AMBCrypto - 7/18/2020 8:32:33 PM - GMT (+0 )
The Ethereum network has been among one of the few major projects flourishing in the time of a dull market. Even though the price has been unreactive, the ecosystem has been noticing a faster-moving network, due to an increase in the gas limit. According to the data, the Ethereum gas limit has reached a new all-time high of 12,500,000 from 10,000,000. This happened after the vote by Ethereum miners to increase the block gas limit by 25%.
According to data provided by the Co-founder and Chief Architect of bloXroute Labs, Aleksandar Kuzmanovic, this increase in the gas limit was modest and implied that a much higher limit can be put in place.
An increase in gas price did not discourage the on-chain transaction which was noted to have increased. The transactions had increased to 44 per second, compared to the previous limit of around 35. As the number of transactions per second increased, with a stable on-chain volume, it suggested that the surge in the total gas usage likely originated from the increased use of more complex smart contracts which required more gas.
As the network remained highly active and the blocks remained full, the need for another increase in the gas limit was visible. Along with an increase in transactions being processed the number of addresses holding 1+ coins also has peaked to mark an ATH. According to data provider Glassnode, 1.083 million addresses now held 1+ ETH coins.
Another important metric that highlighted Ethereum’s network health was the Uncle rate. It is the rate at which Ethereum’s blockchain orphans blocks. According to data collated from the mining pool, it can be said that the network was healthy and could handle a higher volume of TPS.