Milestone Unlocked: 100 Million eSpace Transactions!
Join us in celebrating a major milestone for our network. Our tested capabilities have powered an impressive 100 million eSpace transactions.
TL;DR
- On-chain minting of runes and inscriptions has led to a significant increase in the use of Conflux eSpace.
- eSpace has now crossed the 100 million transaction mark, with the gas price reaching as high as 4000 Gdrip on eSpace.
- The entire network (Core + eSpace) consistently used an average of 12.05 million actual Gas Used Per Second, which is like processing about 600 native token transfers every second!
What a wild week for Conflux Network!
🚀 In just 6 days we achieved:
- 21 million CFX-Runes minted.
- Spread across 62,987 unique wallets.
- 120,000+ new wallets joined the network.
- Hash rate skyrocketed from 3.1T to 18T.
- Average gas fee surged from 1 Gdrip to 3,000 Gdrip (a 3000-fold increase).
- Block rewards for PoW-miners surged 14-fold, from 1 CFX to 14 CFX.
Instead of TPS, consider Gas Used per Second
When evaluating the performance of a blockchain protocol network, many people tend to focus on Transactions Per Second (TPS) as a critical measure. However, a more insightful approach to assessing network performance could be to consider the gas used per block. In the context of blockchain, ‘gas’ refers to the computational effort required to execute operations. Each transaction consumes a specific amount of gas, and since blocks have a gas limit, this ultimately determines the number of transactions that can be included in them.
Measuring performance in gas per block, rather than TPS (transactions per second), provides us with a more comprehensive understanding. TPS can be deceptive since it fails to account for the complexity or size of transactions. Networks with identical TPS may vary significantly in the amount of work performed, especially if one network handles more intricate or gas-intensive transactions. Analyzing gas per block provides insights into how effectively the network handles complex tasks and efficiently processes transactions. This measurement method offers a more accurate portrayal of resource utilization, network capacity, and overall performance potential.
It is important to note that the TPS metric, which compares data from two cycles ago, has become somewhat controversial due to the increasing complexity of transactions and higher gas costs. When a network compares its TPS to others, it typically refers to the number of native token transfers the network can handle. These transfers involve native tokens such as $CFX or $ETH.
Typically, a regular transfer requires 21,000 gas, while an ERC-20 token transfer requires 65,000 gas. On the other hand, creating a CFXs-Rune with a contract-based transaction consumes 200,000 gas.
To provide you with an idea of the recent workload that the Conflux network has been managing, let’s take a look at the actual Gas Used per Second, which currently stands at 12.05 million.
The network is on its way to reaching its full potential, and we’re excited about the upcoming upgrades and improvements in our infrastructure. These changes will showcase the impressive capabilities of the Conflux Network!
Shortcomings and Lessons Learned
Despite the positive metrics and progress, we encountered challenges with our public RPC and query systems. Error messages about the transaction pool being full were due to insufficient gas prices, and our blockchain explorer experienced slow loading times.
We take full responsibility for these issues. However, the entire Conflux team, including our ambassadors, has been working tirelessly to address them. We have maintained transparency with our partners and stakeholders, implemented two network upgrades to enhance performance, and deployed new nodes to improve free RPC performance.
We are happy to announce that our servers and RPC services have stabilized, resulting in the normalization of Conflux eSpace & Core Space gas prices. We are continuously working on optimizing our network to ensure the best possible experience for you.
Most importantly, we have learned valuable lessons from these experiences and are committed to enhancing the network and its open infrastructure, paving the way for a seamless and transaction-filled future!
How You Can Help Improve Our Network
To enhance our developer documentation, we have launched a survey to gather feedback from the community on how to improve it. We initially shared this survey through our official Developer X-Account @ConfluxDevs. We encourage everyone to participate and provide their input so that we can better understand the needs of the community and make the necessary improvements.
https://twitter.com/ConfluxDevs/status/1735701279098155275/photo/1
Looking Ahead to 2024
As we approach the end of 2023 and look forward to the upcoming holiday season, we extend a warm invitation to all newcomers to find their Web3 home with Conflux. We believe that this partnership will pave the way for a prosperous future.
During this festive season, we invite you to participate in the ongoing Conflux Holiday quests. You can find these quests on our official X-Account and join in on the excitement!
Looking ahead to 2024, we anticipate a year filled with significant milestones. We have exciting updates planned for the network, including the expansion of BSIM to reach more users. Additionally, we are committed to enhancing our Grants Program and embarking on an ecosystem odyssey to introduce our network to a wider audience. Furthermore, we are organizing a collaborative hackathon to attract talented developers, forging new partnerships across various sectors, and adding new dApps to enhance the functionality of our network.
In addition to these endeavors, we eagerly anticipate rewarding the Proof-Of-Work of Rune-holders in 2024. This is just one example of our dedication to fostering a thriving ecosystem.
Join us as we embark on this journey and make 2024 a remarkable year for Conflux!
