Home Coins Ethereum (ETH) Daily Ethereum transactions hit a new historical high amid DeFi boom

Daily Ethereum transactions hit a new historical high amid DeFi boom

Daily transactions on the Ethereum blockchain have just recorded a new all-time high amid the general surge of congestion on the network.

On Sept. 17, the amount of daily transactions on the Ethereum network amounted to 1,406,000, according to data from major Ethereum browser Etherscan. This is the highest number of daily transactions ever recorded on the Ethereum network.

According to Etherscan, the previous all-time high was on Jan. 4, 2018, reaching about 1,350,000 transactions on the day.

Ethereum daily transactions chart. Source: Etherscan

The new historical high of daily Ethereum transactions comes amid the ongoing boom in decentralized finance, or DeFi, applications. The DeFi industry has been growing massively in 2020, with the total value locked in the market hitting $9 billion in August 2020. Amid the apparent DeFi hype, a number of major global exchanges like Binance and OKEx have been rushing to list multiple DeFi tokens.

As most DeFi applications are built on the Ethereum network to date, the surge in the DeFi industry has driven a significant level of congestion as well as raised scalability issues. As a result, the Ethereum network commissions, or gas fees, have seen a sharp spike, resulting in Ethereum miners earning a record $500,000 in fees in a single hour on Sept. 1.

Following Uniswap’s UNI token launch, Ethereum transaction fees spiked to almost $1 million an hour on Sept. 18. Amid the increasing gas fees on the Ethereum network, Coinbase’s institutional trading arm, Coinbase Pro, required its customers to pay gas fees and withdrawal fees.

Source link

- Advertisement -
Mr Bitcointe
Mr Bitcointehttps://www.bitcointe.com/
“Fact You Need To Know About Cryptocurrency - The first Bitcoin purchase was for pizza.” ― Mohsin Jameel
474FansLike
76FollowersFollow
4,567FollowersFollow
5,261FollowersFollow
1,548FollowersFollow
2,230SubscribersSubscribe
USD - United States Dollar
EUR
1.18
GBP
1.30
CHF
1.10
NOK
0.11
JPY
0.01
CAD
0.75
AUD
0.70

Most Popular

MakerDAO issues warning after a flash loan is used to pass a governance vote

The team behind a DeFi protocol wanted white-list access MakerDAO’s price oracle. And to make it happen, they used a flash loan to...

Cambodia launches inter-banking platform that runs on blockchain

Amid a global race toward central bank digital currencies, or CBDCs, Cambodia officially launched a blockchain-based platform for digital money transactions called Bakong. "Bakong,...

Gangnam Testnet Opens (ICON 2.0). Java SCORE Guidelines | by ICON Foundation | Hello ICON World | Oct, 2020

Java SCORE GuidelinesGreeting ICONists,We are excited to announce the launch of the Gangnam testnet and the guidelines below.Gangnam testnet is powered by Goloop (ICON...
bitcoin
Bitcoin (BTC) $ 13,237.95
ethereum
Ethereum (ETH) $ 387.36
ripple
XRP (XRP) $ 0.246336
tether
Tether (USDT) $ 1.00
bitcoin-cash
Bitcoin Cash (BCH) $ 267.99
bitcoin-cash-sv
Bitcoin SV (BSV) $ 169.17
litecoin
Litecoin (LTC) $ 55.48
eos
EOS (EOS) $ 2.65
binancecoin
Binance Coin (BNB) $ 30.32
okb
OKB (OKB) $ 4.59
tezos
Tezos (XTZ) $ 1.97
leo-token
LEO Token (LEO) $ 1.28
cardano
Cardano (ADA) $ 0.099347
monero
Monero (XMR) $ 125.24
stellar
Stellar (XLM) $ 0.078268
chainlink
Chainlink (LINK) $ 11.34
huobi-token
Huobi Token (HT) $ 4.19
tron
TRON (TRX) $ 0.026805
usd-coin
USD Coin (USDC) $ 0.999884
dash
Dash (DASH) $ 67.79
neo
NEO (NEO) $ 15.88
iota
IOTA (MIOTA) $ 0.268153
nem
NEM (XEM) $ 0.092492
zcash
Zcash (ZEC) $ 56.41
maker
Maker (MKR) $ 536.84
paxos-standard
Paxos Standard (PAX) $ 1.00
ethereum-classic
Ethereum Classic (ETC) $ 5.31
vechain
VeChain (VET) $ 0.010583
true-usd
TrueUSD (TUSD) $ 1.00
ftx-token
FTX Token (FTT) $ 3.75
kucoin-shares
KuCoin Shares (KCS) $ 0.853865
waves
Waves (WAVES) $ 3.04