Ethereum-based social media project shuts down as ETH fees approach new highs
Ether transaction fees increased by over 35,000% in the past year, forcing one social media tokenization project to close down. An Ethereum-based project has been forced to cease development due to rising gas prices, as the cost of transacting on the blockchain continues to push new highs.The official Twitter account for social media token project Unite announced on Feb. 10 that the project was no longer in active development, adding that the original idea for the project had been rendered unfeasible by the recent gas price spike. The average cost of using Ethereum increased 35,600% since....
Related News
The Ethereum scaling wars are raging on social media due to the problems that this chain is facing, with fees on layer one (L1) at very high levels. Zhu Su, CEO of Three Arrows Capital, a notable crypto VC company, announced he withdrew his support from the project, criticizing the state in which the chain is now. Emin Gun Sirer, Founder and CEO of Ava Labs, the company behind Avalanche, stated that Avalanche will be able to scale regardless of its growth.
Ethereum Facing Heat in Social Media
The high fees that users have to pay to transact on Ethereum L1 are prompting supporters....
There’s been a lot of focus on cryptocurrency social media platforms lately. Now, a new application is coming to the market called Akasha, which aims to launch its alpha release this month. Centralized Social Media Soon to Be a Memory. The past few months have had quite a bit of news concerning platforms like Steemit, Synereo and the Yours Network. A new....
Billionaire and real estate mogul, Frank McCourt has recently been working on a new blockchain venture titled Project Liberty. It’s ambitious goal, to bring together the power of the blockchain and merge it into a social media protocol. With a social media database like this, he believes no social media platform would be able to […]
Data shows social media discussions related to Ethereum have spiked recently, something that may be positive for the struggling ETH price. Ethereum Social Dominance Has Shot Up Over The Past Day According to data from the analytics firm Santiment, the Ethereum Social Dominance has just seen a significant increase. The “Social Dominance” here refers to […]
In the end, the team decided to throw in the towel, as they feel it is “too early” for financial derivatives in the Ethereum ecosystem. Velocity, one of the many Ethereum-based projects, announced they would shut down shortly. This news came as quite a surprise, considering things were looking positive initially. After just nine months of hard work, the project will not cease to exist over the coming weeks. Another failed experiment using the Ethereum ecosystem. Velocity came into being in February of 2016. Its objective was simple” develop on-chain insurance products using the Ethereum....