Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Ethereum Forum => Topic started by: Hugo Barbosa on May 28, 2020, 01:39:27 PM
-
Recently, the interaction between miners and the Ethereum network has reached a record high, but the increase in fuel usage may cause problems for the cryptocurrency network.
According to a recent report from Delphi Digital, the total amount of gas used on the Ethereum blockchain has reached the highest level in history, and it seems that this number will continue to grow. Fuel is a means of charging the Ethereum blockchain. Since the beginning of 2020, the total amount of fuel used on the network has been rising.
(http://www.btc126.com/uploads/allimg/200528/1035343245-1.png)
The total amount of fuel used is different from the transaction cost indicator in the Bitcoin blockchain. On the Ethereum network, transaction and smart contract fees are determined by the required fuel and fuel prices. This mechanism allows fees to change dynamically and to some extent separate from the price of Ethereum.
The amount of fuel used in a given transaction depends on the computational complexity of the transaction. On the other hand, the price of fuel is selected by the person who executes the transaction and is priced in Ether. The price is ultimately determined by the Ethereum miners, who accept or reject the transaction based on the fuel price.
USDT and decentralized exchanges dominate.
Although the fuel usage reached the highest level in history, the number of transactions on the Ethereum blockchain is far lower than the highest historical record of 1,349,890 transactions reached on January 4, 2018.
This means that the increase in total fuel usage comes from the use of more smart contracts. Because smart contracts are more complex, more fuel is needed.
According to data from ETH Gas Station, the usage is mainly from USDT, and the Ethereum fuel cost alone cost $1.61 million. It was followed by DeFi applications and some scams and Ponzi schemes. USDT also leads the average fuel price used, at 35.5 Gwei.
Following the USDT stablecoin, the decentralized exchange (DEX) seems to be in a leading position in terms of popularity. According to DappRadar data, IDEX is the most used dapp in terms of the number of transactions alone, and IDEX and Kyber are both in the top three on the Ethereum network.
A recent survey also showed that DeFi's highest awareness and utilization rate come from decentralized exchanges.
Higher transaction fees and fuel restrictions
The increase in Ethereum network usage has led to an increase in average transaction fees because miners prefer to handle transactions with higher fuel prices. According to data from glass node, at the time of writing, the average transaction fee has increased five-fold from $ 0.08 in January 2020 to $ 0.41. This also accounts for about 10% of miners' income.
The total fuel usage is limited by the block fuel limit set by the miners, which limits the size of the Ethereum blockchain by determining how many transactions are in a block. The amount of fuel used in each block has been steadily increasing, from 69% in January to the most recent 95%, and is also close to the current upper limit.
Considering the current increase in fuel usage on the network and related block fuel restrictions, due to various factors, Ethereum may face network congestion in the near future. If fuel usage rises to the upper limit, users will have to compete with higher fuel prices to execute transactions and smart contracts.
In addition, a sudden plunge in the price of Ethereum may lead to higher fees and network congestion. As seen during the plunge on March 12, according to a report by The Block, the average fee cost increased from $ 0.16 to $ 1.04.
In this highly volatile situation, traders may find network congestion very troublesome, because the leverage positions of DeFi platforms and centralized exchanges may be liquidated before they take action.
When the usage is close to the limit set by the miners, it may be necessary to increase the block fuel limit. The most recent increase was in September 2019. The block fuel limit was increased by 25%, from about 8 million to about 10 million.
However, this change will further increase the size of Ethereum's blockchain, which has reached nearly 140 GB. Therefore, there seems to be no simple solution, and Ethereum faces considerable challenges in terms of scalability.
-
Since the total supply of USDT increased a lot and that means more people try to use USDT and USDT (erc20) has been getting a huge demand rather than usdt in another chain.
I would not be surprised to see that as it will increase even more with the growth of USDT.
-
Since the total supply of USDT increased a lot and that means more people try to use USDT and USDT (erc20) has been getting a huge demand rather than usdt in another chain.
I would not be surprised to see that as it will increase even more with the growth of USDT.
I also think that way where USDT has used the ERC-20 chain to launch transactions.
Where when it used to be still using chains from OMNI it was very slow and was not supported by fast transactions.
I think the GAS of the Ethereum Transaction is very much used by traders so this is a distinct advantage for Miners.
-
Very difficult to say but today's the last day of may 31...so new month june Ethereum price will possibly decrease. So some clever investors are selling some of his Ethereum at this moments. So you can also follow it.
