The verified Twitter account for social media token plan Unite was published on Feb. 10. The project was no longer in working development. The project’s initial idea became unfeasible by the new gas price spike.
The medium charge of using Ethereum rose 35,600% since January 2020.
The statement said that they are sadly no longer actively developing Unite. Gas prices indicate the initial idea for Unite isn’t possible. After numerous months of work and many discussions, they’ve voted against building a social token platform on an L2. They also thanked the users for the support.
Ethereum trade charges hit new highs of $25.10 on Feb. 5 before falling to $16.40 two days later.
However, the momentum that examined the number of Ether (ETH) transactions more than treble over 2020 (from 418,000 to 1.26 million) extended over the past 48 hours, as medium transaction expenses surpassed $24 once more to data from Bitinfocharts.com.
Unite intended to enable social media users on sites such as Twitter and Discord to share Ethereum ERC-20 tokens to their audience and community.
The plan began to overlook to build on a layer two solution. This led to plans developed on Ethereum sidechains that usually utilize completely different transaction mechanics and fee pricing tools.
Some have benefited from the growing popularity of Ethereum. However, the need for a blockchain ecosystem that doesn’t fall under the weight of its progress has not gone unrecognized by developers. Ethereum 2.0, the next major update in Ethereum’s development, will attempt to scale the blockchain to many more magnitude orders beyond its current capacity. At the same time, a continuous improvement project aims to restructure how to determine ETH gas prices.