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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.
7 Reasons You Shouldn’t Buy Bitcoin. This includes things like regulations, future developments, improved know-how, and partnerships. On the opposite hand, other folks choose to use chart analysis to foretell the future, so it’s up to you which of them methodology you’d favor to trust. There were interviews after his release where he claimed MMM Global was behind the bitcoin price rally. On 26 March 2018 Mavrodi died of heart problems at the age of 62 at a hospital in Moscow. Link to Wikipedia biography. Source Notes. Astrobase quotes Ekaterina Dyatlova for the time 03:00 in the VKontakte group "11 house". Assuming that Mavrodi is the front man for Russian organized crime, there is no rush for them to convert these stolen Bitcoin to fiat. There’s the halving soon, probably boosting the price, and if you’re a crim Bitcoin’s a very good place to stash your stash. Sergei Mavrodi’s massive, ... A chart shows Golupkov’s past and future purchases: boots, a fur coat, a house, and a car. ... The website was eventually updated to accept bitcoin payments and ... Key Bitcoin Market Signal Suggests a Rally Is Imminent. Prior to the aforementioned $1,500 correction, an analyst shared the chart below. It shows Bitfinex’s order book data laid on top BTC’s price action: “It’s a heatmap. A visual painting of the asks/bids on the book.” The trader who shared the chart said.
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