-
Take me as an example, I prefer to trade Bitcoin Options, as I could choose the different timing such as 1-min 2-min 5-min… Easy pieces during my way back home after work.
-
The ethereum price has been growing very rapidly over the past month and a half. So, on the twentieth of July, the ethereum price was at $ 240. Today its price climbed to $ 482. That is, its price has doubled.
Bitcoin during this time has grown from $ 9,300 to the current $ 12,000. Growth is a little less than a quarter.
-
The ethereum price has been growing very rapidly over the past month and a half. So, on the twentieth of July, the ethereum price was at $ 240. Today its price climbed to $ 482. That is, its price has doubled.
This seems to be the effect of Ethereum 2.0 which is very fast with a lot of transactions per second. so that the demand for ETH is increasing in the market.
-
The cryptocurrency market is now simply in a fever: the price of ethereum and bitcoin either skyrockets or falls immediately. Following them, the rest of the cryptocurrencies are alternately colored green and red. DeFi projects play an important role in this. Their YFI token is already four times the price of bitcoin. Information appeared that DeFi tokens began to be issued not only on the ethereum platform, but also on tron. Due to this, the Tron coin should also skyrocket in value.
-
It is true that currently gas prices are very high and it makes etherum holders disappointed, this is very detrimental to etherum holders if the price of this gas is not handled, this could result in etherum being left behind by investors, I hope gas prices will return soon to like beginning.
-
As we can see, the price of Ethereum can easily grow and at any time and big players can raise the price of Ethereum to incredible heights, but so far they do not do this for their own reasons, but so far the price of gas is very high and this helps big players to pump the price of Ethereum very quickly.
-
Take me as an example, I prefer to trade Bitcoin Options, as I could choose the different timing such as 1-min 2-min 5-min… Easy pieces during my way back home after work.
-
Take me as an example, I prefer to trade Bitcoin Options, as I could choose the different timing such as 1-min 2-min 5-min… Easy pieces during my way back home after work.
-
It is true that currently gas prices are very high and it makes etherum holders disappointed, this is very detrimental to etherum holders if the price of this gas is not handled, this could result in etherum being left behind by investors, I hope gas prices will return soon to like beginning.
-
Ethereum usage has really grown a lot in recent months, however, its price can't go up high as the network can't handle so many transactions. The ethereum network's throughput remains one of the lowest, at 15 transactions per second. This has already caused discontent and disappointment of many participants in the cryptocurrency market. Some new projects, including DeFi, are forced to switch to other platforms. Hopefully, Ethereum 2.0 improvements won't be long. Only they can dramatically change the situation on the ethereum network for the better.
-
Very difficult to say but today's the last day of may 31...so new month june Ethereum price will possibly decrease. So some clever investors are selling some of his Ethereum at this moments. So you can also follow it.
Not may 31 but till now Ethereum gas fee remains unchanged and even ridiculous higher than all time high. We cannot transfer our Erc20 token or coins from wallet to another exchange Wallet to sell.
-
The use of the ethereum network has indeed increased and this would have led to an increase in the price of this coin, but again a long-standing problem has sharply exacerbated - the throughput of this coin does not cope with so many transactions. Therefore, in such a situation, the popularity of ethereum even fell slightly due to the increase in transaction fees. The situation can be saved only by the implementation of improvements in Ethereum 2.0.
-
It's true that currently gas fee are very high.and it makes Ethereum holders disappointed. ETH 2.0 imprisonments won't be long.only they can dramatically change the situation on the Ethereum network for the better. I hope hash fee will return soon to like beginning.
-
Thats good for Ethereum but it's not good for ordinary users like us because when the Ethereum usage is at peak the monstrous fees will follow that's why its not good after all but it has also a negative side effect.
-
In the last few days, the cryptocurrency market has been experiencing some revival in prices, now all prices are in green and have a good increase. Ethereum has climbed to nearly $ 380 today. Hopefully this will somehow mitigate the high transaction costs. So far, this is really a big problem for the normal functioning of the ethereum network. Maybe the expected growth of the cryptocurrency market will change the situation.
-
It is true that currently gas prices are very high and it makes etherum holders disappointed, this is very detrimental to etherum holders if the price of this gas is not handled, this could result in etherum being left behind by investors, I hope gas prices will return soon to like beginning.
