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FreeBit has announced the release of "Freebit Web3 Blocks," a solution that addresses various problems of existing blockchains. #Web3 #blockchain #ecosystem #cryptocurrency https://blockchainreporter.net/freebit-collaborates-with-countup-to-introduce-new-blockchains-solution/
FreeBit has announced the release of "Freebit Web3 Blocks," a solution that addresses various problems of existing blockchains.

#Web3 #blockchain #ecosystem #cryptocurrency

https://blockchainreporter.net/freebit-collaborates-with-countup-to-introduce-new-blockchains-solution/
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Arbitrum Ecosystem. After the launch of the ARB token, the ecosystem is likely to receive an additional, massive influx of liquidity. #arbitrum #ecosystem
Arbitrum Ecosystem.

After the launch of the ARB token, the ecosystem is likely to receive an additional, massive influx of liquidity.

#arbitrum #ecosystem
The #Cardano Network is set to deploy a new cryptographic primitive that will improve the interoperability of the #blockchain The upcoming upgrade will make it easier for developers to build cross-chain applications in a more secure #ecosystem #crypto2023 #Binance
The #Cardano Network is set to deploy a new cryptographic primitive that will improve the interoperability of the #blockchain

The upcoming upgrade will make it easier for developers to build cross-chain applications in a more secure #ecosystem

#crypto2023 #Binance
💰The top 10 Dexes by fees generated on Polygon are crushing it! 🚀Congrats to Sandeep Nailwal and the team for creating such a thriving #ecosystem #Polygon | #MATIC
💰The top 10 Dexes by fees generated on Polygon are crushing it!

🚀Congrats to Sandeep Nailwal and the team for creating such a thriving #ecosystem

#Polygon | #MATIC
Is Tokenization the Future for Indie Game Developers? 👾 #Brickken 's Gaming Awards offer a chance for indie developers to showcase their games, with potential winners receiving free tokenization and a $10,000 marketing package. #Tokenization removes barriers, allowing gamers of all budgets to invest in projects they're passionate about. It also creates a sense of ownership, as backers can vote on key project milestones and access exclusive content. This innovative approach is set to revolutionize the industry, fostering a more inclusive and engaging #ecosystem for both developers and gamers alike. #Binance #crypto2023
Is Tokenization the Future for Indie Game Developers? 👾

#Brickken 's Gaming Awards offer a chance for indie developers to showcase their games, with potential winners receiving free tokenization and a $10,000 marketing package.

#Tokenization removes barriers, allowing gamers of all budgets to invest in projects they're passionate about.

It also creates a sense of ownership, as backers can vote on key project milestones and access exclusive content.

This innovative approach is set to revolutionize the industry, fostering a more inclusive and engaging #ecosystem for both developers and gamers alike.

#Binance
#crypto2023
No, just $ 0.4 to 0.6
66%
yes . it's possible
17%
more then $2
17%
max 0.35
0%
6 votes • Voting closed
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On January 13th, 2023, PlayDapp, a blockchain platform, joined forces with KB Kookmin Card, a major credit card company in South Korea. Through this partnership, PlayDapp's Marketplace becomes available to KB Pay and Liiv Mate app users. Users can now manage digital assets like game NFTs, profile picture (PFP) NFTs, and art NFTs by linking their Coinbase and Phantom wallets, supporting Ethereum, Polygon, and Solana network NFTs. By integrating with KB Kookmin Card's apps, PlayDapp aims to broaden its user base and enhance accessibility to its services. $PLA #web3 #crypto #blockchain #ecosystem
On January 13th, 2023, PlayDapp, a blockchain platform, joined forces with KB Kookmin Card, a major credit card company in South Korea. Through this partnership, PlayDapp's Marketplace becomes available to KB Pay and Liiv Mate app users.

Users can now manage digital assets like game NFTs, profile picture (PFP) NFTs, and art NFTs by linking their Coinbase and Phantom wallets, supporting Ethereum, Polygon, and Solana network NFTs.

By integrating with KB Kookmin Card's apps, PlayDapp aims to broaden its user base and enhance accessibility to its services.

