With the latest figures being revealed, it is evident that many more transactions are being carried out on Ethereum than on Bitcoin, for example.
Activity at Ethereum addresses broke a new record. It is not an all-time record but it is the highest number in two years. In fact, the number of 24-hour active Ethereum addresses hasn’t been that high since May 2018.
This was revealed on Twitter by the profile Santiment, who shared a graph showing that in the past 24 hours they had more than 486,000 public addresses active on the Ethereum blockchain.
In addition, that number never dropped below 350,000 last month, making it clear that this is not an isolated peak but a peak reached during an extremely active period.
It is worth considering that at the end of January there was a minimum below 160,000 addresses, or three times less than the maximum peak recorded yesterday.
Not even during the short bull run in the middle of 2019 there was so much activity. We need to go back to the first half of 2018 to see similar volumes.
What could be the reason for such an increase?
It is likely that this recent increase, which is not related to the increase in the price of ETH, is due either to DeFi or to stablecoins like oUSDT since Ethereum addresses can receive, store and send any ERC-20 tokens.
In particular, it appears that the USDT token is largely responsible for these volumes. After all, the tether has grown continuously for several months and now the vast majority of USDT tokens run on Ethereum.
However, along with Tether, decentralized finance protocols are certainly the other major contributors to this growth.
But it’s not just the number of active addresses that registered regular volumes on the Ethereum blockchain.
Even the number of daily transactions is very high
To make a comparison with Bitcoin’s blockchain, for example, it’s clear that the number of ETH transactions has not only been consistently higher for some time, but has even been up by three times in the past few days.
For example, on June 23, more than 1.1 million transactions were made in a single day on the Ethereum blockchain, while the Bitcoin blockchain had only 355,000 transactions.
These volumes were recorded only during the speculative bubble in late 2017 and show how the Ethereum blockchain has been used more and more.