Hey mate, didnt you see how long your signature is?? Please check it, you must have mistakenly pasted the code over and over again, please check and correct it else it gonna be messing up every thread you comment in.
-
Hey mate, didnt you see how long your signature is?? Please check it, you must have mistakenly pasted the code over and over again, please check and correct it else it gonna be messing up every thread you comment in.
Maybe you can tell him via PM mate. maybe he didn't know and made a mistake.
-
If in the laws of physics the more users there are, the more force is generated.
Then if Ethereum is used a lot, it is certain that the transaction fees will also increase.
This is the effect of many users for Ethereum so that GAS has become expensive and the price of Ethereum is also now starting to recover after falling in July 2019 at a price of 80 USD.
-
The more people invest in the Etherium platform, the more Etherium will pump. The price of etherium fluctuates on human investment. The etherium platform was updated a few days ago and the 2.0 test net was launched. As a result, the etherium transaction gas fee increased a lot but its price went up a lot. All investors have been suspended from the Etherium platform for raising these transaction fees. If the transaction fee is the same as before, the price of etherium will go up in a few days.
-
The demand for ETH in the market is increasing day by day. But I think the effect of ETH 2.0 is not working right now. Because ETH 2.0 is coming. It will take some time. So I think ETH 2.0 is about to launch. In the news that day I saw that it could come in December or January. That would definitely be good for our users. At present gas fee has become a major problem. Many projects have stopped paying for this work. Most of the projects are going to decide to create another type of wallet. So I think there should be some changes in this ETH platform. Let the changes in the future be positive changes.
-
The use of the Ethereum network which is very dense will cause competition between users to increase the price of Ethereum Gas, and this has happened which has caused the Ethereum Gas price to be very high.
Then will this cause the price of Ethereum to rise? The answer is that the more people who know Ethereum, the demand for Ethereum will be even higher. And that will of course cause the Ethereum price to go up.
-
Many defi projects are using the ethereum network, causing the ethereum network to take a hit, resulting in a spurt in the price of ethereum, and the ethereum has crossed $ 600.
-
Etherium is currently upward. The price of etherium is going to increase day by day. It is expected to grow further in the future. Etherium is currently in good condition. If you want, you can sell it now and make a profit. And if you hold it for a while longer, you will get more profit. I think it would be better to hold for a while.
-
I heard from several sources they bought Ethereum because they think this is digital money next to Bitcoin. If you believe in Bitcoin then there no point left why you won't think about Ethereum. Since It's upgrade 2.0 there more possibility it will go more long.
-
I think there was a bit of an error so the GAS fee has increased recently, but now it's back to me, feeling very excited and seeing a very good future in ETH.
-
GAS prices are back to normal. I am very happy with that and I do not expect GAS prices to rise again in the near future.
-
Their team will solve that problem. If you find a virtual currency that is suitable, you will use it if you find it appropriate
-
ETH price as well as other coins always depends on the market. I hope the digital coins will thrive in the future and the price of ETH will be even higher. I hope gas prices will get better in the future
-
GAS prices are back to normal.
I am also very happy when I have seen this thread as well as reply to thread messages from you because the reason is the decrease in transaction fees of each Ethereum token.
But I often trade Ethereum on Binance and it doesn't affect every transaction between wallets, what I feel are the advantages and disadvantages of every Ehereum trade. lol
-
The biggest feature of BitOffer is that no matter whether it is a bull market or a bear market, it has the opportunity to obtain up to a thousand times of excess income without any margin or handling fee. Bitoffer options provide sections of 2 minutes, 5 minutes, 15 minutes, and 1 hour. Besides, it is worth mentioning that the bitcoin option spot index is composed of the equivalent weights of 7 exchanges.
In terms of operation, bullish is expected to buy, and bearish is expected to buy. The profit calculation is the same as the spot when buying up, how much will increase in the period to earn, when buying falls, how much will fall in the period to earn In short, it is to use a very small principal to bet on the ups and downs of the future range, to obtain high returns. Recently, Bitoffer launched the strongest Ethereum option, with 0 margins, 0 handling fee, and no need to exercise.
Sign up and enter the invitation code 007RTX to get $50.
https://www.bitoffer.com/en/register?invite_code=007RTX
Hi Hugo Barbosa,
Sharing referral link in this board isn't allowed. You can share ref link in referral section (https://www.altcoinstalks.com/index.php?board=81.0). This topic has been locked for it.