In line with a recent analysis report published by ‘Diar’, the on-chain transactional volume of Ethereum [ETH] reached an all time high in Dec. 2018.
On-chain transactional levels of the 3rd largest cryptocurrency reached around 115 Mln in Dec. 2018, an all time high excluding the activity following a hard-fork caused by the DAO hack earlier in 2016. Dair added, “In terms of transactional count on-chain the ‘super computer’ has found stability since Oct. last year bobbing between 16–17 Mln monthly transactions.”
Conversely, the USD price of the on-chain transactions is at a 22-month low. U.S.D. price on-chain last year was around $815 Mln, down from $1.1 Bln in 2017. Explaining further Diar added:
“A 97% drop in on chain transactional price from peak in Jan. 2019 versus Dec. 2018 was by and mainly the reason behind an 80% drop in the price of Ethereum [ETH].”
Diar states that fees are unlikely to interfere with growth as Ethereum has min. fees for the on-chain transactions.
The upcoming hard-fork of the Ethereum was recently ‘delayed‘ after the detection of a security vulnerability permitting a reentrancy attack.
In line with ChainSecurity, the smart contract audit firm that discovered the attack, the upcoming ETH upgrade introduces cheaper gas fee [transaction fees] for some operations on the Ethereum network.
A surprising side-effect allegedly permits reentrancy attacks via the employment of several commands in the ETH smart contracts. A reentrancy ‘vulnerability‘ permits potential attackers to steal crypto from a smart contract on the network by repeatedly requesting funds from it whereas feeding it false information regarding the malicious actor’s actual ETH balance.
Following a fix by developers, Diar states that the ETH upgrade could decrease fees for several varieties of transactions.