New ERC-20 token VMPX triggers Ethereum burn spike, consumes $3M in gas fees in 24 hours

admin July 6, 2023

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VMPX, a newly launched ERC-20 token, has reportedly caused more than 30% of all Ethereum (ETH) writes in the last 24 hours. data Ultrasound. From money.

Source: Ultrasound.money

Software Engineer 0xCygaar was the first to call attention to this project. claim That foundry contract had no purpose other than to increase gas usage across the network.

“The biggest consumer of ETH gas is this contract where users force validators to run useless/unnecessary code just to increase overall gas usage. People literally burn their own money And they’re trying to raise other people’s gas prices.”

Qedk, a smart contract engineer at Polygon (MATIC), confirmed this. to add ERC-20 tokens will consume more gas if users want to mint more tokens.

according to Tweet According to project founder Jack Levin, VMPX is the first ever BRC-20 token linked to Ethereum’s ERC-20 token. The project’s website lists a supply of 108.62 million, but offers no additional information on its availability.

VMPX spent nearly $3 million in gas bills

On the other hand, Etherscan data show According to the VMPX Mint contract, more than 1,500 ETH (approximately $3 million) in gas bills have been consumed in the last 24 hours. This represents approximately 30% of all gas charges spent during the period, exceeding the charges incurred by the Uniswap (UNI) decentralized exchange.

ethereum gas — Top 3 Gas Consumers (Source: Etherscan)

Harrison, co-founder of pop punk It pointed out Those who minted the token were paying gas fees as high as 1.36 ETH.

EigenPhi, a DeFi data platform, backed up Harrison said in a statement that the average mint trade on VMPX is 0.167 ETH, about $317 per transmission.

According to Ultrasound.money, this uptick in network activity caused Ethereum’s network fees to jump to 76.3 gwei during the reporting period.

A representative for Push Protocol, an Ethereum messaging service, said: Crypto Slate:

Gas prices still play an important role in interactions with Ethereum and are probably one of the reasons why projects move to L2 or prefer off-chain yet verifiable execution. “

An article first appeared on CryptoSlate that the new ERC-20 token VMPX caused an Ethereum write spike, consuming $3 million in gas bills in 24 hours.