100,000 Transactions Stuck As Tether Clogs Ethereum

ethereum pending transactions sep 2019

The ethereum network has become congested with users complaining transactions are taking hours or in some rare instances, even days. “I’ve 3 pending transactions, pending for more than 10 hours, I’ve selected the “slow” mode on metamask, but 10 hours is really slow, right?” – says one etherean. The culprit appears to be Tether. They’re now taking about 50% of the entire network capacity, with USDT handling $18 billion in unfiltered trading volumes, far more than eth’s $6 billion. The ERC-20 token is used for arbitrage between global and local exchanges as well as to bypass national or international restrictions say on crypto trading, capital controls, and so on. According to Etherscan data, Tether has performed 100,000 on-chain transactions in the past 7 hours. Etherscan couldn’t go any further than the last 100,000 transactions. There are some 5.4 million in total, but we can’t see when they began. The move…

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