The 1.4 million transactions witnessed on the Ethereum network on Thursday, 17 September, set a new record, surpassing the previous record reached in 2018
Ethereum’s previous historical record was set in early January 2018. Between January 3 and 11 of that year, the average daily transactions ranged between 1.238 million and 1.256 million. The highest record of the time was on January 4, where 1.34 million transactions were recorded.
Etherscan data shows a rapid increase in the number of transactions on the world’s second largest blockchain network, before yesterday’s peak.
It is interesting to note that the previous maximum was recorded at the peak of the initial currency supply frenzy. Since then, the number of daily transactions has declined, with some occasions of increase.
Between the period of the new high and the previous one, the lowest number of daily transactions on the network was verified on February 10, where only 381,151 transactions were registered.
Decentralized Finance almost seems to be the new ICO now. Since DeFi became a huge success for the network, more than $ 9 billion of added value has been blocked in several DeFi applications.
The number of daily transactions in early August showed signs of breaking the ICO-era historical record, but it did not. It was the launch of the UNI token, native to Uniswap, that boosted activity on the network and raised the number of transactions to a new high.
Based on Etherscan data, September 17 was the busiest day on the Ethereum network. Not only has a new record been set for daily transactions, but gas rates have also risen sharply, setting another absolute record. It is also important to note that Ethereum beat Bitcoin, in terms of the dollar value of daily transactions, for the first time recently.
Although new daily trading spikes were achieved in the DeFi era, DeFi apps attract less capital compared to initial currency offerings. That is why Ethereum is currently trading 73% below its historic high of $ 1,438.