I use Ethereum quite often on different sites for games and news sites. Usually, I do 3-5 transactions a week - although I started to think twice to send ETH recently when I noticed that I had to pay insane high fees for my transactions.
January was the first time I noticed an increase in gas fees. I did some research and found different articles people stating that we are about to have more ETH addresses so it seems we move forward with a global adoption mainly driven by #DeFi.
Confirmed by Weiss Crypto ratings as well:
But lately, I started to do some research again and suddenly a Ponzi scheme was identified that is responsible for the congestion of gas on the Ethereum blockchain. This was Ponzi was identified in April the first time:
Today I looked at https://ethgasstation.info/
and MMM has been identified as the contract address that consumed nearly 10% of all daily gas.
Who is MMM?
MMM Global (also known as МММ-2011 / МММ-2012) is a Ponzi scheme launched in 2011 by Sergei Mavrodi, with subsidiaries in up to 110 countries; it became widely popular in various African countries like South Africa, Nigeria, Zimbabwe, Kenya and Ghana with some attributing this popularity to poverty and poor government regulation or law enforcement.
Well, I have seen a few crypto games that have switched to TRON and EOS as users complained about the daily transaction fees. But after this has been identified I hope that there is way back to normal transaction fees soon...or we might have to wait for ETH 2.0.
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