  Blockchain and other decentralized databases, known as distributed ledgers,
are designed to store information online where all trusted network members can
update the data with transparency. The dynamics of ledger's development can be
mathematically represented by a directed acyclic graph (DAG). In this paper, we
study a DAG model which considers batch arrivals and random delay of
attachment. We analyze the asymptotic behavior of this model by letting the
arrival rate goes to infinity and the inter arrival time goes to zero. We
establish that the number of leaves in the DAG and various random variables
characterizing the vertices in the DAG can be approximated by its fluid limit,
represented as delayed partial differential equations. Furthermore, we
establish the stable state of this fluid limit and validate our findings
through simulations.
