A record came from the Ethereum blockchain today. Block scan researcher Etherscan said the protocol recorded one billion transactions today.
1 billion transactions made on the Ethereum blockchain
For several days, Etehreum has been on an ascension frenzy. In June 2019, data from Etherscan revealed that the daily cumulative transactions for the network exceeded $ 1 million. Two days ago, Ethereum saw an all-time high for daily transaction fees exceeding those of Bitcoin. However, on February 6, the average daily transactions of cryptocurrency reached a new record level of 1 billion.
Shortly after the network experienced a decline in daily transactions at the beginning of 2020, in June of the same year, daily transactions for the blockchain rose to just over $ 1 million due to the increase in the use of DeFi applications built on the blockchain.
As more Dappes were created on the blockchain, it caused an increase in the Total Locked Value of the network. Many Dapp, such as Uniswap, IDEX, Kyber, use this network.
Transaction fees peak
Increased transactions on the platform led to a subsequent increase in the GAS price. Network users now spend more GAS on transactions. However, due to the current transaction volume, Ethereum launched its 2.0 network last year, and this network – although not yet fully operational – was created to handle the larger transaction volume.
Users expect full adoption of Ethereum 2.0 due to the increasing amount of transactions on the platform on a daily basis. Many believe that if daily transactions continue to increase as they are, the average daily transactions executed on the network will reach 2 billion in a short time.