The daily transactions on the second leading cryptocurrency Ethereum [ETH] blockchain has just recorded an all-time high amid the overall surge of congestion on the network.
The number of daily transactions on the Ethereum network amounted to over 1406k consistent with data revealed by Etherscan, earlier on 17th this month. This is the highest number of daily transactions ever recorded on the Ethereum network.
In line with Etherscan, the earlier all-time high was recorded on 4th Jan. 2018, reaching to about 1350k transactions within the day.
The new record-breaking high of daily Ethereum transactions comes amid the continued boom in DeFi applications. The DeFi industry has been growing massively within this year in 2020, with the entire value locked in the market hitting $9 Bln earlier in August this year. Amid the apparent DeFi hype, several other leading global exchanges like Binance and OKEx are rushing to list multiple DeFi tokens.
As most DeFi apps are built on the Ethereum network so far, the surge within the DeFi industry has driven a big level of congestion & raised scalability issues. As a result, the Ethereum network commissions, or gas fees, have seen a pointy spike, leading to Ethereum miners earning a record $500k in fees within a single hour on 1st Sept.
Following Uniswap’s UNI token launch, Ethereum [ETH] transaction fees spiked to almost $1 Mln an hour today on 18th Sept. Amid the increasing gas fees on the Ethereum network, Coinbase’s institutional trading arm, Coinbase Pro, required its users to pay gas fees as well as withdrawal fees.