AnalytEx: Ethereum Gas and Token Analysis for August
Data from AnalytEx indicates that Ethereum activity declined in August. However the successful Merge event should allow network activity to rally.
AnalytEx on Pre-Merge Ethereum
Subsequent to The Merge, data from AnalytEx showed that the user activity index on Ethereum Chain stood at 53 as of Sept. 17. The activity index provides insights into users' activity on Ethereum. It is calculated by a combination of factors, including active wallets on the network, gas fees for transactions, and other transaction statistics. A score of 53 indicates user activity on the chain is moderate.
A recent report by Decentralized Finance (DeFi) analytics platform AnalytEx considered the performance of Ethereum network in August prior to The Merge, which was successfully executed on Sept. 15.
AnalytEx is part of the suite of products offered by blockchain security firm HashEx.
Let’s take a look at some of the findings from August on Ethereum:
Total Number of Transactions
According to the report, in August, Ethereum logged 34.9 million transactions in total. Daily average transactions on the network stood at 1.1 million. The uncertainty that surrounded the outcome of The Merge led to a 6% decline in transactions on the network in August.
So far in September, 18.9 million transactions have been completed on Ethereum.
Ethereum Block Statistics
Per the AnalytEx report, in August, the average number of blocks issued on Ethereum daily dropped by 2.1%. The average number of blocks created per day was 6,332. Total block size, however, increased by 2% during the month.
Since the beginning of September, an average of 6,300 blocks have been created per day on Ethereum.
Transaction Fees
The report considered the average gas price paid to process transactions on Ethereum in August and found a 31.8% decline in gas fees on the network. According to AnalytEx, the average fee paid for transactions on Ethereum in August was 18.31 GWEI. This was a direct result of the decline in transactions count on the network in August.
According to AnalytEx, average gas fees to process transactions on Ethereum stood at 18.2 GWEI at press time in September.
AnalytEx on Post-Merge Ethereum
It is no longer news that the transition of the Ethereum Network into a Proof-of-Stake (PoS) consensus mechanism was a success. According to data from Nansen, there are 431,000 unique validators on the PoS network. Since the merge, the participation rate by these validators has stood at 98%, data from Glassnode shows.
Data from BeaconScan showsthat finalized epochs on the PoS network were 147,579 at press time (with 32 blocks making up one epoch). In regard to income paid to validators on Ethereum mainnet, the average daily income as of Sept. 17 stood at 0.003741 ETH (or just over $5).
Since The Merge, 147,581 epochs out of 147,582 have been finalized. The amount of missed blocks has also declined, indicating that there is little cause for concern. With sustained growth in the rise of staked ETH participation rate on the network, the Ethereum Merge seems poised to become one of the most successful upgrades in the history of blockchain technology.
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Related News
Nigerian Court Orders Binance to Share Information of All Nigerian Users
This directive follows the Nigeria's pursuit of data on Binance's top 100 users in Nigeria and their transaction history.
A Nigerian court recently ruled that cryptocurrency exchange Binance must provide detailed information related to Nigerian traders to Nigeria's Economic and Financial Crimes Commission (EFCC).
The interim order issued by Justice Emeka Nwite from the Abuja Division of the Federal High Court follows a motion filed by the EFCC’s lawyer, Ekele Iheanacho.
“The applicant’s application dated and filed on February 29, 2024, is hereby granted as prayed. That an order of this honorable court is hereby made directing the operators of Binance to provide the commission with comprehensive data/information relating to all persons from Nigeria trading on its platform,” The court order stated.
Nigeria's premier financial crimes investigation agency, the EFCC, is actively investigating Binance's Nigerian user base. Previously, the agency had requested information on the top 100 users in the country along with their transaction history spanning the preceding six months.
Nigeria’s Concerns and Allegations
Nigeria’s scrutiny of the crypto industry stems from concerns over the purported facilitation of illegal capital outflows, a phenomenon believed to have contributed to the devaluation of the Nigerian naira against the dollar. For its alleged role in enabling significant capital movements, the Nigerian authorities have focused on Binance in particular.
Reports suggest that Nigerian authorities have demanded $10 billion in penalties from Binance for its involvement in handling approximately $26 billion of untraceable funds. Moreover, two senior Binance executives were detained by Nigerian authorities following their invitation to the country for discussions on the matter. Their court hearing is scheduled for Wednesday, according to Reuters.
While Binance’s privacy terms stipulate the possibility of sharing user data with authorities for legal and regulatory compliance, the exchange’s stance on adhering to the Nigerian court’s directives remains uncertain.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
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