@danny what’s your take on the high Ethereum gas prices we’re seeing as users at the moment?
I think high gas prices are an inevitable result of the way the Ethereum ordering process works. With ETH1, the gas cost of the whole network goes up when Ethereum traffic goes up because there’s only so much block space and everyone wants their transaction to be mined in the next block (and in some cases, mined at the top of the next block).
A super fun consequence of this fee/ordering structure is that dApps that have nothing to do with your dApp can cause your smart contracts to grind to a halt. We saw this happen in the silliest way possible when CryptoKitties broke Ethereum:
““Some people are concerned that a frivolous game is now going to be crowding out more serious, significant-seeming business uses.”
I saw wallets get effectively bricked because their wallet software didn’t pay high enough gas prices. Their transactions didn’t get mined for days and since your wallet has to be sequential, 1 low-gas transaction would lock your wallet. There’s an easy fix called a replacement transaction (new tx, same nonce, more gas), but they are pretty much impossible for a novice to send.
I hope the high throughput and sharded chains of ETH2 will solve this problem.
As to what is causing the current spike in prices, this was from 11 days ago: