EOS explores June lows towards $7.00; network discloses ridiculous payments for the bug bounty program

EOS price is on a free fall at the time of writing, besides it has lost over 4% of its value on the day. The price has dropped below $8.00 and is now testing the lows traded in June at $7.00. EOS is, however, not unique in the current slide, the majority of cryptocurrencies are bleeding heavily as well. There is a surge in EOS trading volume following the high selloff. EOS trading volume has increased 30.54% to $707,878,000, while the market capitalization has gone down from $8 billion to $7.8 billion.

EOS is focused on being a secure and trusted network especially when it comes to hosting smart contracts. The recent reports of multiple bugs in its code are not doing much good to the protocol either. However, everything is changing fast since the code joined the HackerRank, and the launch of the bug bounty program. The bug hunters have been able to reveal at least 42 bugs and EOS has paid $348,000 in return. The bugs bring risks such as the crashing of nodes, attacks on user accounts as well as random behaviors affecting the working of smart contracts.  

EOS has also been experiencing issues with the RAM particularly the marketplace where the price has stalled at 0.453 EOS per kb. Furthermore, there was a RAM crash following a misconfiguration alongside rising RAM utilization.

“Some Block Producers crashed when RAM usage on EOS exceeded 1GB tonight. Either they only had 1GB or they did not configure their node to properly set it at 64GB. This is a violation of the regproducer agreement. EOS New York produced on schedule. We are still confirming details.”

Some of the RAM dApp developers like Everipedia have resulted in trading their RAM as opposed to hoarding it for use during airdrops and related activities. The CEO of Everipedia, Sam Kazemian commented via Telegram:

“We strongly support increasing the RAM limit, he added, “As developers, it is important that it’s used for real purposes as well as market speculation. Markets bring allocative efficiency, but too much without genuine consumer/developer use and it is detrimental to growth.”