TL;DR Breakdown
- Ethereum hits a record high of $1 billion for daily transactions, Etherscan reveals.
- A rise in the usage of DeFi apps on the network resulted in increased daily transactions.
- The platform users hope Ethereum 2.0 is ready before daily transactions get out of hand
This is yet another breakthrough for the Ethereum blockchain as it moves ahead to set another record high. Etherscan, a blockscan explorer, said the protocol recorded a Billion transactions today.
Ethereum Blockchain Hits A New Record High
For some days now, the crypto asset has been in a bullish frenzy. In June 2019, data from Etherscan revealed that the daily cumulative transactions for the network rose above $1 Million. Two days ago, Ethereum made an all-time new high for daily transactions fees surpassing that of Bitcoin. However, on the 6th of February, the average daily transactions of the coin hit a new record high of $1 Billion.
Shortly after the network experienced a downturn in daily transactions at the beginning of 2020, in June that same year, the daily transactions for the blockchain rose slightly above $1 million due to increase in the use of DeFi apps built on the blockchain.
Due to more Dapps being built on the its blockchain, there has been an increase in the Total Locked Value of the network. Many Dapps like Uniswap, IDEX, and Kyber utilize the network.
Gas Fees Increase On The Ethereum Blockchain
The increased transactions on the platform have caused a subsequent rise in gas price. The network users now spend more gas on the transactions. However, due to the current volume of transactions, Ethereum launched 2.0 network last year, which – although, not fully operational yet – was created to handle larger transaction volume.
Users are anticipating the full adoption of Ethereum 2.0 due to the increased amount of transactions run on the platform on a daily basis. Many believe that if the daily transactions continue to rise as ongoing, the average daily transactions run on the network would reach a $2Billion mark in a short time.
