Ethereum’s network is witnessing a surge in momentum, setting a new benchmark for daily transaction activity.
On August 5, the blockchain crossed 1.74 million transactions per day (7-day average), beating its previous all-time high set in May 2021. July also marked Ethereum’s most active month ever, with nearly 47 million transactions logged across the network.
The uptick isn’t limited to transaction count alone. On-chain activity is picking up across the board, with the number of active addresses nearing a historic level. Ethereum recorded over 683,000 active wallets on August 5, inching closer to its record peak of 743,000.
Analysts point to a resurgence in decentralized finance as the driving force behind the spike. According to Presto Research’s Min Jung, yield-hunting strategies, treasury movements, and stablecoin-fueled farming are fueling on-chain volume. Ethena’s USDe stablecoin, now boasting a $9 billion market cap, has played a key role in this trend following its integration with Aave.
Institutional activity is also heating up. Kronos Research CIO Vincent Liu attributes the renewed Ethereum interest to rising regulatory clarity in the U.S. and steady accumulation by large investors. Despite cautious price movement, Liu suggests that underlying confidence is steadily building.
Ethereum’s growing adoption as a balance sheet asset is further evident in corporate moves. Publicly traded companies now hold more than $7.5 billion worth of ETH. As speculation builds around a potential approval of Ethereum staking ETFs, some believe a fresh wave of demand could be just around the corner.
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Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.
Source: https://coindoo.com/ethereum-activity-hits-record-high-as-defi-revival-sparks-network-boom/