Ethereum Transaction Fees Are Up Because of Ongoing Network Spamming
The Ethereum blockchain seems to be under some sort of attack by a network spamming that is causing congestion within the network which in turn, has had a negative impact on the base fee for the verification of an Ethereum transaction.
Today, marked a second consecutive day during which a heap of unexplained activity has been detected on the network which is causing a great deal of congestion. One lone smart contract has consumed over 35% of gas, which in turn has pushed transaction fees to over $1.00.
As it stands, nobody can pinpoint what has caused the smart contract to enter what seems to be a never ending loop, there are however a number of theories that aim to try and help us understand what is happening on the blockchain.
