Monolith
Published in

Monolith

Newsflash: an update on the Monolith app

Monolith, along with many other projects in the Ethereum ecosystem, is suffering from a prolonged surge in gas prices. While Ethereum’s recent price rally proves its popularity and staying power, using the network has become prohibitively expensive for many DeFi users and projects alike. The average Ethereum transaction fee hit a new high of $24 this month, a 22,900% increase on this time last year.

As a non-custodial smart contract wallet that bears the costs of deploying contracts for users we are particularly exposed to the current high gas prices. We’ve successfully implemented a number of measures to stem the increase of gas over the past year, however prices are still rising.

In response to this, we are working on optimising our wallet deployments to minimise costs. However in the meantime we will be pausing app downloads to limit deployments until these optimisations are live. While new downloads are paused, the wallet, app, and card will continue to work as usual for existing users.

It’s worth reiterating, with gas prices are at record highs, it’s best to minimise transactions wherever possible to avoid high gas fees. Tools such as ETH Gas.watch, DeFi Saver Gas Prices Extension, and @EtherDROPS1_bot are useful for tracking gas prices.

If you would like to be added to the waiting list for new wallets and cards, please contact support@monolith.xyz and we’ll get back to you as soon as possible.

We want to conclude by thanking you all for your support. The road to creating a new financial system is not smooth, but we believe that the final destination will be worth the early difficulties. We’ll publish a new release in response to these concerns as soon as possible.

--

--

--

Monolith: everything you would expect from a bank, built for the DeFi economy.

Recommended from Medium

Behold! alETH!

Bcoin Hackathon — Starting a new wave of Bitcoin innovation

MoneyToken has been migrated to a new domain — moneytoken.eu

What is the business model for protocol companies?

The revelation of secrets in the evaluation of STO: Factors to consider in 2020

PECULIUM: Better Economic Savings

Harvest Finance on Binance Smart Chain

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Monolith

Monolith

Monolith is the world’s first DeFi wallet and accompanying Visa debit card made for spending crypto assets anywhere.

More from Medium

CyberZillaz Staking & Bridging NFTs

Purchasing an NFT on Ethereum Blockchain

DeFi for D̶e̶g̶e̶n̶s̶ Dummies #1: Decentralized Exchanges

For The People: Introducing Ruby DAO