The cryptanalysis company Diar reported on January 21 that the value of the chain trading of Ethereum (ETH) hit a record high in December 2018.
In December 2018, the chain trading level of the third largest cryptocurrency reached 115 million euros, which is the highest level in addition to the hard fork activity caused by the 2016 DAO hacking. Dair said: “In terms of the number of transactions, the ‘supercomputer’ has stabilized between 16 million and 17 million transactions per month since October last year.”
On-Chain Ethereum trading volume. Source: Diar
In contrast, the dollar value of the chain trade is at a 22-month low. Last year, the dollar’s chain value was $815 million, down from $1.1 billion in 2017. Diar further pointed out:
“Compared with the peak of December 2018, the value of chain transactions fell by 97%, which is basically the reason why the price of Ethereum dropped by 80%.”
The dollar value of a chain transaction. Source: Diar
Diar said that charges are unlikely to affect growth, because Ethereum has the lowest online transaction fees.
Recently, the hard fork fork upgrade delay in the Ethereum network was due to the discovery of security vulnerabilities that allowed reentry attacks.
According to ChainSecurity, the smart contract auditing firm that discovered the attack, the upgrade of Constantinople introduced a lower cost for some operations on the Ethereum network.
Unexpected side effects are said to achieve re-entry attacks by using certain commands in ETH smart contracts. Re-entry vulnerabilities allow potential attackers to steal passwords from smart contracts on the network by repeatedly requesting funds from them while providing them with false data about the actual ETH balance of malicious actors.
After the developer fixes, Diar said that the upgrade of Constantinople will reduce the cost of certain types of transactions, which will allow for better storage usage.