Amidst all the down rush and market crash, the queen of cryptocurrency Ethereum transaction time has increased up to 44 minutes. On a regular day, the transaction takes up to five minutes at max.
The rush of sending coins to the exchanges and the DeFi platform seems to have caused congestion in the Ethereum network. Moreover, the rising gas prices added fuel to the fire, and now it would take about 44 minutes to confirm new transactions.
Market crash and Ethereum transaction time
The latest market crash acted as a stress test for the networks, and following the crash, the transactions picked up the pace, thus increasing Ethereum transaction time. Ethereum network was the first network that showed signs of considerable backlog; it clogged transactions for almost an hour.
Those who intend to sell coins had to face two situations: either the transaction is exorbitant or waits until the prices correctly increasing Ethereum transaction time up to 44 minutes.
Whilst the ETH gas price is not excessively high, yet it requires $0.29 in order to get a transaction into a block quicker. Reports reveal USDT transactions have also been affected, around only 2.9 billion stablecoins could be moved via Ethereum network. This indicates that the shift between exchanges is likely to get slower.
Meanwhile, the price of Ethereum unraveled to $138.12 on swift selling, while the cryptocurrency is on a decline for quite a few days. And this ultimately leads to a series of liquidations on the DeFi derivative trading and the collateralized debt.
In this scenario, a slower network tends to indicate potential problems for some of the participants, as they seem to have little time before their collateral is liquidated. Swift action is needed for projects such as Maker, but with a congested network, this might not be possible for all the traders.
Featured Image by Macondoso
