One address has suddenly risen to account for 20% of all ethereum gas usage, hitting network capacity today with fees rising up to $0.52 per transaction.
According to data by Eth Gas Station, an ordinary transaction now needs around 61 gwei per gas unit, when just a day ago it was far lower at about a cent to move eth.
The culprit looks like a bit of a mystery. It appears to be a normal address rather than a smart contract, with some suggesting it is randomly moving millions of dollars worth of eth to and from seemingly random addresses.
“Its a botted ring wallet system with nearly 150,000 to 200,000 ethereum in it. The bots translate random addresses to other random addresses and random amounts of eth to make them difficult to spot on block history. I don’t have the tools to tell you where it came from,” someone from PWH3D says.
Who has nearly $100 million worth of eth laying around and thinks a good use for them is to randomly move them between addresses, is very unclear.
What might be a bit more clear, however, is that probably this has something to do with the pyramid scheme like Fomo3d.
Its timer, apparently, recently went down to as low as 1:30 minutes. Something which presumably increased the fomo as winning the circa $10 million jackpot appeared to be within sight.
That did not happen, however. News of the timer falling so low has now sent it back to nearly 7 hours, making it a lot of 30 seconds for a chance of winning.
Suggestions are naturally being made that this random spam might perhaps be an attempt to make the key prices get too high for “plebs” to buy and send the timer up and up.
Yet such plan does not seem to have much sense in it because if this whale can afford to spam for a chance of winning, presumably other wales can afford some transaction fee.
Which might suggest, to our cynic mind, that maybe this is an elaborate marketing attempt by the Fomo3d team, but we have no evidence of it.
It is interesting, however, the timer went so low, so quickly. It was only about two weeks ago that the “game” launched, so you would have thought the fomo would have lasted a bit longer.
Yet how it will end remains interesting, but hopefully its life support extension won’t be at the expense of the entire ethereum network because congestion is not much fun and games.