Daily Ethereum (ETH) Transactions Are Approaching 1 Million

Ethereum (ETH), the second largest blockchain-based platform with a market capitalization of over $30 billion, has experienced a significant increase in the number of daily transactions settled on its network.

On May 27, 2019, more than 942,000 transactions were registered on the leading smart contract platform. On May 29, the Ethereum blockchain processed over 947,000 ETH transactions.

Ethereum transactions per day in 2019

Ethereum Network Activity Approaching Levels Seen in Last Bull Market

As confirmed by TrustNodes, Ethereum transactions have surged to their highest level since early February 2018. Notably, the activity level on the ETH blockchain is approaching levels last seen when the ether price reached its all-time high of $1,432.88 on January 13, 2018.

Although there was a significant drop in the total ETH transactions processed daily during February 2019 (due to the increase in Ethereum network block times), the activity on the blockchain platform is now increasing steadily.

Since March of this year, the number of ether transactions has been rising and the price of ETH has also surged to currently around $283.7 according to CryptoCompare data. This, after the ether price dropped below $100 in early December 2018.

Ether Price Recovering After Falling Below $100

The sharp decline in ETH price last year may partially be attributed to a relatively large number of blockchain startups selling their ether holdings in order to cover operational expenses. Moreover, the crypto token’s value may have plummeted due to a significant drop (at that time) in the price of bitcoin, the world’s most dominant cryptocurrency.

However, the cryptoasset market has started recovering after enduring an extended bear market that lasted throughout 2018. One of the primary reasons cryptocurrency prices have been increasing recently might be the launch of many new digital asset-focused projects.

Decentralized Finance Market Cap Approaching $600 Million

For example, the decentralized finance (DeFi) ecosystem has been growing rapidly and it mainly consists of Ethereum-based peer-to-peer (P2P) lending products - including MakerDAO, Compound, Dharma, among others. The current market capitalization of the nascent DeFi market stands at over $583 million according to data from DefiPulse

Other leading Ethereum-based decentralized exchange (DEX) protocols such as Uniswap and Bancor have also been experiencing increased activity. Meanwhile, the Bitcoin Lightning Network, which is also considered a part of the evolving DeFi ecosystem, has seen a sharp rise in the number of nodes.

According to 1ML data, there are currently 8,579 LN nodes - which represents an increase of 4.49% in the past month. The network capacity of the Lightning Network stands at over 1,000 BTC, an amount currently valued at over $8.8 million.

New Public Blockchain Hedera Hashgraph Launches with 26 Dapps

Michael LaVere
  • Hedera Hashgraph launches open access to its mainnet blockchain with 26 dApps. 
  • Network will support 10,000 transactions per second, in addition to smart contracts and file services. 

The Hedera Hashgraph team has announced the successful launch of its public blockchain mainnet on Sept. 16, which includes 26 decentralized applications. 

Hedera Launches Public Mainnet

According to the release, Hedera Hashgraph is now open to the general public after months of being in a closed beta network for select developers.

Hedera claims to be have a faster consensus algorithm than the blockchain used by Ethereum and Bitcoin, capable of supporting 10,000 transactions per second. The open-access mainnet also allows users to operate smart contract and files services, with the team planning to increase the network’s speed “methodically throughout the remainder of 2019.”

Heredera’s Hashgraph achieves this transaction throughput thanks to a unique feature called gossip, which sees nodes within its network share information – gossip - on transactions, and subsequently gossip on gossip to record each event on the network and create a hashgraph of information.

The network reportedly achieves consensus and is secure by a virtual voting process, where the hashgraph technology uses nodes to ensure Byzantine fault tolerance. Hedera further has a Consensus Service under development that will be made available to the public later in the year. 

Mance Harmon, co-founder and CEO of Hedera Hashgraph, said, 

We are thrilled that, through open access, dozens of decentralized applications are now live and running on the mainnet, along with mirror nodes and other parts of the ecosystem designed to expand Hedera’s reach and adoption.

Hedera uses “council members” to run nodes and maintain the decentralization of the blockchain. The 39 council members, which include IBM and Boeing, also govern changes to the software. 

The enterprise-focused network has earlier this week seen its cryptocurrency, HBAR, get listed on leading cryptocurrency trading platform OKEx as three new trading pairs – HBAR/BTC, HBAR/USDT, and HBAR/USDK were added.

In a press release Andy Cheung, OKEx’s Head of Operations, stated:

Hedera and OKEx share the same goal of building a trusted, safe, and fair digital future for everyone through developing a neutral, open-access infrastructure. With such a powerful, enterprise-grade ledger technology, we believe it is a big step forward in mainstream adoption of decentralization. We are excited to support the Hedera platform and continue to lead this industry forward.

To celebrate listing HBAR, the cryptocurrency exchange launched a 500,000 token giveaway that will see holders and market makers who create maker orders on OKEx have a chance to win a share of the HBAR tokens being given away.

The first 5,000 traders to trade a HBAR trading pair, OKEx’s announcement reads, are also entitled to a share of 150,000 of the half a million HBAR being given away, in proportion to the volumes they trade.

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