Ethereum Transfer Network Broke Record!

Ethereum Transfer Network Broke Record!


The number of daily transfers on the Ethereum network is at an all-time high with the rise of stablecoins and DeFi tokens. Also, it is reported that some miners have begun to spam the network.

 

Ethereum’s daily usage has reached up to 1.1 million transactions recently. These numbers have not been seen since Ethereum's 1.35 million daily trades peaked at the beginning of 2018.

This rise started with the unusual behavior of miners. According to Trustnodes, the Ethermine mining pool carried out more than 13,000 0.05 ETH worth of transactions in 24 hours. Miners like SparkPool and Nanopool are accused of inflating the network with such small processes.

These mining pools process tens of thousands of small transactions a day and perform millions of additional transfers. In this case, it causes the network to swell.

The last time that this Ethereum network was spammed was September 2016. With the denial of spam attacks, it overloaded the network, and as a result Ethereum’s gas cost increased.

Reddit users made speculative comments regarding this situation. For example, one user accused miners of mining pools, saying that they "knowingly blocked the net to increase the price paid to them."

USDT and DeFi Are Doing Their Payments Stablecoins like Tether (USDT) are reported to be the most gas consuming units in the network with the use of DeFi Dapps like Uniswap and Kyber Network.

With this situation, as you know, Ethereum miners recently decided to increase the network's gas limit from 10 million to 12.5 million. In this way, miners planned to prevent potential jams in the network and this process effectively prevented jams.

Even though the gas limit has increased, it seems that the Ethereum network is still loaded to the gas limit and cannot handle the increasing demand in the network.

Network Congestion Prevents Money Laundering This congestion also has unexpected good sides. For example, thanks to this network congestion, South Korean wallet provider PlusToken noticed money laundering by investigating the mobility of $ 2.9 billion.

DeFi tokens and stablecoins using the Ethereum network were valued so much in this period, it is quite normal for the network to experience some jams. Let's see what Ethereum’s 2.0 update will offer us.


luis1410
luis1410

I am 40 years old. I'm a theater actor. I like reading books and listening to music. I play chess.


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