On July 31, Coinbase acknowledged that some users faced delays when sending and receiving MultiversX (EGLD) tokens. Despite this hiccup, trading and fiat transactions continued without interruption.
The issue started drawing attention around 15:47 PDT, affecting only EGLD token movements. Coinbase's engineers quickly pinpointed the cause and applied a fix in just a few hours, restoring normal service the same day. There were no reports of hacks or lost funds during this period.
What’s Behind the Delay
MultiversX, previously known as Elrond, uses advanced adaptive state sharding to manage high transaction volumes, boasting up to 15,000 transactions per second with low latency far outpacing Ethereum’s typical 15-30 TPS. The protocol’s network operated smoothly while Coinbase users saw delays, indicating the problem lay within Coinbase’s interface with the EGLD blockchain, not the blockchain itself.
The MultiversX team has been busy strengthening the network in 2026, launching security upgrades like the “Guardians” system. None of these improvements appear related to Coinbase’s temporary glitch. Traders saw no impact on EGLD liquidity or price during the downtime, and the blockchain remained stable throughout.
This is informational content and not financial advice.
