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What causes ETH congestion

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Ethereum 2.0 client Teku released a new version of Eth2 node client Kovan. This update allows the validator to submit transactions to the local repository and then process these tasks by executing actions. In addition, the way users create blocks on the client has been optimized and adjusted. At present, the Kovan testing network has reached a high point of approximately 150000 gas. (Daily Planet: Kovan is a decentralized public backbone run by developers, miners, and others.) And what is the reason for ETH congestion? According to ethhub.io data, the transaction volume on the Ethereum blockchain in the past 24 hours has exceeded US $2 billion (as of the time of writing). The most popular among them is Rinkeby Test Network. Rinkeby is a public chain constructed using a proof of equity consensus mechanism, designed to address issues in the current PoW mining process

But the problem is that Ethereum is very expensive. According to previous reports by Coindesk, since last year, other mainstream currencies such as ETC have also experienced similar situations due to factors such as the halving of Bitcoin. Due to the rapid development of the Ethereum ecosystem, many Cryptocurrency projects have to spend money to improve the handling fees. For example, in 2017, the Ethereum community discussed ways to increase the gas limit, but did not consider this technology at that time So why is this situation happening? Because early investors in many projects will choose to buy some Ethereum tokens with their own funds. When people want to participate in the construction of the Ethereum ecosystem, they will pay a certain cost or time, not to make money, or just want to make a little money. On the other hand, if the Ethereum ecosystem develops slowly, it will not be able to carry such a large amount of traffic, leading to a sharp drop in prices

Therefore, in the long run, the network congestion of ETH is actually due to some service providers in the Ethereum network, such as exchanges or custodians But this process is not complicated. Firstly, when someone transfers ETH to an address, they will receive a large deposit. Secondly, during the process of sending ETH, it is necessary to wait for a period of time before receiving another withdrawal, so that ETH can be quickly obtained and withdrawn. Finally, when a person tries to enter an address, he or she starts to look for another address, so that it can be used to store ETH and exchange it into Fiat money for daily consumption

ETH bus

According to ETHGASStation. info data, ETHGASStation has accumulated a redemption fee of 8250 ETHs. It is reported that ETH worth over $200000 has been sent to ETHbase and Etherscan within the past 30 days EthBusd was launched in November 2018. This project was created by ethGasStation to make the network more secure, scalable and cost-effective by reducing the price of Ethereum Gas and improving the time of block confirmation (i.e. the time of transaction confirmation). According to ETHGasStation, as of the end of October, there were 13 validation nodes participating in ETHBUSD voting.

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