Ethereum cryptokitties congestion
The ETH price is hitting a mild, acute sag, congestion on the network is high, and fees are climbing. The launch of the explosively popular CryptoKitties game played atop Ethereum-based ERC tokens has had transactions on the network breaching upwards of 6,, and 7,, per day over the last week. Hardly a slump to write home about, right? Regardless, newcomers and casual investors in the community wondered if the congestion from CryptoKitties was shaking out the small price slip.
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Content:
- Why CryptoKitties and Other DApps Aren’t Going Mainstream Yet
- Loveable Digital Kittens Are Clogging Ethereum's Blockchain
- Ethereum 2.0 is Coming. The Future of Ethereum!
- Ethereum Struggles under the Weight of DeFi Growth: Is ETH Doomed to Fail?
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- Mapping the NFT revolution: market trends, trade networks, and visual features
- Ethereum daily transactions reach a high not seen since 2018
- Ethereum, the world’s second-largest cryptocurrency, soars above $4,000 for the first time
Why CryptoKitties and Other DApps Aren’t Going Mainstream Yet
CryptoKitties was the first widely recognized blockchain game. Players could own, breed, and trade kitties, which are the only prop in the game.
The game gained explosive growth upon its release but quickly collapsed in a short time. This study analyzes its entire player activity history for the first time in literature and tries to find the reasons for the rise and fall of this first blockchain game mania.
First, we extracted the five million transaction records among thousand addresses involved in CryptoKitties in the past three years. Based on the numbers of addresses involved in the game each day, we divide the game progress into four stages: the primer, the rise, the fall, and the serenity. We construct a temporal kitty ownership transfer network and analyze the varying network parameters in the four stages. We find that a large number of players poured in during the 10th and 18th days since the game release and quickly exited in the following month.
Since then, a few big players have gradually dominated the game, concentrating the game resources. Through further analysis, we find that the main reason for the rapid increase in the game popularity was the increase of public attention by media outlets, while the reasons for the rapid decline in the game popularity include the oversupply of kitties, the decreasing of player income, a widening gap between the rich and poor players, and the limitations of blockchain systems.
Based on these observations, we advise on the further blockchain game design: 1 to finely control the production of props and avoid an oversupply, 2 to balance the gaming cost and revenue and protect the enjoyment of players, 3 to narrow down the gap between rich and poor and create an equal gaming community, 4 to consider the limitations of blockchain systems in their game designs. Blockchain, emerged as the underlying supporting technology for Bitcoin [ 1 ], is a distributed ledger system providing non-tampering and traceability functionalities.
Ethereum [ 2 ], also known as the blockchain 2. Developers can use smart contracts to create various decentralized applications, especially games. Blockchain games are considered to have unique advantages over traditional online games in that their gaming data and logic are transparently stored and executed on blockchains [ 4 ].
These advantages particularly suit games with in-game payment and chance mechanisms, e. As a result, current designs of blockchain games mainly revolve around the generation, ownership, and trading of virtual assets [ 5 ]. Cryptokitties is a blockchain game released on Ethereum in late November Players can own, trade, and create virtual kitties, represented by non-fungible tokens meeting the ERC token standard in the game.
The attributes and transactions of kitties are recorded in the Ethereum blockchain. Nonetheless, Min et al. Not surprisingly, the popularity of CryptoKitties only lasted for a short period, too.
Specifically, we first construct a kitty ownership transfer network and investigate the network structural changes over time. Based on our observations, we pinpoint the deficiencies in the design of CryptoKitties and provide suggestions for further development of blockchain games.
Network analysis methods have been applied to cryptocurrency transaction records in many previous works. Chen et al. Somin et al. Guo et al. Except for the Ethereum blockchain, similar methods have also been used to analyze transactions on other blockchains, such as EOSIO [ 10 ]. The rest of this paper is organized as follows. In Section 3, we construct the kitty ownership transfer network and define network structural properties. In Section 4, we divide the progress of the game into four stages and examine the changes of network parameters in different stages.
We will discuss the reasons for the rapid change in the popularity of CryptoKitties in Section 5. Section 6 concludes the study and provides suggestions for the further development of blockchain games. The names of these contracts could be found on Etherscan [ 11 ]. Based on these contracts, players can trade or transfer kitties with other players and breed new kitties. There are three ways to trade or transfer a kitty.
The seller lists a kitty for sale with an initial price, a final price, and a price change period to the SalesAuction contract. The initial price is usually higher than the final price. After the auction begins, the kitty price will change linearly from the initial price to the final price at a constant rate during the price change period. The price will not change after this period.
Unless bid by a buyer or canceled by the seller, the kitty will remain in the SalesAuction contract. Upon receiving a bid, the SalesAuction contract will send the kitty to the buyer and transfer the payment to the seller.
The game publisher also sells 0-generation kitties to players in this way. A player can either call the transfer function to transfer his kitty to another player or the approve function to allow other players to transfer his kitty.
Transferring a kitty in this way does not necessarily mean that the player is trading the kitty but can also be sending a kitty as a gift to a friend. In this way, the buyer initiates a request to the seller and sends the purchase fee to the Offers contract.
When trading kitties through the SalesAuction, the game publisher charges the sellers for 3. Same rate of dealing price will be charged to the buyers using the Offers contracts. When calling any function in each contract, the players also need to pay gas fees to Ethereum miners through their Ethereum wallet. The gas fee is usually between 0. There are two ways to breed a new kitty. After this operation, the mother kitties can be arbitrarily chosen between the two will become pregnant for a period.
After this period, a player, also called the midwife, will call the give birth function in the Core contract to give birth to the new kitty. The newborn kitty will be transferred to the owner of the mother kitty.
