The ethereum network is facing unprecedented demand, but it is now used for much more than “merely” transferring ETH tokens. A large part of that demand is due to the activity of smart contracts.


Smart Contracts Take Over Network Usage

The most active smart contract on the ethereum network as of September 15, 2019, is that of a growing ethereum-based Ponzi scheme. The contract took the lead in the past few days, as social media users noted. The scheme is gathering speed, with more users sending in ETH for a short opportunity window for high returns.

The Ponzi scheme contract burned around 27% of all gas as of September 15.

The second-largest contract, “Tether USD”, issues and transfers USDT coins on the Ethereum…

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Source: https://thebitcoinnews.com/ethereum-network-demand-high-without-actual-eth-transfers/