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The volume of Ethereum on-chain transactions reached record highs in December 2018

The value of transactions on the Ethereum chain (ETH) reached its all-time high in December 2018, according to Diar, a cryptographic analysis company, on January 21st.

The levels of online transactions of the third largest cryptocurrency reached 115 million in December 2018, a historical maximum excluding business as a result of a harsh obstacle caused by DAO hack in 2016. Dair said: "In terms of counting chain transactions the" super computer "has found stability between 16 and 17 million monthly transactions since October."

Volumes of transactions on the Ethereum chain

Volumes of transactions on the Ethereum chain. Source: diar

Conversely, the US dollar value of chain transactions is at least 22 months. Last year, the US dollar value of the chain was $ 815 million, down from $ 1.1 billion in 2017. Diar also states:

"A 97% drop in value of chain transactions from the January peak compared to December 2018 was generally the cause of a decline of 80% in the price of Ethereum".

Value in US dollars of chain transactions

Value in US dollars of chain transactions. Source: diar

Diar says that commissions are unlikely to interfere with growth as Ethereum has some of the lowest commissions for chain transactions.

The constant obstacle of Constantinople in the Ethereum network has recently been delayed after the discovery of a security vulnerability that allows for a re-entry attack.

According to ChainSecurity, the intelligent accounting firm that discovered the attack, updating Constantinople introduces cheaper gas costs (transaction fees) for some transactions on the Ethereum network.

An unexpected side effect presumably allows recess attacks through the use of certain commands in ETH smart contracts. A re-entry vulnerability allows potential attackers to steal crypts from an intelligent contract on the network by repeatedly requesting funds while feeding them with false data on the actual ETH equilibrium of the attacker.

Following a correction by the developers, Diar says that the update of Constantinople will reduce the rates for certain types of transactions, which will allow better use of memory.

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