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2019-11-02

EOS into congestion, REX is the largest DeFi project?

congestion-rex

In the last 24 hours we have seen a huge reduction in the resources available on the EOS mainnet. This is because the network has entered its congestion state, and users can only use the resources to which they are entitled in proportion to the EOS tokens they staked. This time, however, there is no stress test, but it is a particular new token distribution that is causing a huge resource consumption.

It is EIDOS, formally ENUMIVO IS DEAD, OH SHIT!, a project created by Aiden Pearce (pseudonym), founder of Enumivo (ENU), a project based on Ethereum, which apparently failed. Once failed, the project renamed itself EIDOS, and launched its new token on the EOS mainnet.

Any EOS user can mine EIDOS tokens by sending a transaction to their smart contract eidosonecoin with any amount of EOS. The contract will instantly send them back, and at the same time it will also send 0.01% of all EIDOS tokens it holds. This process basically consists of CPU mining.

Currently more than 80% of mainnet transactions are related to the EIDOS airdrop, many wallets have created services to facilitate the EIDOS mining process automatically, and the EIDOS token is already listed on many exchanges.

This huge increase in transactions and resource consumption has resulted in a significant increase in Resource Exchange (REX) leases. In total, more than 77% of EOS have already been lent, and this has led to an increase in REX's annual interest rate to 14.5%.

In less than 48 hours, 63.5M of EOS was borrowed worth $212M, surpassing any other DeFi (Deccentralized Finance) platform. Is the REX Resource Exchange the biggest DeFi project ever?


eosio.token transfers dominated the last 24hours transaction on the EOS mainnet

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