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Ethereum’s Popularity Problem: Fees are SurgingBy Andy Boyan
There’s a common gripe among Ethereum users these days —gas is too damn high. Transaction fees are surging as Tether continues to move to the second-largest blockchain network.
Fees paid on the Ethereum network have surpassed 500 ETH every day since April 15, according to Etherscan. That’s the longest stretch since three months at the height of the latest crypto bubble, between December 2017 and March 2018. What’s more, total daily fees paid have breached 2,000 ETH three times in May, a level that’s been crossed a few dozen times in all of Ethereum’s five-year history. The average for the past week was at 1,700 ETH.
Image source: Etherscan
Tether (USDT) is the main culprit. Users have paid almost $1.4M in the past 30 days for using the stablecoin, according ETH Gas Station. Much of that activity is coming from exchange-to-exchange transfers, which signals arbitrage trading. There are also several ponzi scams that make up the top seven spots including noted pyramid scam MMM, which continues its long program of ponzi scheming.
Financial LayerWhile frustrating for end-users, higher fees are a sign the network is getting used as a financial settlement layer. Dexes and stablecoins account for about half of the top 25 projects.
Another positive: high fees are a sign Ethereum’s transition to proof-of-stake will be sustainable. Fees are higher than expected rewards for PoS validators, Vitalik Buterin said earlier this week. Building an attractive staking yield is critical to maintaining decentralized and robust network security, according to a March report by Delphi Digital.
MAVRO received wide publicity after Sergey Mavrodi ridiculed Bitcoin holders and urged to invest in Mavro. Sergey Mavrodi mentioned the cryptocurrency MAVRO in his last interview with Forbes also. Mavrocoin mining is carried out on the basis of POS mining technology, which is successfully used on many coins in the cryptocurrency world. Mavrocoin has a price of $ 2.89 according to CoinMarketCap ... Bitcoin News MMM Still Grows Strong in South Africa. There are people who learn from others’ mistakes, there are those who learn from their own mistakes and then there are those who don’t ... Sergei Mavrodi, the man behind the MMM pyramid scheme in Russia that resulted in at least 50 suicides, is back and relaunching his Mavro cryptocurrency. The crypto world can be a dangerous place. Not only do people have to contend with criminals hacking exchanges and emptying wallets, there are lots of shady characters pushing ICOs and other get-rich-quick schemes. Mavrodi received a four and half years prison sentence. The MMM scheme was re-established immediately after his release, with Africa as the primary target. MMM South Africa was set up in 2015, where MMM was put under criminal investigation. The scheme opted for bitcoin as the primary payment method. In 2016, MMM expanded to Ghana, Nigeria ... Bitcoin Charts. Blocks: 481823: Total BTC: 16.523M: Difficulty: 923233068449: Estimated: 887736944047 in 1 blks: Network total: 7983858.406 Thash/s: Blocks/hour: 7.25 / 497 s: Home; Bitcoin; Markets; Charts ; About. Oct 5, 2020 10:59:18 (UTC) Advertise on Bitcoincharts. Welcome! Bitcoincharts provides financial and technical data related to the Bitcoin network. Bitcoin News 7 Feb 2012 Fast Co ...
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