How to cancel a pending transaction on Ethereum
ETH transactions hit record high, community awaits Ethereum 2.0
The number of daily transactions on the Ethereum network reaches a new record
Gas charges are constantly increasing amid network congestion
Can Ethereum 2.0 Cope With The Growing Number Of Users
Ethereum is experiencing an unprecedented rise: the blockchain network has reached a record high in terms of daily transactions, while gas prices are skyrocketing
The jump in the Ethereum network is driven by the DeFi mania, which has sparked a buzz in the market. According to Ethereum’s daily transactions chart, the all-time high was reached on September 17th with 1,406,016 transactions recorded. Ethereum last approached this level in January 2018 at the peak of ICO.
A sharp rise in gas charges
In addition, gas charges have skyrocketed recently, with the average ether transaction fee hovering around $ 11 on September 17 and then declining slightly to $ 7.60. The appeal of cryptocurrency transactions is partly due to the low fees that are below the exchange rate, so the rise in gas prices is another hurdle to overcome. Because of this, the Coinbase Pro crypto exchange decided to shift the Ethereum gas fees to users.
Another record for #Ethereum this week – all time high in number of Transactions. Yes, gas fees were insane but let’s celebrate all victories pic.twitter.com/vcsYSzqmST
– Coin Bureau (guy.eth) (@coinbureau) September 19, 2020
People buying $ ETH so that they can pay gas fees to collect helicopter money in the form of $ UNI, driving up the price of $ ETH is the most "crypto" thing I have seen in a while.
– The Wolf Of All Streets (@scottmelker) September 17, 2020
The sharp increase in the number of transactions on the Ethereum blockchain has once again exposed problems around network scalability. And although the cryptocurrency community has been waiting for Ethereum 2.0, it would seem, for ages, the question of whether the next version of the network will meet the expectations of users remains open..
Economist and trader Alex Kruger suggested in a tweet that the estimated number of DeFi users could be as high as 114,000. He believes that this is not much compared to Coinbase, which has 32 million users and therefore has “huge room for growth.”.
Assuming DeFiDecentralized Finance (DeFi) – this is financial services, built on blockchain technology, which offer users access to open, efficient and … More users have four addreses on average (could be more), there are now 114K users. Small number with massive room for growth. For comparison, Coinbase has 32M users.
But Ethereum can’t handle 114K users. Will Ethereum 2.0 be able to handle millions of users? How many? pic.twitter.com/ayVMLtjowT
– Alex Krüger (@krugermacro) September 18, 2020
Users have not yet forgotten about the glitches due to the CryptoKitties online game that caused delays on the Ethereum network. If the influx of new users into the DeFi space continues to grow, given that the network bandwidth is already congested, can we expect Ethereum 2.0 to cope with such a load??
Emmanuel Marshall, Managing Director and Global Head of Sales for ConsenSys, recently said in an interview with Coinscrum that he is confident in Ethereum 2.0’s ability to address the challenges of network scaling, adding:
“Ethereum is widely adopted and supported by the community. Also among its advantages are the largest studies conducted by many companies and independent developers over the past five years. It is open to innovation, but at the same time ensures the safety and independence of the ecosystem. “.
The entire industry is eagerly awaiting the launch of Ethereum 2.0.
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