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.

Ousted Bitmain Co-Founder Storms Company Offices With Private Security Guards

Micree Zhan, co-founder of cryptocurrency mining hardware manufacturer Bitmain, has reportedly stormed the company’s offices in Beijing with private security guards in a bid to take back control.

According to local news outlet Blockbeats, the moves comes amid a battle for control over Bitmain between its two co-founders, Micree Zhan and Jihan Wu. Zhan reportedly took over the Beijing offices with private security guards and then sent a letter to shareholders and employees, stating he was in control of the office and encouraging employees to return to work.

On social media an edited version of the video of Zhan storming the offices is circulating.

In the letter, Zhan apologized for the recent turmoil at the company and said he would take it public in hopes of raising funds through an initial public offering and getting its value up to $50 billion within five years.

On its Weibo account, Bitmain claimed Zhan has been removed from his position as a legal representative for the Beijing subsidiary of Bitmain, and that a team of lawyers will be pursuing litigation. Under Chinese law, it’s worth noting, a legal representative has powers over the company’s capital and assets, and as such the title is usually held by the CEO.

Battling for Bitmain

Bitmain’s co-founder, it’s worth noting, have been battling each other since October 2019, when CEO Jihan Wu ousted Zhan from the firm, sending staff an email informing them they were to “no longer take any direction from Zhan, or participate in any meeting organized by Zhan.” Bitmain could, per the email, “consider terminating employment contracts” for those who went against the email.

The internal dispute between Zhan and Wu started over different opinions on Bitmain’s future. While Zhan believes the firm should diversify and start offering silicon specialized towards artificial Intelligence, Wu has fought for it to pursue cryptocurrency mining-related operations.

After Bitmain failed to go public on the Stock Exchange of Hong Kong, Wu left the company but later on return with shareholder support, saying he would take legal action to regain control over it. At the time, Wu said:

Bitmain is our child. I will fight for her till the end with legal weapons. I won’t allow those who want to plot against Bitmain to succeed. If someone wants a war, we will give them one.

At the time control of the company was given to Zhan, but the conflict escalated on May 8 at the Haidian District Administrative Service Center, as when the co-founder was there to collect documents, dozens of others showed up, including Bitmain’s current CEO Liu Luvao. According to Caixin, a physical fight ensued and police had to be called.

Featured image by Ali Yahya on Unsplash.