The EOS Network Overwhelmed, EIDOS Airdrop Displaces Almost All dApps
The token distribution scheme for the EIDOS asset will continue for 15 week on the EOS network, displacing other dApps.
The EOS network had ambitious plans, including the Voice social media app. But after a week of extremely slow operations, the EOS network has picked up its transaction count. Only this time, the network is busy with the EIDOS distribution smart contract.
The EIDOS airdrop creates a new coin that so far has no utility. The only possible use case is to dump the token on the exchanges. The project’s founders, which previously created the Enumivo scheme, believe the EIDOS project will achieve an equilibrium on the EOS network, where the asset’s market price will mitigate rampant mining activity.
The initial rounds of EIDOS production created more coins, and those could be sold at a higher price. As predicted, EIDOS has tanked, losing another 30% of its price in a day, down from $0.021 to $0.014.
Additionally, the presence of more simulated miners means less EIDOS is distributed overall. In the end, the asset may reach an equilibrium of price, as there are less coins available daily to be dumped. In the past week, EIDOS trading volumes have fallen by half, from above $1 million per day, down to about $500,000.
Despite the lowered price, the multitude of EOS-based transactions are related to the EIDOS smart contract. Some leading dApps still operate, but overall, the network has been busy with the airdrop scheme. The initial overall drop in transactions between November 1 and 8 was due to a time lag before projects managed to borrow or buy resources.
The Enumivo project keeps claiming the airdrop is only using the rules of the EOS network, while stress-testing its resource distribution.
At the same time, the EOS market price remains stable at $3.53, up about 7% in the past week, and seemingly unphased by the usage of the network. The EOS network is one of the most successful in terms of retaining dApp usage, although there are suggestions the high activity of dApps may be due to bots.
Now, the EIDOS mining has also been automated, and offered as a service to end users. BitHumb global listed EIDOS immediately on November 1, although BKEX and BiKi exchanges carry up to 70% of all EIDOS volumes.