$PLA #web3 #crypto #blockchain #ecosystem
#OpenfabricAI enhances the interoperability of #OFN with other blockchain networks. Interoperability is crucial for the growth of the cryptocurrency #ecosystem , allowing different platforms to communicate and transact #OFN's partnership with #OpenfabricAI also enables dynamic fee structures. Traditional cryptocurrencies #often have static transaction fees, which can be inefficient. AI can dynamically adjust fees based on network conditions, ensuring that users always get the best possible of
#OpenfabricAI enhances the interoperability of #OFN with other blockchain networks. Interoperability is crucial for the growth of the cryptocurrency #ecosystem , allowing different platforms to communicate and transact

#OFN's partnership with #OpenfabricAI also enables dynamic fee structures. Traditional cryptocurrencies #often have static transaction fees, which can be inefficient. AI can dynamically adjust fees based on network conditions, ensuring that users always get the best possible of
Polkadot, is leading in developer activity ahead of other networks as the asset records a valuation increase of over 8% in the past week. #DOT #polkadot #blockchain #Dapps #ecosystem https://blockchainreporter.net/polkadot-dominates-in-developer-activity/
Polkadot, is leading in developer activity ahead of other networks as the asset records a valuation increase of over 8% in the past week.

#DOT #polkadot #blockchain #Dapps #ecosystem

https://blockchainreporter.net/polkadot-dominates-in-developer-activity/
The Era of GEM and Memes 2024 is a new era for crypto as a new era that is a little different from the previous crypto existence. These times have brought about many dominant changes in the crypto ecosystem, where this new era began the existence of each blockchain developing the existence of their respective ecosystems. Much more active than before, where more and more massive births of new token projects are mushrooming in every existing blockchain ecosystem. From modeling that offers small application games, as well as the formation of memecoins that are so mushrooming. Gem and Meme tokens are getting more and more popular, at least ifxseen from the various posts that are present on X's social media pages which are very filled with enthusiastic supporters of each project community created. Maybe this is a step which was created because the price of Bitcoin has soared. Where for some people it is unlikely to get or follow Bitcoin's existence at this phase of the stage. Straightforwardly, it might be because small investors are also starting to switch to trying to reach their composition to be able to achieve decent and greater profits. Because if not it can only be stuck, fixated or just waiting until the moment Bitcoin can take them high. #gem #meme #btc #crypto #ecosystem

The Era of GEM and Memes

2024 is a new era for crypto as a new era that is a little different from the previous crypto existence. These times have brought about many dominant changes in the crypto ecosystem, where this new era began the existence of each blockchain developing the existence of their respective ecosystems.

Much more active than before, where more and more massive births of new token projects are mushrooming in every existing blockchain ecosystem. From modeling that offers small application games, as well as the formation of memecoins that are so mushrooming.
Gem and Meme tokens are getting more and more popular, at least ifxseen from the various posts that are present on X's social media pages which are very filled with enthusiastic supporters of each project community created.
Maybe this is a step which was created because the price of Bitcoin has soared. Where for some people it is unlikely to get or follow Bitcoin's existence at this phase of the stage.
Straightforwardly, it might be because small investors are also starting to switch to trying to reach their composition to be able to achieve decent and greater profits. Because if not it can only be stuck, fixated or just waiting until the moment Bitcoin can take them high.
#gem #meme #btc #crypto #ecosystem
The Rise of Tron-Based Meme CoinsA new wave of excitement is rippling through the crypto world as a groundbreaking ecosystem emerges, poised to redefine the meme coin landscape. The Tron network, a prominent player in the blockchain space, is rapidly gaining traction with the launch of a series of innovative meme coins. This surge in activity has captured the attention of investors and enthusiasts alike, as the potential for significant returns and meme coin dominance looms large. With over 5,800 people tuning in to a recent discussion about this new ecosystem, it's clear that the buzz is real. While the established meme coins like SHIBO and Dogecoin have enjoyed considerable success, the question on everyone's mind is whether these new Tron-based meme coins can challenge their supremacy. The answer may lie in the unique features and potential of the Tron ecosystem itself. One of the most promising aspects of this new ecosystem is its ability to attract a diverse range of projects. From meme coins to innovative dApps, the Tron network offers a fertile ground for creativity and innovation. This diversity could potentially drive significant growth and adoption. However, as with any emerging market, there are risks involved. The crypto world is known for its volatility, and there's always the possibility of scams and pump-and-dump schemes. Investors must proceed with caution and do their due diligence before investing in any new project. As the Tron ecosystem continues to evolve, it's clear that the meme coin landscape is undergoing a significant transformation. Whether these new meme coins will ascend to the top remains to be seen, but one thing is certain: the future of crypto is brimming with excitement and potential. #memecoin #cryptonews #ecosystem #dogecoin #shibinu $DOGE {spot}(DOGEUSDT) $SUN {spot}(SUNUSDT) $SHIB {spot}(SHIBUSDT)

