Ethereum
$361.22 1.66%
ETH · 41w

Ethereum Transactions Plunge After Network Update

Ethereum transactions have fallen to their lowest level in nearly a year following a gas upgrade this Sunday.

Only 440,000 transactions were made in the past 24 hours, down from the usual 600,000 to 700,000 before as seen above.

Gas usage has fallen too, down to 33 billion at some point, now at 40 billion from the usual circa 50 billion.

Some of this fall in activity is probably because much is paused a few hours before and after the upgrade, but things should be normal by now.

They largely are. Uncle rates are falling in line with block time increases and block rewards as well as other stats are where you’d expect them.

When it comes to transactions, however, there’s been a slight change which could explain the decrease:

3/3Digging deeper, some exchanges were also affected, @gemini for example hasn't been able to sweep user deposits into its hot wallet after the fork, each attempt resulting in an out-of-gas error. pic.twitter.com/bZHsrVSrfN — Antoine Le Calvez (@khannib) December 9, 2019

Ethereum Improvement Proposal (EIP) number 1884 reprices certain opcodes “to obtain a good balance between gas expenditure and resource consumption.”

The stated reason is that “an imbalance between the price of an operation and the resource consumption (CPU time, memory etc) has several drawbacks.”

The effects are: “Certain calls will become more expensive… Contracts that assume a certain fixed gas cost for calls (or internal sections) may cease to function.”

So they’ve broken some smart contracts, 680 of them just on the Aragon platform. In addition as some operations are now more expensive, it might no longer be cost effective to perform them. So explaining this drop in transactions.

There was considerable discussion around this EIP before it was decided to include it, but it’s not clear whether its effects were fully communicated as you’d expect Gemini to have been prepared otherwise and not run out of...

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