It’s as if by click of fingers, ethereum’s network congestion has suddenly disappeared, with transaction fees back to pennies at the time of writing.
The “airdrops” of random tokens that appear to have no project have gone, at least for now, with the top gas users back to a more normal distribution.
It appears a Chinese exchange has finally changed their listing rules. In an announcement today, they say:
“The listing rule of FCoin GPM adopts the mechanism of ‘The cumulative deposit number ranking’.
After July 5th, 2018, we will count the top 10 of the ‘The cumulative deposit number ranking’ at 0:00 each day, and obtaining listing qualification on the second day. The duration of this listing rule is subject to future announcements.
‘The cumulative deposit number ranking’ will officially be closed at 0:00 on July 16, 2018 (GMT+8, the same below). At 0:00 on July 16th, 2018, the last batch of project parties will obtain the qualification for entering listing schedule.”
Ethereum’s congestion begun on or around 25th of June due to an abnormal increase in the number of tokens transacting.
As you may know, an eth transaction takes around 21,000 gas, but a token transaction takes more because it has to go through a smart contract.
Thus a situation developed where all gas was consumed by just 500,000 transactions a day when ethereum has a capacity of around 1.4 million transactions if the distribution between eth transactions and token transactions is normal.
Fcoin’s listing rules disturbed that balance and in effect led to a situation where ethereum’s capacity was lower through what can be called a gas exploit.
Fcoin determined what token to be listed by “measuring” the number of token addresses that send it a transaction. That led to an easy gaming of the voting system by sending tokens to as many addresses as possible.
The number of tokens transactions thus increased in an abnormal manner, leading to accusations that the network was being attacked.
This nonsensical listing method has now finally stopped. That should hopefully mean the network goes back to normal and its capacity returns to around 1.4 million transactions a day.