Dogecoin’s network has been hit by a surge in activity, causing several blocks to approach full capacity. Mishaboar, a popular Dogecoin-focused Twitter account, highlighted this issue, attributing it to the spam associated with the DRC20 token minting frenzy.
In a recent tweet, Mishaboar shared a block from just 10 minutes ago, revealing the strain on the network. Concerned community members sought clarification on the matter.
One member asked what the implications were, to which Mishaboar responded that fees would rise, transactions with lower fees would be delayed, and the mempool would grow.
The unusual occurrence on Dogecoin prompted suspicion among some users. One individual remarked that it was fishy, especially considering the past issues with Ethereum’s smart contracts and Bitcoin.
They speculated whether this happened before Twitter’s expected growth in crypto acceptance or some form of crypto adoption.
Exploiting Dogecoin’s Transaction Capacity For Profit
Mishaboar explained, stating that Dogecoin allows for a higher number of transactions per minute before high fees come into effect.
The spammers took advantage of this feature, minting millions of tokens at no cost. By congesting the network, they aimed to drive up the expenses for new buyers interested in minting the tokens.
Concerned users inquired about potential solutions to combat this problem. Mishaboar suggested that node operators and miners could employ certain settings to limit these transactions.
For instance, adjusting the “harddustlimit” would prevent nodes from relaying these spam transactions, saving bandwidth. Miners also could block such transactions.
However, it was important to note that miners stood to make significant profits from the increased fees once blocks were full. Some users questioned whether this issue arose because edge node operators were required to put in additional effort.
Mishaboar clarified that the problem lay in the inherently competitive nature of most cryptocurrencies, where users had to outbid one another in fees.
When blocks reached capacity, users had to pay more to prioritize their transactions. This ultimately led to a congested mempool and rendered the blockchain temporarily unusable as a currency.
While node operators could limit the bandwidth consumed by these spam transactions, they could not prevent them from reaching miners.
The responsibility of acting as gatekeepers fell upon the miners, who could utilize existing settings or develop custom filters in-house. However, miners had a direct incentive to allow the spam, as it enabled them to profit greatly within a short period.
As Dogecoin’s network battles the influx of spam transactions, the community must rely on the vigilance of node operators and miners to maintain the stability and functionality of the network.
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