After hitting new all-time highs, Ethereum has reached another milestone. According to data from Etherscan, the Ethereum network has reached 1 billion transactions today.
Source: Etherscan
The Ethereum network has been averaging over 1 million transactions per day since June 2020
In May 2017, Ethereum broke 100,000 transactions daily for the first time then 1 million in January 2018 as prices soared to then record above $ 1,000.
After the bull market gave way to a downtrend, daily transactions cooled down, on average between 500,000 and 1 million per day. But since June 2020, transactions have consistently peaked above the 1 million daily marks, fueled by the use of decentralized financial applications built on the blockchain.
DeFi apps like Aave and Uniswap allow traders to monetize their holdings and swap assets without going through a centralized bank or exchange.
Instead, they rely on Ethereum’s infrastructure. And a lot of transactions happen through such protocols. There are currently over $ 35 billion in value locked in DeFi protocols tracked by DeFi Pulse.
Increased use of blockchain stresses the network; it has pushed gas fees upon an increasingly congested blockchain. The proof-of-stake Ethereum 2.0 network, which was operational last year but not fully operational yet, is designed to process larger numbers of transactions – and fast.
If the rate of daily transactions remains stable, the Ethereum blockchain will reach 2 billion transactions over two years. Users are hoping Eth2 is ready to go before ETH hits that milestone.
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