On its way to another all-time high for price, Ethereum hit another milestone.<\/p>\n
According to data from blockchain explorer Etherscan, the Ethereum network reached 1 billion transactions today.<\/p>\n
The Ethereum blockchain went live in 2015. In May 2017, it broke 100,000 daily transaction for the first timethen 1 million in January 2018 as the price rose to then-record highs above $1,000.<\/p>\n
After the bull market gave way to a bearish one, daily transactions cooled, averaging between 500,000 and 1 million per day. But since June 2020, transactions have consistently peaked above the 1 million daily mark, driven upward by the use of decentralized finance applications built atop the blockchain.<\/p>\n
DeFi apps such as Aave and Uniswap allow traders to earn interest on their holdings and swap assets without going through a centralized bank or exchange.<\/p>\n
Instead, they rely on Ethereum's infrastructure. And there are many transactions occurring via such protocols. There's now over $35 billion in value locked up in DeFi protocols tracked by DeFi Pulse.<\/p>\n
Increased use of the blockchain put strain on the network; it pushed up gas fees on an increasingly congested blockchain. The proof-of-stake Ethereum 2.0 network, which went live last year but is not yet fully functional, is designed to process a larger amount of transactionsand quickly.<\/p>\n
If daily transaction rates stay steady, the Ethereum blockchain would hit 2 billion transactions in a little over two years. Users are hoping Eth2 is ready to go before ETH hits that milestone.<\/p>\n
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Ethereum Blockchain Records 1 Billion Transactions - Decrypt<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" On its way to another all-time high for price, Ethereum hit another milestone. According to data from blockchain explorer Etherscan, the Ethereum network reached 1 billion transactions today Continue reading