Growing Gas Crisis in Ethereum’s Camp

Hello Steemians,

For a while, Ethereum has been experiencing some difficult times, especially with the gas crisis situation it is presently in. Often times, there have been complaints about the expensive transaction fees of the second largest cryptocurrency and blockchain in the world, and this has generated a lot of concern, because of the possibility that users are paying more than is required for transactions.

On Monday, users of the Ethereum coin and platform spent about $2.7 million worth of Ether on transactions, which according network data is an all-time high, and it was due to the fact that a single exchange was filling the blockchain with a business model that does not sit too well with crypto analysts, and the culprit responsible was FCoin.

Gas is what is paid to use the Ethereum network, and its price is ever fluctuating due to the principles of demand, however, it has been discovered that there is some unprecedented increase in the demand, and there was a warning by Eth Gas Station about the prices not looking good, as users were asked to pay $3.20 on transactions, including wait periods of up to 30 minutes for transactions to get accepted.

However, some normalcy has returned, even though transaction fees are still high (which is typical of the Ethereum network), Ethereum developers have gone back to the drawing board and are looking for ways to improve on the volatility and also ensure that the Ethereum architecture becomes more scalable.

Thanks,
Crypto Meet
@cryptomeet