On July 31, some Coinbase users experienced difficulties with MultiversX, known as EGLD, transactions. The exchange flagged delays that temporarily restricted users from sending and receiving EGLD tokens. However, they could still engage in buying, selling, and all fiat-related operations without any issues.
What led to the delays and how were they resolved? The Coinbase engineering team initiated an investigation into the matter shortly after 3:47 PM PDT. They determined that the issue was specifically affecting EGLD network transactions, isolating the problem to users attempting to send or receive MultiversX tokens. Within hours of identifying the root cause, the engineering team implemented a fix, and by the end of the day, normal operations resumed. Coinbase confirmed that there was no loss or compromise of funds related to this incident and reported no security breaches.
How does MultiversX operate? MultiversX, previously known as Elrond, is a blockchain protocol that utilizes adaptive state sharding technology. This approach divides the network into parallel processing lanes, enabling it to manage more transactions at once. With a reported capacity of handling up to 15,000 transactions per second and maintaining low latency and fees, MultiversX contrasts sharply with Ethereum, which generally manages only about 15-30 transactions per second on its base layer.
The MultiversX team has also been enhancing its security and upgrading the network throughout 2026, including implementing features called “Guardians” to strengthen its infrastructure. Notably, no evidence suggests that the delays experienced by Coinbase users originated from the MultiversX network, as it continued to operate normally during the incident.
What does this mean for EGLD traders? Despite the incident, EGLD’s trading liquidity on Coinbase remained unaffected. Users could continue to buy and sell EGLD, although they were unable to move their tokens off the exchange or receive inbound transfers during the delay. It's advisable for anyone who experienced pending transactions to verify their completion now that normal operations have resumed. This can be done by checking both the Coinbase transaction history and the MultiversX blockchain explorer for confirmation.