Ethereum's August on-chain transaction volume tops 445 trillion won… largest since 2021

Ethereum (ETH) network's August on-chain transaction volume exceeded $320 billion (about 445.1 trillion won). This is the largest since May 2021 and the third-highest monthly record ever.

According to crypto-focused media The Block on the 29th, Ethereum's on-chain transfer volume totaled $320 billion during August. This metric includes not only simple remittances but also decentralized finance (DeFi) and various network transactions. During the same period, the number of monthly active addresses was the second-largest ever, and the transaction count on the 30th also set an all-time high.

The increase in activity is attributed to expanded Ethereum purchases by listed companies, increased spot ETF trading volume, and average transaction fees falling to multi-year lows. Structural network factors also supported the expansion of activity.

In particular, EIP-4844 (proto-danksharding), introduced by the Dencun upgrade in March last year, greatly lowered rollup data costs and promoted Layer 2 usage, and the Pectra upgrade carried out this year is analyzed to have enhanced user experience through account abstraction and improvements to developer tools.

Additionally, staking withdrawal requests also reached an all-time high. New staking requests also hit a two-year high. The movement of funds to restaking protocols is also analyzed to have accelerated.

Standard Chartered assessed that "despite treasury demand and ETF demand, Ethereum is undervalued relative to growth factors." It also suggested that recent on-chain metrics expanding across multiple dimensions have not been fully reflected in market prices.