If you’ve been trying to do Ethereum transactions lately you might have noticed they’re near impossible to get through. I know most of mine have failed.
It seems the Ethereum network is clogged again. Meaning, there’s too many transactions to handle.
The last time this happened the culprit was CryptoKitties, the blockchain-based virtual game that allows players to adopt, raise, and trade virtual cats.
What’s going on this time around?
It seems the culprit this time around is a new Chinese crypto exchange called FCoin.
And FCoin has this practice where you can vote for a new coin to be added to the exchange. That’s where the problems start.
In order to vote for a new coin to be added to the exchange, users must deposit tokens to FCoin and spend at least 85 gwei per gas to ensure that their transactions processes. The coin with the highest number of cumulative deposits at the end of the voting period will be listed on the exchange.
Here’s a good Twitter thread from MyCrypto.com explaining it all.
Not more than two weeks ago I was paying 2 gwei on Ethereum transactions! According to ETH Gas Station the safe low price is 33 gwei as I write.
And you can see on the chart below from EtherScan that the average gas price is back up to CryptoKitty levels.
Ah, crypto problems.
Here’s to hoping FCoin ends its voting practice and/or Ethereum scales quickly!
and trade cryptos on Binance