- Ethereum daily transaction count soars past one millionas gas usage reaches new highs.
- DeFi may be seeing a turning point in adoption as total value locked rises to $1.6 billion.
The Ethereum blockchain is seeing a surge in activity as the daily transaction account soars past one million. According to Etherscan, the Ethereum blockchain saw over 1.1 million transactions yesterday.
Yesterday’s transaction volume is nearing closer to the all-time high of 1,349,890 transactions, observed on January 4, 2018, as Ethereum soared to $1000.
The rise in transaction volume has resulted in record levels of gas consumption. Gas powers the Ethereum ecosystem by rewarding miners to process and validate transactions.
Ethereum transaction fees have also been on the rise. According to data compiled by BitInfoCharts, Ethereum fees have been steadily rising over the past few months. The average Ethereum fee yesterday was $0.69. Simultaneously, Bitcoin transaction fees have fallen back below $1.00 meaning the fee spread between the two largest cryptocurrencies is even smaller.
DeFi Value Locked Reaches All-Time High
Decentralized finance (DeFi) is the application of blockchain and cryptocurrency within the financial sector. The decentralized finance ecosystem presents a unique use case for blockchain and cryptocurrency beyond the status quo.
The surge in Ethereum transactions comes as the DeFi ecosystem sees considerable growth in value locked. As reported by The Crypto Associate, value locked in DeFi reached an all-time high of $1.6 billion with Compound leading the charge.
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