Usage of the ethereum network is not far off from the peak of prices with some 950,000 transactions processed yesterday.
That’s the highest level of ‘legitimate’ usage since the very peak in early 2018 when it reached 1,350,000 transactions in one day.Ethereum transactions near one million a day, May 2020
The chart above shows a slightly higher local peak during summer last year but that was ‘fake’ in as far as it was more aidrops by random projects no one heard of or cared about, rather than ‘legitimate’ usage where people send eth to each other or to a dapp.
The May 2018 peak however was legitimate, reaching almost precisely one million transactions a day during a dead cat bounce when eth’s price went as far as $800.
Inflation since then has clearly done its thing with the price now far lower despite the same level of usage, although it is increasing somewhat to maybe near $240. Spartans’ $300 of course being the big test if it heads that way.Ethereum average fees, May 2020
The peak there in July 2018 when fees reached $5.50 is fake in as far as it wasn’t due to capacity constrains.
We can’t recall why there was that brief peak, however, but suspect there was some dapp or airdrop eating up all the gas, thus artificially lowering capacity.
The highest average fees have legitimately reached therefore was during January 2018 when they went to $2.9.
Currently they are just about 50 cent on average including contract transactions and normal transactions. Just for a simple movement of eth, however, they’re at less than 20 cent.
That means they’re about the same as in May 2018 when transactions were at the same level, so clearly little has changed in two years where base capacity is concerned.
Nor are we to expect a change based on the roadmap for maybe another two years at best, but ethereum may be starting to utilize a little bit more a fairly unique joker card it has.
That being zk-...