CryptoMode Ethereum price watch EIC-2612

The Ethereum network has grown significantly since its launch years ago. This is evident when looking at the operations count per month. Today, four main categories of operations can be distinguished from one another.

Not Much Deployment Happening

Looking at the overall number of monthly Ethereum network operations, there isn’t much deployment going on. More specifically, in August 2020, it represented 119.520 operations for the entire month. Not a bad figure, although it pales in comparison to the other 37 million operations happening on the network. Deploying things on the network only have to occur once, as it is not a recurring type of transaction, for the most part.

Smart contracts, for example, often have to be deployed only once. Additions can be made, and further revisions may occur, but those only happen sporadically. As such, it is not abnormal to see this represent a vast minority of monthly Ethereum operations. There is no immediate need to improve this figure either, although more deployments wouldn’t necessarily be a bad thing either. 

Token Transfers are Popular

Not too many people will be surprised to learn token transfers on Ethereum represent nearly a third of all monthly operations. It is, after all, part of the broader ecosystem. Hundreds of tokens have been created in the past, with more of them being added every month. Especially the DeFi craze has attributed to this ongoing growth. 

CryptoMode Ethereum Monthly Operations

With 11,330,190 operations pertaining to token transfers, an interesting situation is created. It may not be long until there are more token transfers than actual Ether transfers on the network. One could argue this is a sign of overall growth, albeit others may have a completely different opinion on this development. Either way, the network is being used more actively than it has in the past, which is a positive sign overall.

Ether Transfers Gain Ground

Ongoing evolution of the Ethereum network ensures more transactions are taking place. As such, it is normal to see the number of ETH transfers rise accordingly. A healthy growth curve has become apparent since the year 2020 began, More and more Ether transfers have occurred every month, although the overall growth appears to be slowing down slightly. 

There were 11,841,678 ETH transfers in August 2020. A healthy figure, especially when compared to 5,393,351 transfers in December of 2019. A lot of people are moving ETH on the network to potentially obtain tokens or pay for transaction fees. As such, it is likely that this figure will keep going higher. Again, a healthy sign of overall growth. Sustaining this rate will be challenging, overall.

Mysterious “Other” Operations

One interesting part of Ethereum is how there are a lot of “other” operations on the network. It is a bit unclear what these pertain to exactly. Statistics by Dune Analytics do not indicate what they represent exactly, other than them representing 13,507,968 operations last month. An interesting turn of events, indicating there is a lot more to Ethereum than some might expect. 

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