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Original title: "One month later, is EIDOS mining still a good business?" Original source: DappTotal December 1st is a day worth looking forward to for the EOS community. Since Aiden Pearce’s airdrop project EIDOS went online on November 1, the entire EOS community has been overwhelmed by the EIDOS mining craze. Then, the EOS mainnet was congested for a whole month! According to DAppTotal data: Over the past month, the EOS mainnet CPU congestion index has remained at a high level of around 100, and this has had many "side effects" that have affected the community ecology, such as: 1) Ordinary users cannot use the EOS transfer transaction function normally; 2) The number of active users of many leading DApps in the EOS DApp ecosystem has dropped significantly; 3) The transaction volume of the EOS main network has long been dominated by a single DApp, EIDOS; 4) The EOS collateral in EOSREX has been in a state of net outflow for a long time. (EOS CPU congestion index on DAppTotal) In a word, has the EOS ecosystem suffered from EIDOS for a long time? Maybe not.
Many people do not agree with this "side effect" because from the perspective of economic expectations, while it brings chaos, it also brings development opportunities. 1) Many “experts” who get free stuff from EIDOS also make a lot of money; 2) Wallets such as TokenPocket and MYKEY have gained huge traffic through auxiliary mining tools; 3) Head DApps such as BigGame and EOSBet have expanded their market users by relying on the CPU payment product experience; 4) Some hackers also got a piece of the pie by maliciously hijacking CPU resources by embedding inline operations in transfer notifications. EIDOS mining, is it honey or poison? Different people have different opinions.
But what is certain is that for most ordinary EOS users, they definitely hope that the EOS mainnet can get rid of the continuous congestion as soon as possible, take back the territory captured by the wool party, and let the DApp ecosystem return to a healthy state.
According to the EOSREX rule that a lease can last for 30 days, a large number of lease orders will expire on December 1st. This means that users who rented a large number of CPUs cheaply on November 1st will face a new choice of whether to rent EOS again for mining. At this time, the cost of EOS leasing is not as cheap as it was a month ago, and the market price of EIDOS on the exchange has also dropped to a very low level. If they continue to mine at this moment, it is likely that they will not be able to make ends meet, and their profit margins will be greatly diluted .
From the perspective of ordinary users, the EIDOS mining craze should cool down, and the congested EOS main network can finally relax.
Is this really the case?
According to TokenPocket data, there were indeed a large number of EOS rental orders waiting to expire on December 1. At around 17:00 that afternoon, the CPU rental ratio was about 1:400, which was nearly 8 times more expensive than 1:3000 a month ago. (At first glance, this should scare away all the wool party)
In order to clarify this business, DAppTotal data analysts personally tested EIDOS mining and found that (due to the dynamic fluctuations in market data, the following deductions are only theoretical assumptions):
155.5 EOS were mortgaged in exchange for 15.55ms CPU, and a total of 4.62 EIDOS were mined (1 day), with a rental ratio of 476 times. Ideally, the cost of 0.32 EOS can eventually make a profit of 138.6 EIDOS. According to the real-time price of EIDOS/EOS of Newdex of 0.00263 (assuming it remains unchanged for 30 days), the final profit can be 0.36 EOS, and there is still a certain profit margin (0.04 EOS).
In summary, under theoretical deduction, the enthusiasm for EIDOS mining will gradually cool down in the long run, but it will not be greatly affected in the short term, and the expected EOS main network congestion index has not dropped significantly.
1. Now that EOSREX is not blocked, ordinary users can use the EOS mainnet normally by leasing EOS. The cost is a little higher than before EIDOS went online, but fortunately it can be used. Although it is still difficult for novice users, according to the new rules issued by BM, the mortgage mechanism will be cancelled and leasing will be widely popularized (if you still don’t know how to do it, there is no way).
In fact, as of press time, the real-time rental rate of EOSREX is 1:920, and the rental ratio is 73%. Ordinary users can normally rent EOS to use CPU resources. The rental cost is 3 times more expensive than a month ago, which is still within an acceptable range.
2. The profit margin of EIDOS mining is very small now. It is estimated that there is only 12% floating profit margin, which is incomparable to the profit margin of more than 30 times per month during the peak period (calculated under ideal data, for reference only).
In this case, the enthusiasm of new users to participate in mining will inevitably be affected. However, for the wool party (the main force of mining) who have made a lot of profits in the past month, the impact is not significant, and the possibility of the big guys continuing to mine is still very high.
Now, EIDOS mining has completely cooled down. There is only one possibility: the price of EIDOS tokens continues to decline, and the mining income is lower than and far lower than its mining cost.
The strange thing is that the price of EIDOS tokens on exchanges has dropped by more than ten times from the peak of $0.3, but judging from its transaction depth data, the buying and selling market remains active. Who is buying EIDOS? Is AP secretly protecting the continuous market? Or is it that the bigwigs of the mining vested interest group are pulling the price (this statement is a bit of a "conspiracy theory").
There is no doubt that EIDOS, unlike many phenomenal DApps, still has strong vitality.
According to the market data of eosflare.io, EIDOS currently has 36,042 holders, a total circulation of over 70.81 million, and a market value of over 400,000 US dollars. Such a report card may not be the first in the EOS ecosystem, but for a project that has been online for only one month, it is not inferior.
Moreover, AP is about to launch the EOS sister chain - YAS side chain, and YAS tokens can be converted to EIDOS at a 1:1 ratio. It is rumored that the EIDOS project will open a decentralized exchange, and EIDOS will be the platform currency of the exchange. The combination of celebrity founders, public chains, decentralized exchanges, and platform currencies makes everyone full of confidence in the future of EIDOS.
Moreover, EIDOS mining is not just a DApp. It has built an ecological closed loop of CPU mining auxiliary tools, exchange trading arbitrage, and mysterious bigwigs hoarding coins, becoming a self-operating "small economy"
Such a subtle business strategy naturally requires some people to join in the fun. Before the launch on December 1, some people in the community assumed that CPU mining might be unpopular, and called on everyone to use the RAM market for mining. They also issued RUTM coins to attract users to switch to the RAM market and continue the mining legend with the "same formula".
However, the problem is that the RAM market is a relatively B-to-B market (narrow market) in the EOS ecosystem. The cost of purchasing RAM is about 1:13. One EOS can purchase more than 10 KB. Compared with the CPU market, the cost of participating in RAM mining is too high. How many people will invest huge costs to gamble on the future of a high-risk RUTM token? Therefore, RAM quickly fell back after rising by 30%, and Plan B of RAM mining did not steal the limelight from EIDOS.
It seems that the continued popularity of EIDOS is no accident. The "small economy" it has built has created a continuous source of momentum for its continued growth, and has fully demonstrated to us the infinite magic of the "innovation model" of the EOS market.
Next, let’s wait and see how the EIDOS mining market changes after BM’s big move (new rules for the CPU market). |
