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Top VC Fears DeFi “Black Thursday” Redux Is Possible as Ethereum Congests

Ethereum has a transaction fee problem, similar to the one it and Bitcoin faced in 2017 and early 2018. On August 12th, the cost of Ethereum “gas,” how transaction fees are calculated, hit 277 Gwei. By this writer’s estimates, that means that sending ETH was $2.25, sending ERC-20 was around $5, and trading on Uniswap was $10. That’s not ludicrous per se, but it’s a rate far higher than it was just three months ago. Wow… seems that🍠is having quite the effect on Ethereum transaction fees. "Fast" recommended gas price: 277 Gwei. That's $2.25 to send ETH, ~$5 to send ERC-20s,…

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