One of the leading crypto exchanges, Coinbase, seems to have issues with “Degraded Performance” by the eight-largest cryptocurrency to date, EOS. Coinbase reported “massive outages” and “slowed sends and receives of EOS.” However, the issue with EOS operability on Coinbase’s network is not the first time this month, as reports from February 14 and February 17 indicate similar problems. Coinbase halted all EOS transactions and reported the issue had been terminated. As of press time, EOS continues its full functionality on the Coinbase network.
The underlying EOS blockchain seems to be operating as usual. However, EOS Nation reported some temporary bugs in the EOS blockchain. According to EOS Nation, the blockchain experienced several cases of microforks. Nevertheless, EOS Nation, which is one of the top-three block producers on its blockchain, stated that the system is “extremely reliable,” despite the minor setbacks.
One of the other major EOS block producers, EOS New York, claimed Coinbase is wrong about the degraded performance of the EOS blockchain.
“The EOS network is operating fine, and it’s in good shape. The only visible problems are on Coinbase’s side, so shifting blame from their own infrastructure problems is not acceptable. No other party reported problems with the blockchain. Coinbase could have reached us, as well as at least twenty major block producers, who would have helped for free. Also, Coinbase didn’t provide any details about the outage”, EOS New York wrote on Reddit.
Nevertheless, despite EOS operating normally, it still has issues, most of them related to the IEDOS airdrop. A token dubbed EIDOS was pushed on the EOS blockchain on October 31, 2019, and quickly congested all of the free CPU power of the EOS network. The new token requires EOS transactions to be airdropped, so users found a backdoor by leasing CPU power, instead of staking it. This move limited the EOS blockchain performance. As of press time, almost 95% of the total amount of EOS transactions are related to the new EIDOS smart contract. The network spiked in CPU usage, with a record of nearly 1 million actions per hour on November 7, 2019.
One of the significant consequences of EOS entering “congestion mode” is the drastic spike in price per CPU power lease. In only 4 hours, on October 31, 2019, the price per millisecond of CPU power increased with over 100,000%. EOS claims the airdrop would continue for a whole year.
Still, EOS didn’t clarify what’s the purpose of the new EIDOS smart contract. Since the introduction of EIDOS, the EOS network processes over 45 million transactions per day.