{"id":118867,"date":"2023-07-06T18:15:54","date_gmt":"2023-07-06T18:15:54","guid":{"rendered":"https:\/\/dripp.zone\/news\/new-erc-20-token-vmpx-triggers-ethereum-burn-spike-consumes-3m-in-gas-fees-in-24-hours-crypto-news\/"},"modified":"2023-07-06T18:15:55","modified_gmt":"2023-07-06T18:15:55","slug":"new-erc-20-token-vmpx-triggers-ethereum-burn-spike-consumes-3m-in-gas-fees-in-24-hours-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/new-erc-20-token-vmpx-triggers-ethereum-burn-spike-consumes-3m-in-gas-fees-in-24-hours-crypto-news\/","title":{"rendered":"New ERC-20 token VMPX triggers Ethereum burn spike, consumes $3M in gas fees in 24 hours\n – Crypto News"},"content":{"rendered":"

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VMPX, a newly launched ERC-20 token, is responsible for over 30% of all Ethereum (eth<\/a>) burns in the last 24 hours, according to date<\/a> From Ultrasound.money.<\/p>\n

Source: Ultrasound.money<\/figcaption><\/figure>\n

Software engineer 0xCygaar first called attention to the project, claiming<\/a> Its minting contract had no purpose except to increase the network’s overall gas usage.<\/p>\n

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\u201cThe top ETH gas guzzler is this contract where users make validators run useless\/unnecessary code just to increase overall gas usage. People are literally burning their money to increase gas fees for everyone else.”<\/p>\n<\/blockquote>\n

Qedk, a smart contract engineer at Polygon (Matic<\/a>confirmed this, adding<\/a> that the ERC-20 token would make users spend more gas if they wanted to mint more tokens.<\/p>\n

According to tweets<\/a> From the project founder, Jack Levin, VMPX is the first ever BRC-20 token linked to Ethereum’s ERC-20 token. The project’s website states that its supply is 108.62 million but fails to provide additional information about its utility.<\/p>\n

VMPX consumed nearly $3M in gas fees<\/h2>\n

Meanwhile, Etherscan date<\/a> shows<\/span> that the VMPX mint contract consumed over 1,500 ETH, around $3 million, in gas fees during the last 24 hours. This represents around 30% of all the gas fees spent during the period, above those generated by the Uniswap (UNI<\/a>decentralized exchange.<\/p>\n

\"Ethereum
Top 3 Gas Guzzlers (Source: Etherscan)<\/figcaption><\/figure>\n

Harrison, the co-founder of PopPunk, pointed out<\/a> that those who minted the token paid gas fees as high as 1.36ETH.<\/p>\n

EigenPhi, a DeFi data platform, corroborated<\/a> Harrison’s statement, adding that an average mint transaction of VMPX was 0.167ETH, around $317 per tx.<\/span><\/p>\n

This high network activity saw Ethereum network fees jump to as high as 76.3 Gwei during the reporting period, according to Ultrasound.money.<\/p>\n

A representative from push protocol<\/a>the Ethereum messaging service, told CryptoSlate:<\/i><\/p>\n

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Gas fees still play a vital role in interacting with Ethereum and is probably one of the reasons projects are moving to L2s or preferring off-chain yet verifiable executions.\u201d<\/p>\n<\/blockquote>\n

The post New ERC-20 token VMPX triggers Ethereum burn spike, consumes $3M in gas fees in 24 hours<\/a> appeared first on CryptoSlate<\/a>,<\/p>\n