An Ethereum-based project had no choice but to stop its development as a result of the increase in gas prices since the cost of making transactions on the blockchain continues to grow.
Unite announced yesterday via Twitter that the project was no longer in active development and mentioned that the original idea for the project became impossible as a result of the recent gas price spike. Indeed, the average cost of using Ethereum has grown by 35,600% since January 2020.
The transaction cost for Ethereum reached a new high of $25,10 six days ago but soon started to drop. Yet, the price began to rise again, reaching $24.
United planned to let social media users on sites such as Twitter or Discord distribute Ethereum ERC-20 tokens in the community.
While some people have enjoyed a profit from the rising of Ethereum, there is still a need for a blockchain ecosystem that won’t ironically collapse under its own success.
The next major update for Ethereum, Ethereum 2.0, plans to scale the blockchain to many orders of magnitude above the current capacity, and a pending improvement proposal plans to restructure how ETH gas prices will be calculated in the future.