The Rise of Tron-Based Meme Coins

A new wave of excitement is rippling through the crypto world as a groundbreaking ecosystem emerges, poised to redefine the meme coin landscape. The Tron network, a prominent player in the blockchain space, is rapidly gaining traction with the launch of a series of innovative meme coins.
This surge in activity has captured the attention of investors and enthusiasts alike, as the potential for significant returns and meme coin dominance looms large. With over 5,800 people tuning in to a recent discussion about this new ecosystem, it's clear that the buzz is real.
While the established meme coins like SHIBO and Dogecoin have enjoyed considerable success, the question on everyone's mind is whether these new Tron-based meme coins can challenge their supremacy. The answer may lie in the unique features and potential of the Tron ecosystem itself.
One of the most promising aspects of this new ecosystem is its ability to attract a diverse range of projects. From meme coins to innovative dApps, the Tron network offers a fertile ground for creativity and innovation. This diversity could potentially drive significant growth and adoption.
However, as with any emerging market, there are risks involved. The crypto world is known for its volatility, and there's always the possibility of scams and pump-and-dump schemes. Investors must proceed with caution and do their due diligence before investing in any new project.
As the Tron ecosystem continues to evolve, it's clear that the meme coin landscape is undergoing a significant transformation. Whether these new meme coins will ascend to the top remains to be seen, but one thing is certain: the future of crypto is brimming with excitement and potential.
#memecoin #cryptonews #ecosystem #dogecoin #shibinu

$DOGE
$SUN
$SHIB
Venom partners up with Reform DAO We've got some more great news for you guys! We are excited to announce that Venom has officially partnered with Reform DAO, a prominent market making service. 💹 Market makers play a key role in ensuring that a market is liquid, trading books are efficient and traders are given fair and attractive buying and selling opportunities. Reform DAO has a unique and proven approach, leveraging AI to create the most attractive markets and align incentives across the board. Reform DAO Achievements: ✔️ Top 10 Market Maker on Cryptocom. ✔️ Top 20 Market Maker on Bybit. ✔️ Top 50 Market Maker on Binance. Reform DAO joining the Venom ecosystem will transform trading on the network and make it even more advantageous for our users. Keep your eyes peeled for upcoming opportunities! 🤝 #Q3 #ecosystem #TonOnbinance #BinanceLaunchpoolTON ,$BTC _$DOT _$ETH {spot}(ETHUSDT)
Venom partners up with Reform DAO

We've got some more great news for you guys! We are excited to announce that Venom has officially partnered with Reform DAO, a prominent market making service.

💹 Market makers play a key role in ensuring that a market is liquid, trading books are efficient and traders are given fair and attractive buying and selling opportunities. Reform DAO has a unique and proven approach, leveraging AI to create the most attractive markets and align incentives across the board.

Reform DAO Achievements:
✔️ Top 10 Market Maker on Cryptocom.
✔️ Top 20 Market Maker on Bybit.
✔️ Top 50 Market Maker on Binance.

