Due to congestion on the Ethereum network, an online casino has been forced to close its doors. The news broke after KingTiger Casino’s official website announced the company’s temporary suspension of services. According to KingTiger’s assertion:
“Due to Ethereum network congestion, we have had to temporarily close our casinos, making it impossible to run our games in their current format.”
The crypto-focused online casino is currently on the lookout for new solutions that can host “a new range of features and games” for its users. Although the casino services have been temporarily suspended, users can still access their digital wallets through the platform.
FunFair Technologies, the parent company, continues to allow users to create new wallet accounts, and KingTiger maintains that non-custodial wallet owners will be able to retain control over their assets. The casino clarified its position, saying:
“You can keep any funds in there for as long as you want or transfer them to another ERC-20 address.”
The gambling site was powered by the FUN token, a FunFair Technologies in-house initiative based on smart contract technology.
The London upgrade of Ethereum has resulted in 800 deflationary blocks, causing a spike in both gas fees and ETH burn rates. These blocks were attributed to ETH burns overtaking mining rewards, temporarily reducing supply.
The London hardfork was intended to address Ethereum’s inherent issue with network scaling and fluctuating transaction fees. Furthermore, the rise of nonfungible tokens and decentralized finance put additional strain on the Ethereum network.
Following the successful fork, the price of Ethereum skyrocketed to $2,800, eventually breaking the $3,000 barrier.