EtherDelta Still Biggest Gas Guzzler on Ethereum Network
The no-frills decentralized trading platform, EtherDelta, has quietly crept up to become an active hub for old and new coins and tokens. Still, EtherDelta is risky even for users with some experience, and faces attempts to steal private keys.
EtherDelta is one of the fastest exchanges when it comes to listing new tokens. Fully decentralized and running on the Ethereum network, EtherDelta is becoming more popular. But that popularity comes at a price, with problems springing from network congestion and malicious attacks.
EtherDelta is the early-bird trading system for many post-ICO tokens. The increased interest uses up to 15% of the Ethereum transaction capacity, peaking on some days to more than 23%:
EtherDelta is indeed a gas guzzler, showing the real price of decentralization. And sometimes, it is extremely hard to send over tokens to the right address.
In addition, EtherDelta offers users to import their old wallets, but require a private key- an unnerving situation. It is best to send a wallet set aside especially for EtherDelta trading, instead of sending the private key to a wallet with significant holdings.
But a new way to steal private keys has appeared, as this Reddit thread shows:
And even if everything goes according to plan, EtherDelta will still make you wait to buy or sell the tokens. Due to the high transaction load, pending times are growing.
The only positive thing for EtherDelta is that it can add new ERC-20 tokens very quickly, due to technological compatibility. It also serves as a price-discovery service for those previously untraded tokens.