Ethereum manages an insane amount of transfers on its network and the second crypto by market cap also improved the ETH DApp tracking instruments which show the real transaction volume that could turn out to be much bigger than previously. In our ETH news today, we take a closer look at the ethereum developments.
Ethereum manages to remain unclogged despite the huge amount of ERC-21 token transfers and the network has also handled more than 3.7 million Ethereum ERC-721 transfers on November 17th alone which is about four times as high than the previous all-time high according to the crypto analytics company Coin Metrics.
The company explained that the huge spike in ERC-721 transactions comes from an Ethereum-based digital collectibles game dubbed Gods Unchained. The transfers did not obstruct the blockchain either and the blocks didn’t even surpass about 85 percent of their capacity since mid-October. The company also clarified that this is mainly because of the hundreds of transfers in one single transaction. Another popular game CryptoKitties, had about 4,7 million transfers during its existence. The network congestion has been one of the biggest issues for Ethereum in the past and one of the issues that is a key catalyst for the transition to the Proof-of-Stake consensus algorithm based Ethereum 2.0.
In some of the other news, we can see that the dapp data aggregator and analytics company announced the implementation of the ERC-20 token tracking for all of the Ethereum dapps. This tool will help discover more of the USD 73 million that were unaccounted 7-day rolling average transaction volume. Previously, the volume of ETH was being tracked and recorded at 27 million weekly transaction volumes in the same period. Including the ERC-20 token transaction, the total 7-day volume skyrocketed to over USD 100 million worth of value per week.
This will increase the transparency of the entire network and of the value creation on the Ethereum blockchain. This will also improve the decentralized exchanges that support ETH-based tokens trading and the fast-growing DeFi category as per Skirimantas Januskas, the CEO and co-founder of DappRAdar. The company said that this feature will also be available for EOS and that the plans include tolling it out on all other protocols in the near future.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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