Stablecoin 'dust' txs on Ethereum triple post-Fusaka
According to a new report by analytics firm Coin Metrics, the number of micro-transactions (under $1) of USDC and USDT stablecoins on the Ethereum blockchain increased by 43% after the recent Fusaka hard fork. Researchers analyzed 227 million balance updates of these two stablecoins and found that nearly half of them (43%) were micropayments (the so-called 'dust').
Fusaka is a long-awaited Ethereum upgrade aimed at improving scalability and reducing transaction fees. However, as the new research shows, some negative consequences have still been observed.
According to Coin Metrics analysts, the growth in the number of micro-transactions may be associated with the activation of bots and scripts taking advantage of lower fees after Fusaka. These programs automatically perform small payments, 'smearing' transaction activity and making it more difficult to analyze.
On the one hand, such activity may indicate growing interest in Ethereum and its stablecoins. But on the other hand, it may also be a sign of increased speculative activity and the use of the network for questionable purposes. This requires closer attention from regulators and developers.
Overall, the Coin Metrics report demonstrates that even positive blockchain updates can lead to unforeseen consequences. The Ethereum team will have to deal with this issue in order to maintain the trust of users and investors.