After the Ethereum Constantinople hard fork delay, the on-chain transactions are back to stable. Last month, Ether hit its highest on-chain volume while the USD value has hit serious lows as the result of 90% fall in ETH price.
On-Chain Transaction Hits Its Peak
Recently, Ethereum saw a delay in its long-awaited Constantinople hard fork due to the newly found security vulnerability. The new date for the hard fork, for now, is scheduled for February 27. While the developers are working on the chain, the on-chain transactions have found “a stable footing from its user-base,” writes Diar in its latest research.
Last month, in December the on-chain transactions on Ethereum Network hit its peak, if we exclude the activity following the Decentralized Autonomous Organization (DAO) hack in 2016.
“Last month saw volume to the tune of over 115Mn ETH, the highest since the networks genesis.”
Already have some of the lowest transaction fees on blockchain, as put by Diar, fees are unlikely to be putting a hindrance in its growth. With Constantinople system upgrade, developers are thinking of long term by working on reducing cost and improving speed and efficiency of the blockchain.
When it comes to transaction count on the Ethereum network it has dropped 50% at the end of the year in comparison to its peak at the start of 2018.
The transaction count that has been on a downward spiral from May has since found stability from October where it has been bobbing between 16-17 million monthly transactions. For January 2019, the estimate has been around 15 million transactions.
However, the USD on-chain value has been going down that is the direct result of the crashing Ethereum prices.
Currently, Ether is down over 92 percent from its all-time high in December 2017, trading at $116 at press time.
“Total US Dollar value on-chain last year stood at $815Mn, down from $1.1Bn in 2017. A 97% drop in on chain transaction value from peak in January versus December 2018 was by and large the cause of an 80% drop in Ethereum’s price.