Exorbitant Gas Fees on Ethereum Force UniLogin to Shutter Operations

Exorbitant Gas Fees on Ethereum Force UniLogin to Shutter Operations

THELOGICALINDIAN - Overwhelming gas fees acquired UniLogin to atom the activity as the aggregation leaders could not see a acceptable way forward

UniLogin, an Ethereum onboarding band-aid and wallet, is shutting bottomward due to aerial gas fees, an disability to scale, and browser issues. DeFi has been the capital culprit abaft ascent transaction fees and the ultimate acumen for the project’s death.

In an official blog post, Alex Van de Sande, a architect of UniLogin, said: 

“[At] the moment Ethereum has been activity through a action of gentrification, area big DeFi users are appraisement out all added acceptance of the network. Games, NFTs, DAOs, and abounding added agitative use cases are artlessly aloof at the amount of assorted dollars per transaction.”

UniLogin has been disturbing with big-ticket gas fees back mid-June. Their band-aid appropriate assorted affairs for anniversary new user. At times transaction fees accomplished over $130, a amount the aggregation advised unsustainable for the future.  

The complication of the basement and activity requirements additionally prevented the developers from implementing a Layer 2 solution. Instead, they approved alternatives to advance user acquaintance and lower fees, such as enabling the use of ERC20 tokens as gas and administration signup costs with dApp developers. 

None of the solutions worked, and the aggregation has had to bang operations.

UniLogin affairs to acknowledgment all actual banknote to investors. The majority of the aggregation will move on by abutting Ethworks, an Ethereum account company, to abide their contributions to the ecosystem. Van De Sande has no accurate affairs for the future.

UniLogin will abide operational for withdrawals until the end of the year, accouterment abounding befalling for users to balance their funds. Van De Sande has assured users that alike if the account goes down, he will abide accessible to abutment those that didn’t act in time.

Other Ethereum-based projects are adverse agnate challenges appropriate now. They are ashore amid alive to apparatus a applicable Layer 2 band-aid and risking to accept all of their assignment baffled by the ETH 2.0 launch. 

Loopring, OMG Network, and zkSync are the arch contenders for an Ethereum-wide Layer 2 solution. It remains to be seen, however, whether these technologies will break the network’s ascent woes.