Reform DAO joining the Venom ecosystem will transform trading on the network and make it even more advantageous for our users. Keep your eyes peeled for upcoming opportunities! 🤝
#Q3
#ecosystem
#TonOnbinance
#BinanceLaunchpoolTON ,$BTC _$DOT _$ETH
According to the third edition of Binance Build, Binance has made notable developments to its product suite, further strengthening its ecosystem. #Binance #ecosystem #Build https://blockchainreporter.net/binance-unveils-game-changing-product-updates-across-its-ecosystem/
According to the third edition of Binance Build, Binance has made notable developments to its product suite, further strengthening its ecosystem.

#Binance #ecosystem #Build

https://blockchainreporter.net/binance-unveils-game-changing-product-updates-across-its-ecosystem/
Binance Launchpad Series Ep02 | INJECTIVE PROTOCOL Injective is revolutionizing the blockchain landscape, particularly in the finance sector. As a cutting-edge, interoperable layer one blockchain, it's perfectly tailored for crafting the finest Web3 finance applications. This platform is a beacon in the blockchain world, setting new standards for speed, efficiency, and functionality. Ticker $INJ Key Performance Indicators Blocks Produced: An impressive count of 51,845,873 blocks, showcasing its robust infrastructure. On-Chain Transactions: A massive total of 336,084,072 transactions, indicating high user trust and activity. Block Time: Remarkably quick at just 0.8 seconds, ensuring rapid transaction processing. Transaction Cost: Highly economical with an average cost of less than $0.01. The Expansive Injective Ecosystem | #injective Injective's ecosystem is a thriving network of dApps, validators, and partners, all synergizing to forge the most extensive and rapidly growing Web3 financial ecosystem. Key highlights include: #ecosystem Illuminate Hackathon: A groundbreaking event supported by Google Cloud, fostering innovation and community engagement. Helix Trading Bot: Introduction of advanced trading tools and the first pre-launch futures. Levana Protocol: A significant launch on the Injective Mainnet, expanding the platform's capabilities. Transaction and Block Processing: Over 313 million transactions and 49 million blocks processed, underscoring Injective's scalability and reliability. Google Cloud BigQuery Integration: #Googlecloud Enhancing data analysis and accessibility. Asset Growth: Surpassing $1.11 billion in total assets on the Injective Chain. Performance Metrics: Boasting a 0.8s block time on the mainnet and a throughput of 25,000 TPS. Staking and INJ Token: Attractive returns with a 16.16% staking APR and over 44 million INJ staked. Strategic Partnerships: Collaborations with BitGo and the integration of KAVA Proposal 165. Community Initiatives: Regular activities like burning over $55,000 worth of $INJ tokens. Why Injective is a Leader in Finance Blockchain Injective is redefining the finance blockchain sector with its innovative approach: Overcoming Blockchain Limitations: It addresses the challenges faced by traditional blockchains, setting new benchmarks in the finance sector. Interoperability: Facilitating a seamless, borderless financial ecosystem. Empowering Developers: Providing advanced financial modules for creating groundbreaking applications. Security and Transparency: Upholding the highest security standards, gaining trust from top financial institutions globally. Injective's Impact and Growth Injective is rapidly evolving, poised to significantly influence the future of decentralized and transparent financial transactions. Its versatility allows developers from various blockchain backgrounds like Ethereum, Cosmos, and Solana to build effortlessly, making it a user-friendly and powerful platform. $INJ: A Lucrative Passive Income Source For investors seeking passive income, $INJ as a compelling option. Its robust ecosystem, continuous growth, and innovative approach make it an attractive investment. Conclusion Injective is more than a blockchain platform; it's a comprehensive ecosystem shaping the future of finance. With its rapid growth, innovative solutions, and strong community engagement, Injective is set to be a dominant force in the blockchain and financial sectors. #BinanceLaunchpad

Binance Launchpad Series Ep02 | INJECTIVE PROTOCOL

Injective is revolutionizing the blockchain landscape, particularly in the finance sector. As a cutting-edge, interoperable layer one blockchain, it's perfectly tailored for crafting the finest Web3 finance applications. This platform is a beacon in the blockchain world, setting new standards for speed, efficiency, and functionality. Ticker $INJ
Key Performance Indicators
Blocks Produced: An impressive count of 51,845,873 blocks, showcasing its robust infrastructure.
On-Chain Transactions: A massive total of 336,084,072 transactions, indicating high user trust and activity.
Block Time: Remarkably quick at just 0.8 seconds, ensuring rapid transaction processing.
Transaction Cost: Highly economical with an average cost of less than $0.01.

