Daily transactions on the Ethereum blockchain have reached new full-time points in an overall increase in network load.
On September 17, the daily transaction volume on the Ethereum network reached 1,406,000, according to Ethereum’s main reader, Etherscan. This is the largest number of daily transactions recorded on the Ethereum network.
According to Etherscan, January 4, 2018 was a record high of around 1350,000 transactions per day.
The new full-time daily Ethereum transactions come from the ongoing boom in decentralized finance or DeFi applications. The DeFi industry experienced explosive growth in 2020, with the total book value in the market reaching $ 9 billion in August 2020. In the midst of the apparent hype surrounding DeFi, a number of major global exchanges such as Binance and OKEx rushed to list more DeFi tokens . …
Since most DeFi applications today are built on the Ethereum network, the growth in the DeFi industry has resulted in significant levels of congestion as well as increased scalability issues. As a result, Ethereum’s network charges, or gas charges, skyrocketed, resulting in Ethereum miners receiving a record $ 500,000 in fees in one hour on September 1st.
Following the launch of the UNI Uniswap token, Ethereum transaction fees rose to nearly $ 1 million per hour on September 18. Amid rising gas charges on the Ethereum network, Coinbase Pro, the institutional trading arm of Coinbase, is asking its customers to pay petrol and withdrawal fees.