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.

How To Get Free Crypto  

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.

Go to Source
Author: Helen Partz

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.