Oasis Emerald ParaTime Sees Rapid Growth in Less Than 3 Months
Emerald, the EVM compatible ParaTime, allows easy integration with EVM-based DApps, such as DeFi, NFT, Metaverse, and crypto gaming. Since its launch in November 2021, network growth has increased rapidly.
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Network growth to date
Within only a few days in January, Emerald saw a significant increase in the number of daily transactions processed. From just a few dozen transactions a day, the number began climbing until reaching new heights of over 18k per day by January 10. The first big growth explosion on January 11 saw transaction numbers top 150k per day.
Exponential growth continued through to January 19, peaking at a maximum of 950k transactions per day. Since then, with over 1.8M accounts, it has been steadily processing around 200k transactions per day. Additionally, there are over 120k consensus layer accounts processing over 110k daily transactions and over 23M daily Emerald Web3 requests on public gateways.
DeFi and NFT Dapps are driving growth on Oasis Network
Several DeFi and NFT projects have recently launched on Emerald and contributed to the significant growth of the ecosystem.
The first big growth explosion, on January 11, coincided with the YuzuSwap launch. YuzuSwap is the first community-built DEX on the Oasis Network and has seen astonishing growth in TVL since its launch, surpassing $100M TVL within 12 hours and $180m TVL within the first 4 days. Currently, there are 9776 Yuzu Token holders on Emerald, and YuzuSwap’s total trading volume has reached 1 BILLION USDT.
The AI ROSE collection and the Metamirror Gallery launch on January 18 helped drive further growth. Up to date, 11 NFT collections have launched on Emerald over the past month, and the Matamirror NFTmarketplace has reached a 3M $ROSEl trading volume and a 13.5K $ROSE floor price.
Additionally, the integration of Band Protocol on Mainnet will empower the Network to bring more DeFi protocols, including lending and yield aggregators, to life on Emerald.
Current state of the network
The Oasis team is constantly monitoring the status of Emerald to ensure that whenever issues arise, countermeasures are quickly developed and deployed. In response to the significant growth in transaction volume, Oasis and the Network node operators took immediate steps to meet the demand and ensure the health of the ParaTime.
When the first big surge in usage occurred on January 11, the team immediately increased the hardware capacity of the existing web3 gateway servers and provisioned new instances. This swift action from both the Network and its community partners allowed the endpoints to scale quickly to meet the increased demand, which is currently averaging around 23M requests per day.
Upgrades deployed to address high demand
Both the Emerald 6.1.0 and 6.2.0 upgrade releases were implemented within a few days to correct issues and bring more scalability to the ParaTime. And because they were backward-compatible, this allowed the ParaTime to remain in operation while the participating nodes rolled out the upgrade without creating any downtime.
The Emerald ParaTime 6.1.0 release resolved the issues surrounding zero-gas transaction flooding and improper batch scheduling above the block gas limit issues by:
- Enforcing a non-zero minimum gas price limit on Emerald ParaTime worker committee nodes.
- Properly emitting transaction weights.
The release of Emerald 6.2.0 on Mainnet resolved the gas-related transaction scheduling issues.
Both Oasis and our community partners have also scaled up the infrastructure to prepare for even more explosive growth in the future.
To learn more about the specific technical developments of Emerald ParaTime, please check the Engineering update here.
A Scalable Network to Build Upon
The Oasis Network is scalable and ideal for DeFi due to its instant finality, 99% lower gas fees versus Ethereum, high throughput, privacy protection, and defense against MEV.
The $200 million Ecosystem Fund and two Accelerator programs; DappRadar X Oasis Program and the Oasis-MetaMind Program are running to help projects build on Oasis Network.
As always, you can continue to monitor progress and get support on:
