10/09/2023
U.Today - network recently found itself clogged with a backlog of over 560,000 unconfirmed transactions. Memory usage soared past the 300 MB mark, hitting a staggering 1GB. Even transaction fees spiked, reaching over 20 sat/vB at one point. What's the story behind this sudden ? Let's break it down.
The culprit appears to be a phenomenon known as "fomo," or fear of missing out, triggered by the minting of sats. This minting frenzy led to a surge in transactions, causing the network to slow down as it worked through the backlog. But before you hit the panic button, let's put things into perspective.
Source: First, it is essential to understand that network is designed to handle fluctuations in transaction volume. While the current backlog is unusual, it is not catastrophic. The network's underlying architecture is robust enough to manage the situation, and it is only a matter of time before the backlog clears.
Second, high transaction fees are a temporary phenomenon. As the network works through the backlog, fees will normalize. So, if you are not in a rush to get your transaction confirmed, you might want to wait it out.
