EOS enters congestion mode because of EIDOS airdrop


by Don Yu, Patrick O’Grady, Peter Kacherginsky

What’s happening with EOS?

On November 1st 2019, Coinbase started seeing degraded efficiency for EOS transactions. Coinbase didn't have sufficient staked CPU to efficiently have its EOS transactions processed by the community. You'll be able to be taught extra about EOS and CPU here. This degraded efficiency could be attributed to the huge enhance in exercise on the EOS community associated to the just lately launched EIDOS token airdrop. Coinbase responded to this concern by growing the quantity of staked CPU within the wallets we management to unblock buyer transactions. On this report we share our evaluation of EOS assets, REX markets, and the way these have been affected by the EIDOS token airdrop.

Key Info

  • A token known as EIDOS was launched on the EOS community on October 31st 2019.
  • EIDOS airdrop distribution includes sending EOS transactions to and from the EIDOS contract.
  • Exchanges are itemizing EIDOS/USDT pairs, that means that individuals can promote airdropped tokens for USDT.
  • To benefit from this buying and selling alternative, persons are utilizing leased CPU to dramatically enhance the variety of transfers processed by the EOS community.
  • This elevated exercise has prompted the EOS community to enter congestion mode, which limits the quantity of transactions a person can broadcast to their pro-rata share of whole staked CPU assets on the EOS community.
  • Regular customers are unable to get their transactions processed because of their comparatively low quantity of staked CPU assets.
  • You will need to word that the EOS protocol is behaving as anticipated, however congestion mode prevents customers from having transactions processed that exceed their CPU stake.
  • The EOS community needs to be anticipated to remain on this state till it's now not worthwhile to gather EIDOS or till the huge leases taken out on REX expire after 30 days and the leasers don’t renew their lease.

EIDOS Airdrop

At 6pm PST, October 31st 2019, a brand new contract was created on the EOS blockchain for the EIDOS token. So as to distribute EIDOS, the contract makes use of an airdrop sample that features as follows:

  • An EOS person sends a minimal of 0.0001 EOS to the EIDOS contract.
  • The EIDOS contract will then ship a transaction returning the identical quantity of EOS again to the unique sender.
  • The EIDOS contract airdrops a certain quantity of EIDOS to the unique sender’s tackle. On this means, anyone holding not less than 0.0001 EOS is ready to obtain EIDOS.

The picture above illustrates the sample of interacting with the EIDOS contract. Be aware that this habits could be noticed within the EIDOS contract code that is open-sourced here.

Exchanges are itemizing EIDOS

On November 1st, a variety of exchanges determined so as to add the EIDOS token to their listing of supported property. Particularly, these exchanges have launched an EIDOS/USDT buying and selling pair.

Cleared EOS/USDT Trades (Supply: MXC Trade)

The above screenshot exhibits EIDOS/USDT trades clearing at 3:40pm PST on November 4th 2019. EIDOS remains to be price a constructive quantity of Tether. Due to this fact, anybody who owns not less than 0.0001 EOS can ship a transaction to the EIDOS contract, obtain some EIDOS, then try to commerce it on an alternate for a non-zero quantity of Tether.

EOS is dominated by EIDOS associated actions

A variety of events realized that they will repeatedly invoke the EIDOS contract to acquire extra EIDOS, then commerce the airdropped EIDOS for USDT. The EOS community has develop into flooded with these transactions. Be aware that in EOS, a single transaction can have a variety of actions. One kind of EOS motion is a switch, which sends some foreign money from the sender to the receiver.

Ratio of EOS EIDOS Contract Switch Actions to Whole Switch Ops

At the moment, we’re observing round 95% of all EOS switch actions are associated to the EIDOS contract. As a result of every switch counts in direction of the quantity of CPU utilized in a block, this spike in switch actions prompted the EOS community to enter congestion mode.

Variety of actions per hour (Supply: EOS Titan)

After the EIDOS launch, we see the actions per hour skyrocket.

Congestion Mode & CPU

The EOS community depends on particular assets known as CPU, NET, and RAM to carry out actions on the community (e.g. interacting with a wise contract). These assets could be obtained by staking your personal EOS property or renting them from a specialised useful resource alternate known as REX. When the EOS community is just not congested (when the entire CPU utilized in a block is underneath 40 milliseconds = 20% of a block’s CPU limit of 200ms), customers of EOS are in a position to make use of extra CPU than they’ve staked. Nonetheless, congestion mode (when the entire CPU utilized in a block is bigger than or equal to 40 ms) strictly constrains the variety of transactions a person can carry out to the quantity of CPU they’ve staked.

As a gross simplification, the much less CPU an tackle has, the less transactions will probably be capable of get processed by the EOS community. We imagine some events predicted that the community would develop into congested as the results of the airdrop, and started proactively buying CPU leases on REX to be able to dominate the community’s throughput.

CPU Worth between 10/29 to 11/1 (Supply: EOSPark)

On October 31st, round 10:30pm PST, the quantity of staked EOS required for a ms of CPU (known as “CPU worth”) spiked drastically. Over the course of four hours, CPU worth elevated by ~100,000%.

Airdrop Participation Sample

A variety of addresses that made the early funding in CPU have been utilizing it to extensively invoke the EIDOS contract with transactions to acquire airdropped EIDOS, then sending the EIDOS on varied alternate platforms. The next sequence of transactions illustrates a typical sample of customers renting CPU assets and finally cashing out on a DEX:

Step 1: EOS tackle renting CPU

(Supply: EOSAuthority)

Step 2: EOS tackle taking part within the EIDOS airdrop

(Supply: EOSAuthority)

Step 3: EOS tackle sending EIDOS to an alternate

(Supply: EOSAuthority)

The above tackle leases over 2000 EOS price of CPU on November 1st. After leasing the CPU, the one transactions this tackle makes are to the EIDOS contract and deposits to exchanges.

Pattern alternate of EIDOS token to EOS by a DEX alternate (Supply: eosq)

The EIDOS token is actively traded on each centralized and DEX exchanges. Within the above case, somebody makes use of a decentralized alternate to obtain EOS for his or her EIDOS.

Present EOS State

As of November eighth 2019, the EOS community remains to be in a congested state. Solely addresses with important CPU assets staked are capable of have their transactions processed in an inexpensive period of time. As talked about above, presently ~95% of switch actions are associated to EIDOS. It's honest to say that many of the CPU staked proper now could be getting used for taking part within the airdrop and gathering EIDOS.

REX Lending Over Time (Supply: EOSAuthority)

Illustrated within the picture above, round 84% of EOS on REX is presently in a leased state. Based on the EIDOS undertaking web site, the airdrop goes to proceed for the subsequent 15 months. So long as the cash produced from promoting EIDOS for USDT outweighs the fee for leasing CPU from REX, we will count on the EOS community to remain on this state.

Coinbase will proceed monitoring the state of the EOS community and concern advisories on any modifications which can have an effect on its clients.

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