Ethereum congested! Ethereum congested as a surge in popularity for DeFi’s like Compound taxes it’s network!
Fees to process transactions, which escalated during times of high congestion, are soaring to levels not seen since the craze in 2017.
For ethereum, the fee is known as “gas”. People are already starting to complain about the price of Gas. One casualty of the rising cost of Gas is potentially the development of new projects using the Ethereum blockchain.
“We’ve officially priced out experimentation,” Messari’s Ryan Watkins tweeted on Wednesday.
Some options traders are betting that Ether could hit $1,000 by December, if you can believe that. The jump can be factored by taking the price of gas into effect – after all, gas is paid in Ether, the native token of the Ethereum blockchain.
Congestion and speculation of the price of Ether has driven the price of Gas to a median 0.008798 Ether, or about $3.30.
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