Ethereum Transactions Surpass All Time High

Demand for the ethereum network has reached its highest level in history with close to 1.6 million transactions processed on Thursday.

That’s a level it has somewhat maintained with 1.44 million transactions processed yesterday, higher than the previous all time high of 1.34 million reached on January 4th 2018.

That’s higher than any decentralized blockchain, including bitcoin, with ethereum currently being the most used crypto network.

Its capacity was recently increased following some improvements on gas unit calculations, with eth blocks now fitting more transactions.

Fees appear to have reduced too, down to an average of $8 including smart contract transactions, from a high of $40.

That is increasing the network’s utility, which is in part why its ratio has gained significantly on bitcoin recently.

It’s not clear whether a further increase in capacity will follow to maybe 20 million gas units considering uncle rates and other network stats appear to remain unchanged after this capacity increase.

But for now it looks like the ethereum network is booming, with transactions somewhat affordable again, so potentially increasing the usage of defi and the wider ethereum ecosystem.

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