Ethereum on-chain transaction value records all-time high since 2016
Ethereum [ETH] on-chain transactions have hit an all-time high since the fork that split Ethereum in 2016, according to a Diar research report. The on-chain transaction value at the beginning of 2016 was close to 200 million ETH. The value drastically fell over the years. The Ethereum blockchain rarely recorded on chain transactions worth over 100 million ETH in 2017 and 2018. However, the data from January 2019 shows that Ethereum has hit 115 million ETH transactions on-chain making it an all-time high since the DAO hack that forked the Ethereum blockchain.
The 2018 charts show that on-chain transactions over $200 billion USD value on-chain but fell below $1 billion over the rest of the year. “In terms of transaction count on-chain the “supercomputer” has found stability since October bobbing between 16-17 million monthly transactions,” said the report.
However, the USD value on-chain has not seen much progress over the year. The USD value on-chain was above $400 billion at the beginning of 2018. But the value plunged and reached below $1 billion in late 2018. This significant drop can be attributed to 80% drop in Ethereum prices.
The Ethereum blockchain boasts lower transactions fees compared to other blockchains. The upcoming Constantinople upgrade will further reduce the transaction fees for certain types of transactions. This can increase the number of transactions on the blockchain as people favor networks with low transaction fees. Crypto holders are increasingly preferring zero fee exchanges that promise zero fee transactions.
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