Recent data show that with the increase in the price of Ethereum, the total number of transactions on this network has reached more than 1 billion. On the other hand, since January 2020, the Ethereum network has hosted an average of more than one million transactions per day.
To Report With Ethereum’s new historical highs for Ethereum, Blockchain is breaking new records.
As data from Etherscan shows, the number of Ethereum network transactions exceeded one billion today.
Ethereum blockchain was activated in 2015. In May 2017, this fledgling network was able to break the record of 100,000 transactions per day for the first time, and then in January 2018, at the same time as the price of Ethereum crossed the $ 1,000 mark, the number of transactions of this network from The threshold of one million units per day exceeded.
After the market turmoil subsided, the number of daily transactions of the Ethereum network also declined, ranging from 500,000 to 1 million units. However, since January 2020, the number of daily transactions has stabilized above the one million mark. Much of this is due to the widespread use of decentralized finance applications based on the Ethereum Blockchainchain.
Decentralized finance applications (DeFi) such as Aave and Uniswap allow traders to exchange or hold digital assets without the need for a centralized bank or exchange office.
These applications are built on the Ethereum platform and based on its infrastructure, and many transactions are done through them. Data from the DeFi Pulse analytics platform show that more than $ 35 billion has already been deposited in DIFI protocols.
The growing use of the Ethereum block has put increasing pressure on Ethereum and increased Ethereum fees. The transition to the Ethereum 2.0 stock consensus protocol began last year but has not yet been fully operational. It should be noted that by changing the consensus protocol, the Ethereum network can host large volumes of transactions.
If Ethereum’s daily transaction rates continue, the total blockchain transactions are expected to cross the 2 billion mark in less than two years. Users hope that Ethereum 2 is fully operational before this happens.