Ethereum users are now trying to understand the reason for the suddenly higher transaction fees. Network congestion led to an incredible increase in transaction fees, and investors don’t know exactly what this is due to.
Gas price, also known as the fuel of the Ethereum blockchain network, has quadrupled in the last month and reached up to 41 gwei. It has been seen with a similar increase in ETH network before and it was understood that this increase was due to a similar reason.
A New Ponzi Structure Has Revealed
What makes Ethereum traders both slower and more expensive is a new Ponzi structure. The Ponzi structure, MMM Global, was discovered by a crypto researcher in mid-April. It turned out that the Ponzi structure used 8.5% of all Gas even at that time. It is also seen that MMM Global is the network participant that holds the most Ethereum based PAX stablecoin. It is quite doubtful that the company has no relation with Paxos Standard. The Ether network is also clogged because of the PAX transfers made by the Ponzi structure in question, and transaction fees are on the rise.