The Expansive Injective Ecosystem | #injective
Injective's ecosystem is a thriving network of dApps, validators, and partners, all synergizing to forge the most extensive and rapidly growing Web3 financial ecosystem. Key highlights include: #ecosystem
Illuminate Hackathon: A groundbreaking event supported by Google Cloud, fostering innovation and community engagement.
Helix Trading Bot:
Introduction of advanced trading tools and the first pre-launch futures.
Levana Protocol:
A significant launch on the Injective Mainnet, expanding the platform's capabilities.
Transaction and Block Processing:
Over 313 million transactions and 49 million blocks processed, underscoring Injective's scalability and reliability.
Google Cloud BigQuery Integration: #Googlecloud
Enhancing data analysis and accessibility.
Asset Growth:
Surpassing $1.11 billion in total assets on the Injective Chain.

Performance Metrics:
Boasting a 0.8s block time on the mainnet and a throughput of 25,000 TPS.
Staking and INJ Token:
Attractive returns with a 16.16% staking APR and over 44 million INJ staked.
Strategic Partnerships:
Collaborations with BitGo and the integration of KAVA Proposal 165.
Community Initiatives:
Regular activities like burning over $55,000 worth of $INJ tokens.
Why Injective is a Leader in Finance Blockchain
Injective is redefining the finance blockchain sector with its innovative approach:
Overcoming Blockchain Limitations: It addresses the challenges faced by traditional blockchains, setting new benchmarks in the finance sector.
Interoperability: Facilitating a seamless, borderless financial ecosystem.
Empowering Developers: Providing advanced financial modules for creating groundbreaking applications.
Security and Transparency: Upholding the highest security standards, gaining trust from top financial institutions globally.

