{"id":325821,"date":"2023-07-08T06:00:28","date_gmt":"2023-07-08T00:30:28","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=325821"},"modified":"2023-07-07T22:19:48","modified_gmt":"2023-07-07T16:49:48","slug":"ethereum-eth-fees-spike-thanks-to-this-mysterious-project","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/ethereum-eth-fees-spike-thanks-to-this-mysterious-project\/","title":{"rendered":"Ethereum [ETH] fees spike thanks to this mysterious project"},"content":{"rendered":"<ul>\n<li><em>VMPX, a new project was largely responsible for the increase in ETH fees.<\/em><\/li>\n<li><em>Market participants are concerned about the real utility of the token.<\/em><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Fees generated by the <\/span><span style=\"font-weight: 400;\">Ethereum [ETH]<\/span><span style=\"font-weight: 400;\"> blockchain increased by 57.8% between 3 July and the time of writing. The data, which was shared by IntoTheBlock, showed that the second-largest blockchain made $47 million within the said period.\u00a0<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">How much are <\/span><span style=\"font-weight: 400;\">1,10,100 ETHs worth today<\/span><span style=\"font-weight: 400;\">?<\/span><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">When Ethereum <\/span><a href=\"http:\/\/ambcrypto.com\/why-ethereum-fees-supply-may-be-eths-ticket-to-a-new-altitude\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">fees increase<\/span><\/a><span style=\"font-weight: 400;\">, it means that the network had experienced high volatility and a high level of traffic. Additionally, it implies that smart contracts have consumed gas due to consistent execution.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">And this is usually because some smart contracts can be very complex and require a lot of computation. However, the main driver of this demand in ETH-related transactions was rather surprising.<\/span><\/p>\n<h3><b>Stunned at the newbie<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">The blockchain insight platform mentioned that VMPX [VMPX] contributed a whooping 18% to the fees.\u00a0 <\/span><\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">Ethereum fees spiked by over 50% this week, with a new, suspicious token <a href=\"https:\/\/twitter.com\/search?q=%24VMPX&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$VMPX<\/a> making up 18% of the gas consumption per <a href=\"https:\/\/twitter.com\/ultrasoundmoney?ref_src=twsrc%5Etfw\">@ultrasoundmoney<\/a> <a href=\"https:\/\/t.co\/Tdt86oyW2U\">pic.twitter.com\/Tdt86oyW2U<\/a><\/p>\n<p>\u2014 IntoTheBlock (@intotheblock) <a href=\"https:\/\/twitter.com\/intotheblock\/status\/1677242237426581504?ref_src=twsrc%5Etfw\">July 7, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<span style=\"font-weight: 400;\">VMPX is a newly-launched cryptocurrency that operates as an ERC-20 and BRC-20 token. <\/span><span style=\"font-weight: 400;\">According to its <\/span><a href=\"https:\/\/vmpx.io\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">official website<\/span><\/a><span style=\"font-weight: 400;\">, VMPX notes that it serves as a bridge liquidity token connecting the Bitcoin [BTC] and Ethereum [ETH] blockchain. The project noted,<\/span><\/p>\n<blockquote><p>The ultimate objective of the VMPX token is to facilitate seamless swaps between BRC-20 and ERC-20 tokens across the Bitcoin-Ethereum bridge. Furthermore, VMPX token holders can convert their tokens to XN native coins on the X1 blockchain using a smart contract.<\/p><\/blockquote>\n<p><span style=\"font-weight: 400;\">Taking the largest share in ETH burned meant that VMPX was able to override the likes of <\/span><span style=\"font-weight: 400;\">Uniswap [UNI]<\/span><span style=\"font-weight: 400;\"> and <\/span><span style=\"font-weight: 400;\">Arbitrum [ARB]<\/span><span style=\"font-weight: 400;\">, known to be the top contributors.\u00a0 On 6 July, the project\u2019s founder Jack Levin shared that VMPX had a gas mint action. According to him, the activity produced $7 million with 4,500 participants.\u00a0<\/span><\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\"><a href=\"https:\/\/twitter.com\/search?q=%24VMPX&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$VMPX<\/a> gas mint auction. $7M worth, 4,500 holders. Credit: <a href=\"https:\/\/twitter.com\/jarosciak?ref_src=twsrc%5Etfw\">@jarosciak<\/a> <a href=\"https:\/\/t.co\/XBSzNuKLh2\">pic.twitter.com\/XBSzNuKLh2<\/a><\/p>\n<p>\u2014 Jack Levin ??? (@mrJackLevin) <a href=\"https:\/\/twitter.com\/mrJackLevin\/status\/1676979582673752064?ref_src=twsrc%5Etfw\">July 6, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<span style=\"font-weight: 400;\">However, a pseudonymous software developer 868system <\/span><a href=\"https:\/\/twitter.com\/868system\/status\/1676996071971766272\"><span style=\"font-weight: 400;\">replied<\/span><\/a><span style=\"font-weight: 400;\"> to Levin that VMPX\u2019s demand was \u201cpurely artificial.