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ETH transactions break a new record as miners overload the network

June 25, 2020

The number of daily transactions in the Ethereum network is approaching a very high levelAmidst the increase in stall coins and DeFi tokens and with some miners trying to spam the network.

Daily use of Ethereum recently rose to 1.1 million transactions. A sum that has not been seen since the historic record of 1.35 million daily transactions in early 2018.

This increase is associated with unusual behavior by the miners. According to Trustnodes, the Ethermine Mining Pool completed more than 13,000 transactions within 24 hours, which were 0.05 ETH (approximately $ 11.70) or less. Miners like SparkPool and Nanopool were also responsible for saturating the network with small transactions, albeit in smaller bursts.

ETH transactions break a new record as miners overload the networkETH transactions break a new record as miners overload the network

Ether mine

Together, the mining pools spent tens of thousands of small daily transactions with a total of millions of additional transactions.

Ethereum’s last attempt to send spam was in September 2016, when denial-of-service (DDoS) attacks attacked the network with excessive transactions and eventually forced it to take an aggressive step aimed at increasing costs for GAS.

Cryptocurrency holders on Reddit quickly speculated about the events. User Njoiyt said the mining pools could be “Intentionally blocking the network to increase the fees they pay themselves.”

USDT and DeFi are present

Cointelegraph reported that stall coins like Tether (USDT) Use most of the gas in the network, together with DeFi Dapps’ work as Uniswap and Kyber Network.

Last week, Ethereum miners voted to increase the network gas cap from 10 to 12.5 million, which will allow it to process more transactions per second, effectively reducing congestion.

Although the expansion already started with a gas limit of over 11.5 million at the time of this article’s publication, it does not seem to be enough to overcome the increase in demand on the network.

Overloading the network will stop money laundering

A surprising benefit of increased overload was Curb fraudsters. Cointelegraph reported today that congestion has effectively prevented part of the $ 2.9 trillion stolen from PlusToken’s South Korean wallet and exchange provider from being laundered quickly.