YES! Fcoin GPM Listing competition is responsible for recent Ethereum Network Congestion.

This is my first time experience with Ethereum, I have never seen any of my transactions have been pending for long time or failed. But this time I got socked.

Before June 30 whatever transactions I did that cost me very small fees. But from June 30 and even now I am facing a real unwanted transactions pending problem.

Actually I am using MetaMask wallet so I emailed them, they also replied me with all possible ways to solve this issue. But nothing helps me a lot only one way is just waiting. Not only I but numerous other users are facing this same unwanted problem.

Then I started my own research to find out the exact reason why it is happening then I came to know about a new marketplace called FCoin GPM(Growth Project Market) is responsible for this things.

Actually their so-called “cumulative deposit number raking” system motivated many small and large projects to enlist their respective tokens to Fcoin GPM. And the most important thing is some projects have been coordinating these transactions with very high gas prices in order to make their deposits faster than their competitors. That resulted Ethereum Network congestion with high gas prices and transactions time.

Although still there is no officially announcement from Fcoin GPM regarding end date of the competiton.

I also joined their telegram group and asked them to stop this competition but one of the member advised me that

“Congestion of the ETH network was never intended, the exchange is working on improving the mechanism. It also exposes the limitation of the ETH network, the network also needs to be changed to support large scale real world applications. ”

If congestion continues to mount, it will be interesting to watch how the Ethereum’s developers respond.
Although recently to deal with this issue Ethereum Co-creator Vitalik Buterin noted on Twitter a proposal “For Improving stability and user-friendliness of gas price markets.”

Really I think it will help to make strong the present ETH Network. But everything now depends on the proposal.

https://twitter.com/VitalikButerin/status/1013864602671689728

- VitalikButerin

So let’s see what happen next.