Ethereum is Back in the Game: Daily Transactions Reach Yearly Highs. Smart Contracts and DApps Gain Popularity
While it is true that Bitcoin is grabbing everyone’s attention after its strong bullish spree, Ethereum is not lagging, and after a dark stage, it seems to be arousing the interest of users around the world.
Following a positive performance in term of prices, Ethereum proved that
it defeated the bearish sentiment. In recent days its usability has exploded
beyond the economic dimension, reaching a record of daily transactions never
seen in the whole year.
According to Etherscan, the number of daily transactions recorded in Ethereum was 908,208 on May 16, 2019. This figure had not been reached since May 4, 2018.
However, it is important to note that while last year’s peak was a trend
anomaly, which then recorded a sharp decline, now the number of Ethereum’s
daily transactions seems to have a sustained upward trend that began in
February of this year.
The gradient of this trend is very similar to that recorded in 2017 when Ethereum became very popular.
An Increase in DApps and Smart Contracts Show that Ethereum Has More Use Cases Besides Financial Transactions
While the number of transactions is proof of the increasing public interest in this blockchain another important fact to consider is that of how much Gas users consumed. As it is known, Ethereum is a blockchain oriented to the development of DApps and Smart Contracts and the more complex these developments are, the more Gas they will consume.
According to Etherscan the total daily Gas used on the Ethereum network exceeds 45 billion Gas, with a peak of almost 50 Billion by May 7, 2018. This represents 133% compared to February.
Also, ETH Gas Station shows that an average transaction requires a consumption close to 21000 GAS, however, the average of Gas consumed during the month strongly exceeds this amount.
This could show that beyond simple economic transactions, the public is
using more DApps and Smart contracts that require higher consumption because of
So far, Ethereum is the blockchain with the most active developments. Recently Joe Lubin (co-founder of Ethereum) and Jimmy Song (Bitcoin evangelist) made a bet on the adoption of DApps within 5 years. Lubin believes that by that time Dapps will be extremely popular, while Song believes that this trend will be a failure.