New ERC-20 token VMPX triggers Ethereum burn spike, consumes $3M in gas fees in 24 hours

VMPX, a recently launched ERC-20 token, is liable for implicit 30% of each Ethereum (ETH) burns successful the past 24 hours, according to data from Ultrasound.money.

Source: Ultrasound.money

Software technologist 0xCygaar archetypal called attraction to the project, claiming its minting declaration had nary intent but to summation the network’s wide state usage.

“The apical ETH state guzzler is this declaration wherever users marque validators tally useless/unnecessary codification conscionable to summation wide state usage. People are virtually burning their wealth to summation state fees for everyone else.”

Qedk, a astute declaration technologist astatine Polygon (MATIC), confirmed this, adding that the ERC-20 token would marque users walk much state if they privation to mint much tokens.

According to tweets from the task founder, Jack Levin, VMPX is the archetypal ever BRC-20 token linked to Ethereum’s ERC-20 token. The project’s website states that its proviso is 108.62 cardinal but fails to provide further accusation astir its utility.

VMPX consumed astir $3M successful state fees

Meanwhile, Etherscan data shows that the VMPX mint declaration consumed implicit 1,500 ETH, astir $3 million, successful state fees during the past 24 hours. This represents astir 30% of each the state fees spent during the period, supra those generated by the Uniswap (UNI) decentralized exchange.

Top 3 Gas Guzzlers (Source: Etherscan)

Harrison, the co-founder of PopPunk, pointed out that those who minted the token paid state fees arsenic precocious arsenic 1.36ETH.

EigenPhi, a DeFi information platform, corroborated Harrison’s statement, adding that an mean mint transaction of VMPX was 0.167ETH, astir $317 per tx.

This precocious web enactment saw Ethereum web fees leap to arsenic precocious arsenic 76.3 Gwei during the reporting period, according to Ultrasound.money.

A typical from Push Protocol, the Ethereum messaging service, told CryptoSlate:

Gas fees inactive play a captious relation successful interacting with Ethereum and is astir apt 1 of the crushed projects are moving to L2s oregon prefering off-chain yet verifiable executions.”

The station New ERC-20 token VMPX triggers Ethereum pain spike, consumes $3M successful state fees successful 24 hours appeared archetypal connected CryptoSlate.