should be expected to stay in this state for some time
  • This is a highly coordinated attack

Airdropped EIDOS price chart:

Getting back to social, I'd like to span the timeframe and compare EOS and ETH network congestions.


This is EOS congestion related talks during last 2 years:

Funny thing, a first spike is related to ETH congestion, people were praising EOS during ETH congestion

And this is ETH congestion related talks during last 2 years:

First spike pierces for CryptoKitties congestion

Which blockchain is progressing?


Network congestions are not connected with price actions in all cases.


An overview of recent social talks:

  • i think this is another classic eos storm in a teacup
  • I'll never understand any news involving EOS
  • Can someone ask the CEO of decentralized EOS to rebut
  • The network will only normalise in 20 days when the REX loans expire. Price could go 100x down from here and it would not stop the mining. app
  • I think things will smooth out on Dec 1 and the days after, as the rex market rebalanced. Rex can do its job when there is true market driven demand. Eidos is a wake up call. It's going to be interesting. I don't believe many dapps will flee to cheaper networks, eos will go on increasing capacity and tuning the machine...
  • So is this how eos proof of steak consensus works ?
  • So I'm guessing EOS holders don't like EIDOS very much?
  • Congested is a misnomer! EOS is functioning as it was designed you were supposed to own EOS in order to have room on the blockchain. All of this is good for Eos as now dapps will need to buy EOS in order to run on the blockchain driving the price of EOS upwards. Congested is a fud term
EOS
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garry
Nov 11, 2019

Assets from this insight

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EOSEOS

$ 2.62

1.22%in last 7d