Prices Weaken while Transactions Boom: Crypto Projects Still Dedicated to Expansion
After a recent DASH stress test, other coins and networks show near-record activity.
The bear market is in sway, but this time, crypto transactions seem to be on a roll. On November 13, DASH surpassed all other blockchains with its 24-hour transaction count, performing the biggest stress test to date in the industry. DASH surpassed the stress test of Bitcoin Cash (BCH) in September, which saw more than 2 million transactions in 24 hours, and performed more than 5 million transactions.
Those records are for proof-of-work coins that still have to face issues with block size and time. But other networks are far ahead. After a spike in activity, NANO, a crypto asset relying on a Directed Acyclic Graph (DAG), managed 14,557,638 transactions in 24 hours. NANO uses self-verification, and the spike in transactions was temporary, after which the asset was down to around 15,000 transactions in 24 hours.
At the moment, WAX remains the most active network, based on Blocktivity data. WAX regularly has more than 5.3 million transactions in 24 hours.
The networks with a lot of transactions have one thing in common - a form of delegated proof-of-stake. This is one of the reasons DASH, a partially mined coin with verification nodes, managed 3 million transactions. Delegates vary in numbers and resources, but one thing is common - they reach consensus more easily than nodes. Various networks are experimenting with different configurations of delegates, to achieve a sweet spot between centralization and a fully distributed network of nodes.
TRON, for instance, relying on 27 Super Delegates, easily achieved 1.5 million transactions in 24 hours. The role of the network is also important - whether it is designed for microtransactions or not. The Ethereum network has been processing around 633,000 transactions lately, almost on par with Bitcoin, but has not broken into the range of millions of transactions, despite the numerous tokens. With only a handful of distributed app users, the Ethereum network mostly processes the movement of ETH or tokens between wallets.