Rising gas fees force Ethereum-based social media project to shut down

Rising gas fees force Ethereum-based social media project to shut down

Rising gas fees on the Ethereum blockchain is giving users and developers a reason to worry. Over the past year, Ether transaction fees have surged by over 35,000%, and this has forced one social media token project to close shop.

As reported by BTC PEERS, the average gas fee peaked at over $25 on February 5. As of press time, the average transaction fee was had dropped to $18.43. This is a huge spike when compared with an average fee of $0.13 a year ago.

The Ethereum-based social media token project, Unite, announced yesterday that it was closing shop due to rising gas fees. The Unite team wrote:

We are unfortunately no longer actively developing Unite. Gas prices mean the original idea for Unite isn't feasible and after several months of work and many conversations we've decided against building a social token platform on a L2. Thank you for the support!

Unite was hoping to allow users of social media platforms like Discord and Twitter to issue ERC-20 tokens.

Whilst the team did not disclose whether they’ll resume development if transaction fees drop, they were clear enough to state that they were not going to build on a layer2 solution.

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