3 JUNE 2020 HIGH ETH NETWORK CONGESTION

ETH gas and BTC TX fees are still high at the moment. We will continue to monitor the situation.

This situation has been happening for the past 1 month. It is beyond our control. The ETH congestion on the fees and memory pool is causing a lot of issues to other ERC20 based token projects globally.

In regards to ETH gas, a considerable amount is spent to pay for the usage of the Global Ethereum payment and settlement system. (smart contract, EVM). This is a necessary outlay to use the ETH system. The costs covered by ETH global validators include development costs, production costs, infra costs.

With the need to balance between security, decentralisation and convenience, the increase in costs was caused by the high congestion on the ETH Global Network and the Bitcoin Halving on 12 May 2020.

Reference:

Bitcoin Halving
https://news.bitcoin.com/bitcoin-transaction-costs-soar-400-amid-halving-hyperbole/

Research: Ethereum Blockchain Ponzi is Grinding Network To a Halt and Hiking Fees
https://cryptopotato.com/research-ethereum-blockchain-ponzi-is-grinding-network-to-a-halt-and-hiking-fees/


DEPOSITS: Normal
TRADES: Normal
WITHDRAWALS: Normal

Reminder:

We apologise for the inconvenience and our Global Engineering Team is currently monitoring the high BTC and ETH global network situation.

Problems? you can still reach us at helpdesk@edexchange.io

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