Golden Finance reported that the number of unconfirmed transactions on the Bitcoin network surged from 134,000 to over 400,000, causing a bottleneck in the memory pool. The surge in unconfirmed transactions has led to a 343% increase in transaction fees, from $1.99 per transaction on April 26 to the current $8.82 per transaction on May 7. This backlog can be attributed to a surge in the minting and transfer of serial number inscriptions and BRC20 tokens.
Previously, Binance closed BTC withdrawals due to congestion on the Bitcoin network, but has now resumed.
