Midnight Overtook Zcash in Daily Transactions
Cheeky Crypto Unfiltered cited a roughly four-to-one gap on November 10. A review of 53 Midnight blocks found that nearly every transaction in the sample called the same smart contract function.
By SongMarketCap
Updated:
Midnight processed 96,851 transactions on November 10, according to an MSB Intel tally cited by YouTube channel Cheeky Crypto Unfiltered. The channel put Zcash at 24,160 transactions for the same day, citing Blockchair. Midnight’s reported total was roughly double its late October highs.
From 128 to Nearly 97,000 Transactions in 44 Days
Midnight recorded 128 transactions on September 27 and 47,714 on October 26, according to Midnight Explorer figures reported by crypto.news and cited in the video. Late October highs were around 48,000 to 49,000 transactions a day. Over the 30 days ending November 10, the channel cited about 1.4 million transactions on Midnight and 308,050 on Zcash.
Zcash’s November 10 total included 3,469 transactions associated with block rewards, according to the video. Excluding those entries leaves 20,691 transactions. The count also includes fully shielded payments, which appear on the blockchain while keeping the sender, recipient, and amount private.
One Smart Contract Function Dominated the Sample
Cheeky Crypto Unfiltered highlighted a Crypto Revolution review of 53 Midnight blocks spread across November 10. All 362 transactions in the sample were smart contract calls. Of those, 361 invoked the same function in the same contract. An application can call a function repeatedly, with each call recorded as a separate transaction.
The video also compared the two networks’ tokens using November 13 figures from CoinGecko. Zcash had a market capitalization of about $15 billion, compared with roughly $725 million for NIGHT.
[NEWSBREAK]
How DUST Pays for Midnight Transactions
Midnight uses zero-knowledge proofs to verify that a condition has been met while keeping the underlying data private. The network uses DUST to pay transaction fees. NIGHT holders can set up DUST generation, making that resource available to cover repeated calls through their existing holdings.
Every transaction in the 53-block sample recorded a DUST event, including all 361 calls to the same contract function.