The breeding fee will be compensated to the midwife for their Ethereum gas fees paid. A midwife is also needed in this case. When a kitty is rented out through the Siring Auction contract, the game publisher will charge the lender 3.
The breeding fee varied over time see Figure 1. It was set to 0. However, due to the congestion of the Ethereum network resulting from the gaming transactions, the gas fee was raised. The game publisher increased the breeding fee to 0. Such adjustment happened several times afterward, but despite that, the breeding fee has been stable at 0. The transactions span from November 23, , to May 19, The data involved 1,, kitties, , addresses, and 5,, transfer records.
There are nine types of transactions see Table 2 related to the movements of kitties, including the trading, transferring, and the new birth of kitties. Consider participation rate as the ratio of the number of addresses that take part in a specific activity to the number of all addresses in CryptoKitties, buying kitties through the SalesAuction contract has the highest participation rate Participation rates are also high for breeding kitty Players showed low interest in lending The actual ownership of the kitties only changes when 1 the sales auction on the SalesAuction contract is fulfilled, 2 the trading through the Offers contract is fulfilled, and 3 kitties are transferred directly using functions in the Core contract.
The network contains , nodes and 1,, edges. It can also be considered as the ratio of the number of sellers to buyers in the game. The Gini coefficients for the in-degrees G k in and out-degrees G k out of all nodes can be defined likewise. The average clustering coefficient c is used to measure the clustering degree of the network, which is defined as.
Multiple edges between u and v are considered as one even with the same t in this case. High average clustering coefficient means that players interact closely with other players. Again, multiple edges between u and v are considered as one even with the same t in this case.
High reciprocity means that the relationship between addresses is relatively strong, and the owners of these addresses are likely to know each other. The degree assortativity coefficient r measures the similarity of connections in the network with respect to the node degree:.
The direction of edge is ignored and multiple edges are considered in the calculation. Using the numbers of daily addresses related to CryptoKitties transactions, the game can be divided into four stages: the primer, the rise, the fall, and the serenity, as shown in Figure 2.
The primer: The game was released on November 23, There were not many players before December 2, The rise: A large number of players entered the game since December 2, The game popularity rapidly increased before reaching a peak on December The fall: Since then, the popularity has dropped sharply.
The serenity: After January 15, , the popularity stabilized into a long-term slow downward trend. Figure 3 shows four snapshots of the network in each of the stages. The network size shrinks apparently over time. Four stages of the game. The three dotted lines correspond to December 1, , December 10, , and January 15, , respectively. Visualizations of typical networks in every stage. Nodes in the network are filtered by out-degree.
B The network contains a large number of nodes in stage 2. C The network shrinks in stage 3. D Only long-term players are left in stage 4. The evolution of network structural properties in the four stages are shown in Figure 4. In the first stage, the Gini coefficient of out-degrees decreased suddenly.
Soon after that, players began to breed new kitties and sell them to each other.
Loveable Digital Kittens Are Clogging Ethereum's Blockchain
If you're still getting up to speed on the cryptocurrency space, you've probably heard of Ethereum, which ranks as the second-largest cryptocurrency after bitcoin. Following in the footsteps of John Rekenthaler , I'll write this article with Morningstar's typical audience in mind--well-informed investors who own conventional securities, such as mutual funds and exchange-traded funds, but haven't yet added cryptocurrencies to their portfolios. This article will explain some of the basics of the Ethereum protocol; I'll discuss ether as an investment asset in my next article. As the chart below illustrates, ether the official name of the cryptocurrency is an extremely volatile asset from an investment perspective, even compared with bitcoin.
Ethereum 2.0 is Coming. The Future of Ethereum!
Dapper Labs uses the power of play to deliver blockchain-based experiences. The Dapper Labs team is one of the most successful dApps teams in the crypto space. Dapper created Cheeze Wizards and iridescence, the world's first digital clothing on the blockchain. Today, Dapper Labs relies on Alchemy to serve the most reliable and consistent view of the blockchain. Before partnering with Alchemy, Dapper Lab devs tried other infrastructure solutions, including running their own nodes. With other external providers, Dapper experienced congestion on the entire network. The performance was unstable, with hours of full outages or being out of sync. Nonce services were poor to the point that Dapper stopped grabbing pending nonce entirely, instead storing nonce themselves.
Ethereum Struggles under the Weight of DeFi Growth: Is ETH Doomed to Fail?
Outside the sprawling Prague Congress Centre, not only is the weather turning, but the cryptocurrency world is crashing down, as it has been for much of this year. Expectations for blockchain systems, sky-high just a year ago, are falling nearly as fast as prices for the coins based on them. But inside, the mood is rather different. On the contrary, there is lots of hugging, unicorn-themed clothing, and a sense of excitement about the future.
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Ethereum users now have to fork out significantly higher transaction fees due to increasing network congestion. The culprit behind the increasingly expensive transaction fees appears to be MMM Global, a Bernie Madoff-style Ponzi scheme that offers a steady one percent daily return for its uninitiated investors. In mid-April, a cryptocurrency researcher found an address associated with the sham, which was gobbing up to 8. Due to a plethora of PAX transfers, the Ether network became increasingly congested, which caused transaction delays. Transactions fees can also spike during volatile market swings that force traders to shuffle their coins.
Mapping the NFT revolution: market trends, trade networks, and visual features
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Ethereum daily transactions reach a high not seen since 2018
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Ethereum, the world’s second-largest cryptocurrency, soars above $4,000 for the first time
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CryptoKitties is a game built on the Ethereum blockchain in which users can collect and trade digitally scarce virtual cats. Introduction to CryptoKitties. CryptoKitties is a blockchain based game in which users collect and trade digitally scarce virtual cats using ETH tokens.
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