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 firstname.lastname@example.org 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.