Ethereum On-chain Transactions Get Stable after the Constantinople Hard Fork Delay
The much awaited hard fork of Ethereum Constantinople that was scheduled for implementation on Ethereum last week was postponed due to the security vulnerability found in one of the Ethereum Investment Proposals (EIP).
With developers working on this, the implementation has been now pushed back to February 27, 2019. Amidst all this, the transactions on the chain have found stability from its users as per Diar’s latest report,
“While developers are motoring on the fix, on-chain transaction count has found a stable footing from its user-base.”
The transaction count has also been estimated to be 15 million for January 2019. The below- chart shows from mid-2018, the transaction count has been on a constant drop.
However, it gained stability around September where it oscillated between 16 to 17 million transactions. However, the end of the last year saw a drop of about 50 percent in transaction count than at the starting of the year.
Ether on-chain Transactions Hit Peak while USD Value Falls to 22-Month Low
The on-chain transaction volume of Ethereum is showing growth as last month, in December 2018, it reached its peak.
The volume of over 115 million Ether has been registered that has been the highest since the network genesis, on excluding the set of activities following the hard fork caused by the Decentralized Autonomous Organization (DAO) hack in 2016.
The report says Ethereum has very low fees that mean it is unlikely to be a “hindrance” in the growth of the Ethereum Network. Moreover, the planned Constantinople hard fork is further working on bringing down the fees for certain types of transactions.
However, the crash in Ethereum prices is affecting the amount of on-chain USD value. From the high of about $1,400 in December 2017, Ethereum is currently down over 90 percent. At the time of writing, Ether has been trading around $116.
The direct result of the loss in value has been the on-chain USD value hitting its 22-month low. Diar report says, the total Dollar value last year has been $815 million in comparison to the $1.1 billion from 2017.
“A 97% drop in on chain transaction value from the peak in January versus December 2018 was by and large the cause of an 80% drop in Ethereum's price.”
Meanwhile, the Unique Ethereum Addresses are on the rise as well as shown in the below chart.