Injective's Impact and Growth
Injective is rapidly evolving, poised to significantly influence the future of decentralized and transparent financial transactions. Its versatility allows developers from various blockchain backgrounds like Ethereum, Cosmos, and Solana to build effortlessly, making it a user-friendly and powerful platform.
$INJ : A Lucrative Passive Income Source
For investors seeking passive income, $INJ as a compelling option. Its robust ecosystem, continuous growth, and innovative approach make it an attractive investment.
Conclusion
Injective is more than a blockchain platform; it's a comprehensive ecosystem shaping the future of finance. With its rapid growth, innovative solutions, and strong community engagement, Injective is set to be a dominant force in the blockchain and financial sectors. #BinanceLaunchpad
Why Does the Ethereum Network Get Congested?What is Ethereum and why do we need it? Ethereum is the leading decentralized global computing network that can get congested, but why? In this guide, we explore why the Ethereum network gets congested. What is Ethereum Ethereum is the leading decentralized global computing network, functioning as a platform for smart contracts and dApps built on blockchain technology. It is one of the most popular blockchain networks, responsible for the unprecedented Dogecoin price rise around a decade ago, and now home to several growing altcoins including USDC, USDT, LINK and, of course, ETH. However, its popularity has resulted in network congestion and scaling difficulties. Ethereum is an open-source, decentralized blockchain-based platform that allows anyone to build and deploy permanent and immutable decentralized applications, known as dApps. It utilizes smart contracts, which are programmable transaction protocols that automatically execute when specific conditions are met. These smart contracts run exactly as programmed and are stored on and executed by the Ethereum blockchain. Ethereum has its own native cryptocurrency called Ether (ETH) which is digital money that can be sent or received anywhere in the world. ETH is the second largest cryptocurrency after Bitcoin. It operates via a global peer-to-peer network that maintains a distributed ledger called the blockchain. The blockchain records all transactions taking place on the network. Developers can build and deploy decentralized applications on Ethereum using programming languages like Solidity and Vyper that compile into bytecode that is executed on the Ethereum Virtual Machine (EVM). Ethereum was first proposed in 2013 by Vitalik Buterin and went live in 2015. Since then, it has grown to become the most actively used blockchain, with the largest developer community working on the platform. The goal of Ethereum is to become a ‘world computer’ that replaces centralized intermediaries and runs decentralized applications, enabling censorship resistance, trust less transactions, and economic innovation on a global scale. Core Causes There are a lot of elements of Ethereum that might be the cause of congestion, such as limitations of Proof-of-Work consensus. The PoW algorithm used does not efficiently scale as transaction volume increases. Block size and block time remains constant at capacity regardless of demand. The consensus algorithm does not scale well. Block size and block time is static regardless of transaction volume. And then there is a lack of native sharding. Unlike later generation blockchains, Ethereum 1.0 has no native sharding or parallelized transaction processing capabilities. This restricts TPS. More users and activity – As Ethereum has grown, more transactions like token swaps, DEX trades, NFT mints happen, filling blocks. The gas auction model is also a factor. The use of gas fees auctioned via first-price auction means users bid up prices during high demand periods, further congesting the network. Additionally, popular decentralized apps like CryptoKitties, decentralized exchanges, and DeFi protocols overload the network with transactions far exceeding baseline capacity. Games have clogged the network with transactions. DeFi apps also overload the network. Steadily increasing wallet addresses, daily active users and new dApps bring more total transactions over time as adoption grows. NFTs have also grown in popularity. In fact, you might say they exploded. This explosive growth of NFTs attached to digital items like profile pictures, artwork, collectibles minting millions of tokens on-chain causes bottlenecks. Finally, the ICO craze of 2017 congested Ethereum with token transactions, followed by their collapse which left abandoned dApps. The 2017/2018 ICO craze congested Ethereum with token transactions and drawn-out sales. However, these are accidental causes. There is also the purposeful clogging by hackers and spammers. Spammers intentionally clog up transaction capacity through attacks with unnecessary transactions and data. Attacks or abuse of cheap gas fees intentionally clog up bandwidth with unnecessary transactions. Effects of Congestion So, what are the effects of this clogging? Why should we care? Well, for a start, average transaction confirmation times can go from minutes to hours during peak congestion periods and congestion can lead to significantly higher gas fees. Users are forced to overbid on gas prices to prioritize transactions, pricing out smaller users. Users compete through gas price auctions to get priority, driving up costs significantly. Congestion combined with gas price uncertainty leads users to set gas too low, causing TX failures. Transactions with lower gas fees may get rejected entirely when capacity limited. Additionally, the overall user experience suffers due to delays, costs, and uncertainty during congestion. There are constrained capabilities because congestion limits the ability to scale dApps and overall network functionalities. This also affects scaling, since congestion limits practical use cases and dApp development on Ethereum. $ETH #ETH #ecosystem

Why Does the Ethereum Network Get Congested?

