Monero Hits All-Time High (ATH) in Daily Transactions Count While Average Fee on to Lowest Levels
The privacy-focused cryptocurrency Monero is registering a huge surge in its transactions count as it hits its all-time high (ATH).
Created on April 2014, according to Coin Metrics, the number of transaction count on Monero blockchain has reached its highest level at 13.5k on April 30 in its entire history. The last time, Monero had hit its peak has been during the bull run in December 2017 that saw the transactions going to 10.8k. Last year in April, it dropped down to 1.1k which was last crossed in 2016.
The uptrend in transaction count started when in early March 2019 after it dropped down to 1.5k. Slowly it made its way to 7.8k transactions on April 19th only to climb to its peak.
However, as Coin Metrics puts it,
“Due to improvements in transaction size, total data throughput is lower, despite the ATH in txn count.”
Source: Coin Metrics
While the transaction count is moving upwards, the average fee on Monero blockchain has been maintaining its lowest levels since October 2018.
In June last year, the average fee reached its highest point at 0.079 XMR only to make its way downwards. On April 30 when transaction count was going up, fees remained low at $0.019.
Source: Coin Metrics
Meanwhile, Dr. Sarang Noether, a researcher at Monero Research Lab shared the April month report on Reddit where he talks about a proposed new signature scheme to reduce the ring signature size substantially.
“For our present ring size of 11, a typical 2-input/2-output transaction uses 2.54 kB of space and takes (on my test machine) 13.0 ms to verify the MLSAG signature. Using CLSAG, the same transaction requires only 1.9 kB of space and takes 11.1 ms to verify the signature. This reduces the transaction size by 25% and the verification time by 15% too.”
Outlining the Dandelion update, Noether further reports that there is no specific timeline for D++ yet as decisions regarding code and testing need to be made but
“this is not a consensus upgrade, and could be done with any wallet release.”
Meanwhile, on the price front, the 12th largest cryptocurrency by a market of $11 billion, XMR is trading at $65.18 with 24-hours of gains of 3.45 percent.