The gambling game once again took over the Ethereum network, amassing a new jackpot of over $7 million and growing.
The smart contract for a FOMO gambling game is once again taking over the Ethereum network. As of 04:00 UTC, the game known as LastWinner took up around 20% of gas, and the gas usage had grown to above 36.41% three hours later.
The network congestion pushed the fee for a typical ETH transaction above $0.50, up from about $0.01 during times of low activity. There is no knowing how many sessions the game could have. The rise in activity follows Asian daytime hours.
According to comments on Etherscan, the new game started with 40% of the prior-round jackpot, as per the game rules. Besides the chief rule of being the last person or team to buy a ticket, there are different strategies depending on selfishness or cooperation: Snake, Whale, Bull, or Bear.
Within hours, at around 08:00 UTC, the jackpot in the game had grown from $6.5 million to $7.04 million equivalent in Ethereum. The keen interest in the game happens at a time when ETH prices remain depressed below $300, giving the game’s organizers a chance to collect more ETH and possibly wait for better market prices.
Part of the ETH is paid out in winnings or dividends during the game itself. LastWinner is a game of chance simulating an exit scam, where a large part of the winnings are re-distributed. The game is seen as extremely risky (though not inherently unfair) and a matter of personal choice. However, it has shown to be extremely active and addictive, causing almost weekly congestions and testing the Ethereum network. The gas usage grows steadily until each round of the game fizzles out.
No one can tell how many FOMO game rounds there will be, but this is raising the serious question of how many distributed apps Ethereum can handle. Even one app with around 40% of gas usage sharply increases the cost of using the Ethereum network for all other participants.
ETH prices have now risen to $301.00, recovering from lows of around $260. ETH trading is as active as ever, and ICO projects attempt to unroll their products, but the gambling usage of the ETH network has become a regular hurdle to the functioning of the network.