RATE Group | Ethereum Network Use Hits a New All-Time High — Will ETH Price Follow?
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Ethereum Network Use Hits a New All-Time High — Will ETH Price Follow?

28 May Ethereum Network Use Hits a New All-Time High — Will ETH Price Follow?

Posted at 00:25h in Cryptocurrency News by

According to a recent report by Delphi Digital, the total gas used on the Ethereum blockchain has reached an all time high and it seems like this the figure is set to increase. Gas is the measure used to price fees on the Ethereum blockchain, and the overall use of gas on the network has been rising since the beginning of 2020. 

Gas Used vs. Max Gas Possible. Source: Delphi Digital

The total gas used is unlike the transaction fee metrics in the Bitcoin blockchain. On the Ethereum network, transaction and smart contract fees are determined by the gas required and price of gas, a mechanism that allows the fees to be dynamic and somewhat detached from the price of Ether (ETH). 

The amount of gas used in a given transaction is determined by the computational complexity of said transaction. On the other hand, the price of gas is chosen by the person executing the transaction and is priced in Ether. The price is ultimately determined by Ether miners, who either accept or decline…

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