Ethereum daily transactions hit 1.74 million…Highest level in 4 years

JOON HYOUNG LEE

Summary

The Block reported that Ethereum (ETH)'s daily transaction count reached 1.74 million, the highest in four years.
The monthly transaction volume also hit an all-time high of 46.67 million, and the number of active addresses came close to its historical peak.
Min Jeong, an analyst at Presto Research, attributed the surge in on-chain transactions to a rise in stablecoin-driven DeFi activity and expectations of interest rate cuts.

The daily number of Ethereum (ETH) transactions has reached its highest level in four years.

According to The Block on the 7th (local time), Ethereum’s daily transactions were recorded at 1.74 million as of the 5th. This surpasses the previous all-time high of 1.65 million set on May 12, 2021.

Monthly transaction volume also hit a record high, reaching 46.67 million last month. The Block reported, "the highest number of transactions in the history of the (Ethereum) network."

*Ethereum (ETH) daily transaction trend. Photo credit=The Block*

As of the 5th, the number of active Ethereum addresses was also counted at 683,520. The Block noted, "This figure is close to the all-time high of 743,730 recorded on May 12, 2021."

Min Jeong, an analyst at Presto Research, said, "The record-high daily transactions on Ethereum were driven by a surge in stablecoin-focused DeFi activity," adding, "Expectations for interest rate cuts have also contributed to increased on-chain trading."

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