Abstract
Ethereum is one of the most popular blockchain systems that support more than half a million transactions every day and foster miscellaneous decentralized applications with its Turing-complete smart contract machine. Whereas it remains mysterious what the transaction pattern of Ethereum is and how it evolves over time. In this article, we study the evolutionary behavior of Ethereum transactions from a temporal graph point of view. We first develop a data analytic platform to collect external transactions associated with users as well as internal transactions initiated by smart contracts. Three types of temporal graphs, user-to-user, contract-to-contract, and user-contract graphs, are constructed according to trading relationships and are segmented with an appropriate time window. We observe a strong correlation between the size of the user-to-user transaction graph and the average Ether price in a time window, while no evidence of such linkage is shown at the average degree, average edge weights, and average triplet closure duration. The macroscopic and microscopic burstiness of Ethereum transactions are validated. We analyze the Gini indexes of the transaction graphs and the user wealth in which Ethereum is found to be very unfair since the very beginning, in a sense, “the rich is already very rich.”
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