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Ethereum Blockchain Registers 1 Billion Transactions

Ethereum Blockchain Registers 1 Billion Transactions
  • According to the data from explorer Etherscan, the Ethereum network recorded 1 billion transactions today.
  • The first time Ethereum broke 100,000 daily transactions was in May 2017.
  • According to analysts, if the daily transaction rates stay constant, the Ethereum blockchain will hit 2 billion transactions in two years.

According to the data from explorer Etherscan, the Ethereum network recorded 1 billion transactions today.

The first time Ethereum broke 100,000 daily transactions was in May 2017. Then it hit 1 million in January 2018 as the price increased to then record-high above $1,000.

But since June 2020, transactions have regularly topped above the 1 million daily marks. In other words, the decentralized finance apps built atop of the blockchain drive the network. There is now over $30 billion in value in DeFi protocols that DeFi Pulse tracks.

DeFi apps such as Aave and Uniswap let traders earn profit in their holdings and swap assets without going through a centralized bank or exchange. Therefore, these protocols rely on Ethereum’s infrastructure. In addition, many transactions are occurring via such protocols.

Moreover, the increased use of the blockchain put pressure on the network; it drove up gas fees on a frequently congested blockchain. Also, the proof-of-stake Ethereum 2.0 network launched last year is not yet fully functional, but it can quickly process a larger amount of transactions.

According to analysts, if the daily transaction rates stay constant, the Ethereum blockchain will hit 2 billion transactions in two years.

Roland Guirdonan can be found writing, developing, and designing all sorts of content. Aside from his fascination with content creation, he is also passionate about blockchain and cryptocurrency developments.