According to the latest report from the crypto analytics firm Diar, the on-chain transaction value of Ethereum (ETH) soared to an all-time high in December 2018.
The on-chain transaction levels of ETH, which is the third largest cryptocurrency in market capitalization after Bitcoin and Ripple, reached 115 million in December 2018, which is a record high if you exclude the surge following a hard fork after the DAO hack in 2016. Dair’s report stated, “Regarding transaction count on-chain the ‘supercomputer’ has found stability since October bobbing between 16–17 million monthly transactions.”
On the other hand, the US dollar value hit a 22-month low on the on-chain transactions, going to USD 815 million from USD 1.1 billion in 2017. Diar’s report adds:
“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.”
Recently, the Constantinople hard fork in the Ethereum Network was postponed after a major security vulnerability was discovered that allowed a reentrancy attack. The lapse was detected by a smart contract audit firm and demonstrated how the Constantinople upgrade led to cheaper transaction fees for many operations on the Ethereum network.
The vulnerability to the reentrancy attacks through the use of specific commands in ETH smart contracts allowed potential hackers to nip off crypto from the network’s smart contract by repeatedly requesting funds while feeding false data regarding malicious actor’s actual ETH balance.
Although the developers have fixed the bug, Diar’s report states that the Constantinople upgrade and these complications will reduce the fees for certain types of transactions to allow for better use of the storage. But it also adds that the reduction of the fee is unlikely to interfere with Ethereum’s growth as it already has one of the lowest fees for on-chain transactions.
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