Over 3.7 Million Ethereum ERC-721 Transferred in a Single Day
- Bitcoin fees dropped over 30% over the past week while Ethereum’s only 7%
- Bitcoin recorded average daily fees of $241k over the past week compared to Ethereum’s $85.1K
- Bears are riding the cryptocurrency market lately.
This week, the prices fall even harder when Bitcoin dropped below $8,000. The second largest cryptocurrency Ethereum followed BTC just like the rest of the market and now trading under $175.
In line with the price, the fees have taken a fall as well.
Bitcoin fees dropped more than 30% over the past week after seeing three weeks of growth. In 2019, fees hit its peak at $2.4 million on June 26, the day Bitcoin price surged to 2019 high at $13,900. On Oct. 20 we fell to $126k, last seen in March and are now back to $274k.
Meanwhile, Ethereum fees only fell by 7.3%. However. Bitcoin registered average daily fees of over $241k over the past week in comparison to $85.1K on Ethereum.
Ethereum fees recorded in a day is much lower than that of Bitcoin but there have been occasions, one each in February and March when Ethereum fees shot well up over Bitcoin’s.
On February 29, while the Bitcoin network saw $143k in fees, Ethereum recorded more than 4x of that at $640k. Then on March 18, while $353k were registered in fees on Ethereum blockchain, the Bitcoin network only saw $90k.
Ethereum Blocks Not been more than 85% full since mid-October
In a separate event, on Nov. 17, more than 3.7 million Ethereum ERC-721 transfers were made. This has been 4 times more ETH transferred than the previous all-time high of 846k Ether, which occurred just two weeks ago.
But why such a staggering number of transfers?
According to crypto data platform Coin Metrics, Gods Unchained, a digital trading card game is the one behind it. Over the last three days, it transferred over 6 million cards.
1/ There were over 3.7 million Ethereum ERC-721 transfers on November 17th!
That’s over 4x more transfers than the previous all-time high of 846 thousand, which occurred just two weeks ago. pic.twitter.com/u7t1rOO3gG
— CoinMetrics.io (@coinmetrics) November 19, 2019
Popular blockchain game CryptoKitties in comparison had 4.7 million transfer throughout its lifetime including original purchases and secondary sales.
In December 2017, CryptoKitties was putting pressure on Ethereum blockchain and was a significant component in clogging the network. The game at that time made up 20% of all Ethereum computation.
Gods Unchained, on the other hand, created more than 6 million tokenized in-game assets, more than any other Ethereum game to date.
However, despite the “insane” number of transfers, the Ethereum network remains unclogged.
In late August, this year, Bloomberg reported that the network is running out of capacity after its utilization spike into the 90% level. Tether has been the main contributor, processing $260,000 in fees. But Ethereum blocks have not been more than 85% full since mid-October.
This is because the game has been batching hundreds of transfers in single transactions and is in the process of “activating” all of their cards that will turn each card into a tradable token. The activation started in November.