Crypto News

The volume of transactions Ethereum is growing rapidly

The Ethereum transaction volume rose to a record level, approaching the levels of 2018.

Increased demand for transfers is threatening to slow down the network. The current version Ethereum can handle about 15 transactions per second. This threshold was reached only once at the beginning of 2018, when the price of Ethereum and bitcoin has grown rapidly. The unprecedented level of activity has led to thousands of hung transactions.

The service Aave the cost of blocked air already exceeds $300 million on the Eve of one of the users had deposited in the service record amount — $70 million Lending service Maker Compound, and also detained a record amount.

The volume of transactions Ethereum is growing rapidly

This is due to the wide use of decentralized Finance (DeFi) in which Ethereum is presented as the main currency.

Every interaction with the protocols DeFi, whether it be lock funds in the pool Balancer, borrowing from the Compound or the exchange of tokens on Uniswap requires translation of one or more transactions in the blockchain Ethereum.

The total amount of ETH that is locked on smart contracts DeFi-applications has reached a level of $2,71 billion.

Over the last week also 38% and increased trading volume on necesitatile exchanges (DEX).

The volume of transactions Ethereum is growing rapidly

Given the growing interest in protocols DeFi and the emergence of other variants of usage, Ethereum could face serious network problems if the update Ethereum 2.0 will not be released until the end of this year .

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