Ethereum News

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.

Ethereum is showing a peak in daily transactions

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.

There are similarities in how fast Ethereum is growing. Comparison between 2017 and 2019
There are similarities in how fast Ethereum is growing. Comparison between 2017 and 2019

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.

The amount of GAS consumed suggest that more complex tx are happening
The amount of GAS consumed suggest that more complex tx are happening

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 their complexity.

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. 

About author

Lawyer, Specialist on Strategic Planning, Professor, Years of experience as a Blockchain Writer for numerous sites! Email Jose directly at lanzjose@gmail.com
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