Ethereum’s Blockchain Just Recorded 1 Billion Transactions: Report

Ethereum’s blockchain just recorded 1 billion transactions per day since June 2020 while ETH is on its way to reaching a new ATH milestone. In our latest Ethereum news, we are reading more about the price analysis.

According to the data that we obtained from Etherscan, Ethereum’s blockchain just recorded 1 billion transactions. The ETH blockchain went live in 2015 while in 2017 already it broke 100,000 daily transactions for the first time. Then in 2018, it hit 1 million as the price reached new highs of $1000. After the bull market gave way to a bearish one, the transactions per day cooled and averaged between 500,000 and 1 million per day. Since June 2020, the transactions peaked above the 1 million daily marks and increased the use of decentralized finance applications up especially those built on the blockchain.

Defi apps like Uniswap and Aave allow traders to earn interest on their holdings and to swap assets without going through the centralized bank or exchange. Instead, they rely on the ETH infrastructure and there were even more transactions that occurred via these protocols. There are now over $35 billion in value locked in Defi protocols as per the data by Defi pulse. The increase in usage of the blockchain put a strain on the network and increased the gas fees for the congested blockchain. The proof of stake Ethereum 2.0 network, went live last year but it’s still not as functional but it is designed for a larger amount of transactions.

If the daily transactions rate remains steady, the Ethereum blockchain will reach 2 billion transactions in about two years. The users are hoping that ETH2 is ready to go before ETH hits this milestone.

As reported earlier, ETH garners momentum in one single day as it broke the all-time high level and saw a record in open interest by attracting huge amounts of institutional capital. ETH had a huge day on the market as the asset hit an all-time high with its open interest reaching a high of $5 billion and Grayscale picking up over $38 million worth of ETH. The protocol is now the world’s most used blockchain in terms of on-chain value transfer and daily users with use cases ranging from sophisticated decentralized finance apps to non-fungible tokens.