\u201d This prompted a discussion about the exact use case of the project. 868system pointed out,<\/span><\/p>\n<blockquote><p>The demand for gas was artificial and purely theatrics. You put a for loop in there that does nothing but waste computing resources.<\/p><\/blockquote>\n<h3><b>Congestion is back down<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Regardless, Santiment <\/span><a href=\"https:\/\/app.santiment.net\/charts\/QhbmMHNu__sCl\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">showed<\/span><\/a><span style=\"font-weight: 400;\"> that Wrapped Ethereum [WETH] accounted for the highest in terms of distribution. This did not come as a surprise, especially as VMPX requires a WETH exchange to process transactions.<\/span><\/p>\n<figure id=\"attachment_325826\" aria-describedby=\"caption-attachment-325826\" style=\"width: 997px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/Screenshot-2023-07-07-at-13.33.11.png\"><img decoding=\"async\" class=\"size-full wp-image-325826\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/Screenshot-2023-07-07-at-13.33.11.png\" alt=\"ETH fees distribution\" width=\"997\" height=\"402\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/Screenshot-2023-07-07-at-13.33.11.png 997w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/Screenshot-2023-07-07-at-13.33.11-300x121.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/Screenshot-2023-07-07-at-13.33.11-768x310.png 768w\" sizes=\"(max-width: 997px) 100vw, 997px\" \/><\/a><figcaption id=\"caption-attachment-325826\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<hr \/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">Realistic or not, here\u2019s <\/span><a href=\"http:\/\/ambcrypto.com\/calculator\/marketcap\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">VMPX\u2019s market cap in ETH terms<\/span><\/a><\/p>\n<hr \/>\n<p>However, the increase experienced in ETH fees up until 5 July has slowed down. At press time, ETH <a href=\"https:\/\/app.santiment.net\/charts\/9Ajxd3gF__sCl\" target=\"_blank\" rel=\"noopener\">fees burnt<\/a> had fallen to $682,000. This meant that congestion on the Ethereum network had reduced. Also, the decline infer that the initial surge in demand was no longer present.<\/p>\n<figure id=\"attachment_325825\" aria-describedby=\"caption-attachment-325825\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/Ethereum-ETH-13.47.21-07-Jul-2023.png\"><img decoding=\"async\" class=\"size-full wp-image-325825\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/Ethereum-ETH-13.47.21-07-Jul-2023.png\" alt=\"ETH fees burnt and ETH price\" width=\"2560\" height=\"867\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/Ethereum-ETH-13.47.21-07-Jul-2023.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/Ethereum-ETH-13.47.21-07-Jul-2023-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/Ethereum-ETH-13.47.21-07-Jul-2023-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/Ethereum-ETH-13.47.21-07-Jul-2023-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/Ethereum-ETH-13.47.21-07-Jul-2023-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/Ethereum-ETH-13.47.21-07-Jul-2023-2048x693.png 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-325825\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">At press time, VMPX\u2019s price was $0.07. However, its 24-hour to seven-day <\/span><a href=\"https:\/\/coinmarketcap.com\/currencies\/vmpx\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">performance<\/span><\/a><span style=\"font-weight: 400;\"> has been underwhelming. This was in contrast to its earlier performance which produced a 50% 30-day hike.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Congestion on the ETH network has reduced. But before that, a gas mint action propelled the increase.<\/p>\n","protected":false},"author":72,"featured_media":325830,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,32,66,3,4,20],"tags":[],"class_list":["post-325821","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-ethereum-news","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.5 (Yoast SEO v28.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Ethereum [ETH] fees spike thanks to this mysterious project - AMBCrypto<\/title>\n<meta name=\"description\" content=\"Fees generated by the Ethereum [ETH] blockchain increased by 57.8% between 3 July and the time of writing. 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