Increased activity on the Ethereum blockchain led to network congestion and 44 minutes of average transaction confirmation time, wrote Binance head Changpen Zhao.
Zhao noticed that at some point, the average waiting time, with a gas price of 110 gwei, was 2680 seconds or 44 minutes.
#ETH network congestion. Average time for confirmations 2680 seconds (44 minutes) https://t.co/a2U8vF3Q9P pic.twitter.com/nPENzWA4yH
– CZ Binance ???????????? (@cz_binance) March 12, 2020
A higher priority transfer required about $ 0.3, which accelerated the transaction processing process to several minutes.
Overloading the Ethereum blockchain led to the failure of the DeFi platforms. For example, MakerDAO had problems determining real prices and the rate was displayed 20% above the market. Users could not change the collateral for contracts, which led to the liquidation of many positions.
“The network is very congested. The price in the MakerDAO protocol has not actually changed – it still remains at $ 166, and the next update is still undefined ”– said the MakerDAO team.
Data: Etherscan
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At the time of publication, the performance of the Ethereum network has returned to previous levels. With a gas price of 150 gwei, the average transaction confirmation time will be about 10 minutes, with 500 gwei – 14 seconds.
Earlier today, ForkLog announced that HIVE Blockchain Technologies intends to expand the capacity of its mining farm by 20% over the next six months.
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