CONGESTION ON ETHEREUM NETWORK
Ethereum (ETH) Network Congested Again, As Market Prices Revive
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The Ethereum (ETH) network is entering another bout of congestion, coinciding with more active trading. This time, the congestion is affecting exchanges,many force to increase fee over ethereum with its underline tokens and some close the ethereum market with, Binance increasing gas fees for withdrawals, while others choose to stop withdrawals for now.
The
Ethereum network has boasted of carrying three times the capacity of Bitcoin
transactions. But this time, a lot of pending transactions shrank the real
capacity. Events like these point out that despite the hypothetical possibility
of building distributed apps on Ethereum, in real life, network usage quickly
gets out of hand.
Costs for ETH transactions have increased to $0.66. The
apparent reason seems to be a gas-guzzling smart contract for the distribution
of 3D Blockchain Token (3DB). Other smart
contracts belonging to CryptoKitties or decentralized exchanges are currently
using less gas. Some decentralized games and collectible markets are having
trouble offering their services. Price volatility, as well as gas prices,
seriously affect the functioning of dApps.
#Binance has
temporarily increased Gas price on withdrawals to 180 Gwei until the congestion
on the $ETH network reduces.
Withdrawal fees will remain the same during this period. pic.twitter.com/LP4rwmIhxB
Withdrawal fees will remain the same during this period. pic.twitter.com/LP4rwmIhxB
Binance
(@binance) July 2, 2018
The ETH market
prices are still on the mend, below the $500 mark, growing by about 5% net this
week, to $477.14. ETH remains one of the robustly traded coins, with volumes of
$1.7 billion, mostly due to pairings with ERC-20 tokens. Additionally, ETH is also
getting a boost of Tether (USDT) funds returning to claim trading gains after
the price bottomed out near $400.
Lately, on the Ethereum network, there are
many problems, to a large extent due to the clogged air drops.
The congestion of
the Ethereum network: Leggi qui l’articolo in Italiano
The result is a
disproportionate rise in the price of commissions for each transaction, with
delays and failures of the same. All this without an increase in the total
number of transactions.
In response to this
crisis, Binance announced on Twitter an increase in the price of gas for
withdrawals up to 189 Gwei (about $ 1.78). At the same time, he decided to keep
the same commission price for withdrawals.
#Binance has temporarily
increased Gas price on withdrawals to 180 Gwei until the congestion on the $ETH network
reduces.
Withdrawal fees will remain the same during this period.
Withdrawal fees will remain the same during this period.
2 comments:
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