Etherscan data shows that the mass collection of WLFI Token immediately after its launch caused Gas Price on the Ethereum network to spike, temporarily reaching around 130 Gwei.
The event occurred in a short time, causing the transaction backlog to increase and many low-fee transactions to not be processed in time. Users need to monitor gas and adjust the fee when transacting.
- Post-launch WLFI collection focus causes Gas Price spike to ~130 Gwei.
- Consequences: slow transactions, increased costs, and mempool congestion.
- Recommendation: monitor Etherscan/ gas tracker, trade off peak or adjust gas price.
Reasons for Gas Price increase
Mass buying of WLFI Token creates a sudden large volume of transactions, causing the mempool to fill up and competition fees to increase for priority processing.
When multiple transactions compete for fees, Miners prioritize transactions that pay higher fees, leading to a rapid increase in the Medium gas price on the network in a short period of time.
Impact on users and networks
Gas Price increased to around 130 Gwei, increasing transaction costs and waiting times, affecting even users making small transactions.
Low fee transactions may be delayed or fail, and dApp activity and trading on decentralized exchanges may be temporarily affected.
Solutions and ways to reduce risks
Monitor gas with Etherscan or gas tracker, set reasonable gas price or choose to transact at low load time to reduce costs.
Consider using gas bump/replace for pending transactions and Chia large transactions when necessary to avoid failure due to fluctuating fees.
Is the fee 130 Gwei high?
130 Gwei is high compared to normal, causing transaction costs to increase significantly, especially for small transactions or Token transfers.
Why does Token collection increase Gas Price ?
When many people send transactions at the same time to buy/claim Token, the mempool records a large amount of tx, creating fee competition to be prioritized for processing.
How to check current Gas Price ?
Use Etherscan or gas trackers to XEM the Medium gas price and suggest appropriate fees before sending a transaction.
