Number of daily transactions on the Ethereum [ETH] network is approaching all-time high levels amid the increase of stablecoins and DeFi tokens – and with some miners reportedly spamming the network.
The daily usage on ETH hiked recently to 1.1 Mln transactions – a number not seen since its all-time high of 1.35 Mln daily transactions earlier in 2018.
This hike comes alongside some unusual behaviour by miners. consistent with Trustnodes, the Ethermine mining pool performed over 13k transactions within 24 hours that were 0.05 ETH – roughly $11.70 USD – or less. Miners like SparkPool & Nanopool were also guilty of flooding the network with small transactions, albeit in shorter bursts.
Along with these mining pools are issuing tens of thousands of small transactions per day adding up to many additional transactions.
The last time a significant attempt was made to spam Ethereum [ETH] was earlier in September 2016, when denial-of-service attacks targeted the network with excessive transactions, ultimately forcing it to undergo a hard fork designed to further increase the gas cost.
Cryptocurrency holders on Reddit were quick to take a position on the developments. User Njoiyt added that the mining pools could be “purposely clogging the network to extend fees paid to themselves”.
Ethereum Network Congestion Is Preventing Hacks
On the other hand, one unexpected advantage of this increased congestion is thwarting scammers. As reported earlier, the network congestion had effectively prevented some of the $2.9 Bln hacked using South Korean wallet provider and exchange PlusToken from being laundered quickly.