The use of Ethereum by Tether increases by 1,000%, which engulfs the network

Tether turned to Ethereum, and that already weighs heavily on the Blockchain platform. The stablecoin was mainly based on Bitcoin (via a tool called the Omni layer) but recently replaced the majority of its chips by Ethereum.

In fact, since September 9, the number of Ethereum-based Tether transactions has increased from about 18,000 to 187,912 per day, according to Coin Metrics data. These transactions now represent 25% of all Ethereum activity.

And it's starting to wreak havoc on the network. The amount of gas used per day (a second cryptocurrency used to pay transaction costs) reached 50 billion gases ($ 183,000). This figure is up 152% since its lowest level in July and is on track to exceed Bitcoin's daily transaction costs, which currently stand at around $ 186,000. People doing Tether transactions now pay $ 21,000 per day in transaction fees, or $ 525,000 in the last month, only on Ethereum.

In response, the Ethereum miners are trial increase gasoline limits, to allow more block transactions. This is roughly equivalent to increasing the block size for Bitcoin blocks.

However, looking more closely, it's not just Tether that has been clogged by the network.

Fair fair gambling, called Fair Win, is also comparable to Tether's transaction fees – he spent about $ 531,000 in the last month.

Ethereum 2.0 is under development on its scaling solution, called Ethereum 2.0, but it is still far away, raising the question: how will the network manage so far?