Wood quality, bit dull or too fast/too deep? too slow of router speed?

This is about depth, feeds and speeds for cut quality.

I’m running 1/2" (12.7 mm) ply (single side sanded basic cheap stuff - 5 layers?) with a 1/8" (3.175 mm) 2 flute upcut bit at the lowest router speed (because the router speed control broke - as in the adjustment does nothing and it runs super quiet goes super slow now). I’ve run 2 cuts

#1 at 700 mm / min. 3 mm depth for 3 passes and 1 pass at 4 mm and 600 mm/min
#2 at 800 mm / min, 2 mm depth for 7 passes (*turns out firmware 51.28 is limited to 700 mm/min)

Both cuts have chipped large pieces off exposed radius sections. (on my way to get pics…) Is it going too fast, too deep or both or should I buy better wood? I’m estimating with the complexity it is cutting, the speed is about 30 minutes per foot of product. Not good. It isn’t like watching paint dry because paint dries faster. I’m very interested in any approaches to improve product quality and throughput.

For the next cut I’ll try a new bit and a slower speed (550 mm/min) and 3 mm/pass with 3.5 for the last 2.

pics - OLD bit 700 mmpm:

NEW bit at 550 mmpm:

If it is chipping, I expect it is too slow.

I mean router rpm is too slow.

Speed control? A picture of small squares cut at the top middle that are ‘clean’ at 800 mm / min with a 2 flute up-cut 3.175 mm bit.

Too fast from my opinion.