It’s been quite some time that the world has been hearing how congested Ethereum is. But things seem to be improving for the No 2 coin as the congestion seems to be lowering. According to the recent number available on EtherScan, the pending transaction seems to have fallen to 6000 pending transaction.
Is Ethereum rising from its ashes?
Introduction of Ethereum to the crypto industry was no less than a miracle. The second largest coin by way of market-cap provided a platform and opened doors to endless possibilities by introducing smart contracts. The main feature of these so-called smart contracts was that they promoted decentralization by eliminating third-party users from various industries. This also led to the creation of decentralized apps or what we call them as Dapps.
But as more and more people started using these smart contracts and dapps the Ethereum blockchain started getting congested and the fast and agile network slowly started getting congested creating a lot of problems for Dapps and the network as a whole.
The following timeline of Ethereum pending transactions tells the story. (as per the data available)
It was mid-2018 that the news of Ethereum network getting clogged up was sighted.
- It was in August 2018 when a Fomo 3D-alike Dapp game, called the “Last Winner”, was suspected to have clogged up the Ethereum Network. On 8th August 2018, the pending transaction on Ethereum were 67124 which went up to 78364 on 9th August thanks to the congestion created by the Last Winner. A week later on 15th Jan, the congestion shot up to 82011.
- As the frenzy of the last Winner subsided, the pending transaction numbers did improve but were still significantly higher. As on 18th September 2018, the pending transaction was stabilized around 60000 transactions moving a couple of thousand transactions on either side.
- The clogging did get some relief in early October only to be congested again in November 2018. In early November the pending transaction figure broke the 100k pending transaction mark recording 114829 transactions to be completed on November 3rd.
- December too kept the network quiet busy as the pending transaction figure hovered around the 90000 marks only the ease out at the end days of 2018.
- 2019 say some fresh light for Ethereum as the network say pending transaction reduced to 37000 transactions to be completed showing a much stable and less congested network. While the congestion cleared out a lot of people associated this as a fall of Ethereum considering a lot of Dapps to have either collapsed or moved away from the network.
Soon came February and Ethereum got its much-needed booster shot of the Constantinople/ St. Petersburg upgrade which was the first step of a long-term plan that is expected to make Ethereum congestion free and a more agile and swift network. The upgrade seems to have worked as the number of pending transactions have been on a downward trajectory since then.
- On March 02nd 2019 the pending transaction figure was around 22000 transactions.
- The number further improved on March 12th when the pending transactions came down to a level of 16136.
- On the weekend of March 23rd the number of pending transactions further dipped bringing it to a level of 11000 transactions
- And today (while going to press) the number is a miraculous level of 6889 pending transactions a figure that Ethereum has not seen since over a year now.
The following chart shows how Ethereum is re-emerging from the pending transactions net
**Chart drawn for presentation purpose and is not to exact scale. The figure taken are based on the range available during that period and not the exact number
Constantinople seems to have worked wonders for Ethereum and this is just the start of an improvement. One can just imagine how powerful Ethereum would be if the further upgrades fall in place for the number 2 coin. This is also one of the reasons Ethereum features in the buy list of every long term investor.
Will Ethereum become a more powerful network in days to come? Do let us know your views on the same.
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Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Follow him on Twitter at @KoinKing1 or connect with me on linkedin.