Ethereum Network Revenue on Track to Eclipse Current Record

Ethereum Network Revenue on Track to Eclipse Current Record
фото показано с : coinjournal.net

2021-5-19 14:11

It is mid-May, but transaction revenue on the Ethereum network for Q2 is set to surpass the figure set in Q1.

Ethereum network revenue for May has boosted miner profits like never before and is currently looking likely to exceed the current monthly record. The sharp rise is attributed to the high transaction fees and the growing demand for the network. Ethereum’s network usage has been increasing over the last few months, with levels reportedly nearing congestion.

According to data from the crypto analytics platform CoinMetrics, the recorded transaction fees for this month are almost peaking, with about two weeks still left.  It is projected that the monthly figure will break the all-time record of $722 million set in February this year at this current rate. The statistics also show that if this trend continues for the next few weeks, the overall network revenue for the second quarter will exceed the $1.7 billion in ETH figure set in the first quarter of 2021.

Transactions fees on the Ethereum network partially hinge on the number of transactions being processed. The two are directly proportional with another third factor, the ETH price, determining the final figure. The two elements have been up, which is now being reflected in high transaction fees being recorded.

Though ETH/USD price has been slumping in the last five days, it recently saw an upsurge to an all-time high of $4,362 last Wednesday, according to Coinmarketcap.

Ethereum is, as of writing, trading at $3,487.82, down 1.72% over the last 24 hours. It is worth noting that only a finite number of transactions can be completed at a given time. With the network approaching its capacity limits, a new transaction fees record will soon only be dependent on the Ether price and willingness of crypto users to incur higher gas fees.

Keep in mind that the earlier projection is based on the current revenue model. However, this model is set to change with Ethereum Improvement Proposal (EIP) -1559 and Ethereum 2.0 network upgrades around the corner. The upcoming ‘London’ network upgrade scheduled for July 14 will feature the controversial EIP-1559, which seeks to automate gas prices and burn the fee instead of forwarding it to miners.

On the bright side, though, it will help significantly decongest the network. It will also reduce Ether supply which will, in turn, lead to higher demand. Ethereum network users will likely not feel the new upgrade’s impact until the new Ethereum 2.0, which uses the proof-of-stake mechanism, gets implemented wholly.

The post Ethereum Network Revenue on Track to Eclipse Current Record appeared first on Coin Journal.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Santiment Network Token (SAN) на Currencies.ru

$ 0.0865709 (-0.22%)
Объем 24H $210
Изменеия 24h: 9.95 %, 7d: 19.49 %
Cегодня L: $0.0865709 - H: $0.0865709
Капитализация $0 Rank 5672
Цена в час новости $ 0.1272 (-31.94%)

network revenue ethereum current record track eclipse

network revenue → Результатов: 99


An Interview with DeepBrain Chain’s Founding Member, Yong He, On the Project’s Commercialization, Revenue, Mainnet Public Test Phase II and Supernodes Election

DeepBrain Chain (DBC) is a project established at the end of 2017, seeking to build the world’s largest distributed high-performance computing network through blockchain technology. After four years of hard work, DBC is now the first to be commercialized in the field of decentralized computing.

2021-4-22 13:54


IRS to Pay $625k Bounty For Building Monero (XMR) and Lightning Network Tracking Solution

The U.S Internal Revenue Service (IRS) has issued an incentive of up to $625,000 in bounty for anyone who will develop a Monero (XMR) Tracking solution for the law enforcement agency. According to the proposal floated last week, the IRS is looking to equip its Criminal Investigation (CI) better when it comes to virtual currencies; […] The post IRS to Pay 5k Bounty For Building Monero (XMR) and Lightning Network Tracking Solution first appeared on BitcoinExchangeGuide.

2020-9-12 16:48


Bitcoin mining revenue continues to hike despite concerns over profitability

The importance of mining has never been questioned; Simply put, mining is the process of generating new Bitcoins in the network and facilitating transactions on the blockchain. Miners are rewarded for their efforts in BTC for the addition of a new block, but over the past few years, the profitability of mining has been under […] The post Bitcoin mining revenue continues to hike despite concerns over profitability appeared first on AMBCrypto.

2019-9-1 12:00


Фото:

Facebook’s Libra ‘cryptocurrency’ is missing one thing: monetary policy

Facebook has outlined the economics of its new Libra cryptocurrency, revealing it will create a secondary token intended specifically to pay dividends to early backers. It’s called the Libra Investment Token, and it will only be available to members of the Libra Association (which maintains the network) and other accredited investors.

2019-6-18 13:52