A pyramid like MMM has caused a rise in the cost of gas in the Ethereum network

According to The Block analyst Matteo Leibovitz, the Ethereum network has been significantly busy for a long time, partlybecause of the growing popularity of the Ponzi scheme like the notorious MMM.

The MMM BSC website features an image of Sergey Mavrodi, the famous creator of the financial pyramids and altcoin Mavro.

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According to available information, the stablexcoin Paxos Standard (PAX) is involved in the MMM BSC. The site also says that participants in a "not high-risk" project can earn up to 30% of profits per month.

“This is a community where ordinary people selflessly help each other. This is a global mutual assistance fund. This model allows each participant to get rid of slave money extraction! ”- say the creators of the project.

Leibovitz noted that the scheme involves the creation ofa user of several addresses, as well as multiple transactions and interactions with smart contracts. At the same time, the number of MMM BSC users is growing steadily.

The growth dynamics of the number of users of the "new MMM." Data: The Block, Dune Analytics

The number of transactions coming to the MMM BSC smart contract is also growing:

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The total value of PAX coins received on the smart contract reached $ 98 million.

In the first week of May, the inflow of funds to MMM BSC exceeded $ 11 million.

The share of MMC-related BSC transactions now accounts for more than 55% of the total number of PAX transactions.

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Researcher confident that increased activityThe participants in MMM BSC were largely responsible for the increase in gas prices. The latter is a unit of measurement of the computing power needed to complete a transaction or implement a smart contract on an Ethereum network.

The size of commissions in the network depends on the cost of gassecond in terms of cryptocurrency capitalization, since the size of the transaction commission is calculated by multiplying the gas limit by the gas price in Gwei (millionth ETH).

According to Leibovitz, since January of this year andUntil the second half of April, the average gas price was below 5 Gwei. However, against the backdrop of the growth of the scale of the pyramid to date, this figure has jumped to 21.79 Gwei.

Since the second half of April, gas prices have skyrocketed.

The analyst added that transactions related to MMM BSC already use almost 10% of the gas available on the Ethereum network.

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However, in his opinion, the overall indicator of all on-chain activity associated with Ponzi schemes is much higher.

Earlier, ForkLog reported that the court in the Southern District of New York resumed consideration of the class action against the organizers of the OneCoin cryptocurrency pyramid.