What is Ethereum and why do we need it? Ethereum is the leading decentralized global computing network that can get congested, but why? In this guide, we explore why the Ethereum network gets congested.
What is Ethereum
Ethereum is the leading decentralized global computing network, functioning as a platform for smart contracts and dApps built on blockchain technology. It is one of the most popular blockchain networks, responsible for the unprecedented Dogecoin price rise around a decade ago, and now home to several growing altcoins including USDC, USDT, LINK and, of course, ETH. However, its popularity has resulted in network congestion and scaling difficulties.
Ethereum is an open-source, decentralized blockchain-based platform that allows anyone to build and deploy permanent and immutable decentralized applications, known as dApps. It utilizes smart contracts, which are programmable transaction protocols that automatically execute when specific conditions are met. These smart contracts run exactly as programmed and are stored on and executed by the Ethereum blockchain.
Ethereum has its own native cryptocurrency called Ether (ETH) which is digital money that can be sent or received anywhere in the world. ETH is the second largest cryptocurrency after Bitcoin. It operates via a global peer-to-peer network that maintains a distributed ledger called the blockchain. The blockchain records all transactions taking place on the network. Developers can build and deploy decentralized applications on Ethereum using programming languages like Solidity and Vyper that compile into bytecode that is executed on the Ethereum Virtual Machine (EVM).
Ethereum was first proposed in 2013 by Vitalik Buterin and went live in 2015. Since then, it has grown to become the most actively used blockchain, with the largest developer community working on the platform. The goal of Ethereum is to become a ‘world computer’ that replaces centralized intermediaries and runs decentralized applications, enabling censorship resistance, trust less transactions, and economic innovation on a global scale.
Core Causes
There are a lot of elements of Ethereum that might be the cause of congestion, such as limitations of Proof-of-Work consensus. The PoW algorithm used does not efficiently scale as transaction volume increases. Block size and block time remains constant at capacity regardless of demand. The consensus algorithm does not scale well. Block size and block time is static regardless of transaction volume.
And then there is a lack of native sharding. Unlike later generation blockchains, Ethereum 1.0 has no native sharding or parallelized transaction processing capabilities. This restricts TPS. More users and activity – As Ethereum has grown, more transactions like token swaps, DEX trades, NFT mints happen, filling blocks.
The gas auction model is also a factor. The use of gas fees auctioned via first-price auction means users bid up prices during high demand periods, further congesting the network.
Additionally, popular decentralized apps like CryptoKitties, decentralized exchanges, and DeFi protocols overload the network with transactions far exceeding baseline capacity. Games have clogged the network with transactions. DeFi apps also overload the network. Steadily increasing wallet addresses, daily active users and new dApps bring more total transactions over time as adoption grows.
NFTs have also grown in popularity. In fact, you might say they exploded. This explosive growth of NFTs attached to digital items like profile pictures, artwork, collectibles minting millions of tokens on-chain causes bottlenecks.
Finally, the ICO craze of 2017 congested Ethereum with token transactions, followed by their collapse which left abandoned dApps. The 2017/2018 ICO craze congested Ethereum with token transactions and drawn-out sales.
However, these are accidental causes. There is also the purposeful clogging by hackers and spammers. Spammers intentionally clog up transaction capacity through attacks with unnecessary transactions and data. Attacks or abuse of cheap gas fees intentionally clog up bandwidth with unnecessary transactions.
Effects of Congestion
So, what are the effects of this clogging? Why should we care?
Well, for a start, average transaction confirmation times can go from minutes to hours during peak congestion periods and congestion can lead to significantly higher gas fees. Users are forced to overbid on gas prices to prioritize transactions, pricing out smaller users. Users compete through gas price auctions to get priority, driving up costs significantly.
Congestion combined with gas price uncertainty leads users to set gas too low, causing TX failures. Transactions with lower gas fees may get rejected entirely when capacity limited.
Additionally, the overall user experience suffers due to delays, costs, and uncertainty during congestion. There are constrained capabilities because congestion limits the ability to scale dApps and overall network functionalities. This also affects scaling, since congestion limits practical use cases and dApp development on Ethereum.
$ETH #ETH #ecosystem
Internet Computer ($ICP ) aims for global adoption with "ICP HUBS" strategy. 13 "ICP HOUSES" events planned globally to create immersive experiences for #crypto enthusiasts, developers and investors. These events will focus on education, collaboration and innovation within the ICP #ecosystem . #ICP HUBS NETWORK, a network of decentralized hubs in 40 countries, is another pillar of the adoption strategy. This network empowers local communities and fosters innovation from the ground up.
Internet Computer ($ICP ) aims for global adoption with "ICP HUBS" strategy. 13 "ICP HOUSES" events planned globally to create immersive experiences for #crypto enthusiasts, developers and investors. These events will focus on education, collaboration and innovation within the ICP #ecosystem . #ICP HUBS NETWORK, a network of decentralized hubs in 40 countries, is another pillar of the adoption strategy. This network empowers local communities and fosters innovation from the ground up.
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