The Ethereum network sustaining an unprecedented level of activity driven by increasing user demand.
On May 29th, the tracker site Etherscan revealed that Ethereum recorded over 49 billion units of gas in payments to node operators, setting a new high for the second-largest public blockchain next to Bitcoin.
Gas serves as the core pricing metric within the Ethereum framework, assisting users in determining costs for transaction executions and smart contracts. A single unit of gas equates to 20 Gwei, a measure of ether (ETH), the foundational asset and operational fuel of the network. One gwei itself represents 10**9 of a wei, while one wei is a minuscule fraction, precisely 1/10**18 of an ether unit. ETH Yesterday witnessed Ethereum's peak in Total Daily Gas Used, setting a new threshold.
Despite the uptick in network activity, congestion remains at bay, with transaction fees and confirmation times staying low this week. As per ETH Gas Station, the advised transaction gas price stood at just one gwei at the time of publication — around $0.005 USD — and the average wait for a transaction validation was merely one block, or about 12 seconds. pic.twitter.com/c4ybS3vcoQ
— ETHGasStation (@ETHGasStation) May 30, 2019
These results starkly contrast earlier spikes in Ethereum's activity, such as during CryptoKitties' ascent in popularity back in 2017, when network transactions hit a bottleneck, compelling users to pay exorbitant fees for expedited processing.
The resurgence in crypto market optimism has been a major catalyst for recent heightened activity, with rising prices in bitcoin, ether, and other leading digital currencies prompting increased buying pressure.
With an uptick in ether purchases, there has been a concurrent rise in ether deployments — frequently being engaged in decentralized finance apps like MakerDAO CDPs for further asset accumulation. Recently, loan volumes on Ethereum's leading DeFi platforms have reached the $100 million USD mark for the first time, signaling escalated demand.
But it's not just financial maneuvers flourishing; Ethereum-powered blockchain gaming is also experiencing a surge. Taking CryptoKitties creators, Dapper Labs, as an example, they've recently introduced a new battle royale title, which has already gathered 1,000 ether as game payment for duel-worthy wizard tokens. to take out stablecoin loans The question lingering now is whether network congestion will spike again before the advent of Ethereum's “ETH 2.0” Serenity upgrade.
https://twitter.com/max_bronstein/status/1134095369783169024
Exciting Developments? Decentralized Oracles on Ethereum Courtesy of ChainLink's Mainnet Launch Cheeze Wizards mainnet's debut on May 30th might not have shattered records, but it was indeed a pivotal moment for Ethereum's broader ecosystem.
The launch signifies new potential for Ethereum by introducing capabilities that could render the blockchain's smart contracts 'smarter,' allowing these contracts to incorporate real-world data rather than being confined to a blockchain-native viewpoint.
ChainLink community leader and SmartContract.com CEO Sergey Nazarov detailed how decentralization bolsters the accuracy of the data processed by Chainlink's oracles:
The activation of ChainLink’s “Chainlink's strategy to overcome the 'single trusted third party' issue mirrors the very approach that secures smart contracts: decentralized computation. The Chainlink network enables multiple independent nodes to conduct decentralized verification of external input accuracy before it's committed to a smart contract.”
Nazarov also stated that the initial oracle networks on Ethereum will primarily focus on delivering “dependable market prices,” like an ETH-USD exchange rate. decentralized oracle Amidst this unprecedented wave of Ethereum usage, the blockchain's capabilities and related technologies are also steadily advancing.
In an associated announcement William M. Peaster, a seasoned writer and editor with expertise in Ethereum, Dai, and Bitcoin within the crypto space, has contributed to outlets like Blockonomi, Binance Academy, and Bitsonline. He keeps a keen eye on smart contracts, DAOs, dApps, and the Lightning Network. He's also diving into Solidity. Connect with him via Telegram at @wmpeaster
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