Ethereum Fees Fall Below a Penny as Congestion Clears

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Ethereum stats, Oct 1

Fees for a standard ethereum transaction are now down to $0.004 according to EthGasStation, down from as much as 20 cent a few days ago.

Likewise the congestion queue has dropped and continues to drop from more than 100,000 pending transactions, to now less than 40,000 at the time of writing.

The network continues to attract much usage, but it’s now at 80% capacity rather then 100%, with much so returning to normal.

That’s after a ponzi scheme smart contract met its ponzi end, drained to 0 eth from a previous 54,000 eth, worth about $9 million.

The ponzi functioned by locking eth for 5 days, after which you could withdraw with interest up to 1% a day.

It also had a multi-level marketing (MLM) scheme where if you recruited other ponzi users through some invite code, you’d get a share.

That pyramid selling aspect had some bug where a coder could front-run you and steal your invite code/s and your earnings.

Other vulnerabilities were found too, but the ponzi was set to meet its end anyway based on the contribution rate as it was attracting less people than needed to pay off those already “invested.”

In its “heyday” however, which was just a week or two ago, the ponzi contract was taking up as much as 70% of all ethereum’s capacity because it used very inefficient spaghetti code.

Tether too was taking up a lot of eth’s capacity, at times some 50% or more, but now it’s at just 10%.

It’s unclear whether that’s because it is less used or because they’ve made some improvements to the smart contract’s gas usage, but ethereum is now back to being fast and pretty much free.

That can change as ethereum’s capacity is currently limited, with plenty of improvements on the pipeline, including sharding.

In precisely one week we should learn quite a bit more about these improvements as Devcon V begins in Japan with a packed agenda and plenty of presentations on eth 2.0.

Copyrights Trustnodes.com

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