Ethereum Daily Transactions Soar to New Highs

On August 5, Ethereum achieved a remarkable milestone, with daily transactions averaging 1.74 million, breaking the previous record of 1.65 million set in May 2021. July saw the highest monthly transaction count in Ethereum's history, totaling 46.67 million. Active addresses on the network soared to 683,520 on August 5, approaching the all-time high of 743,730 recorded on May 12, 2021. "The record daily transaction rate indicates a significant uptick in DeFi activities, largely driven by stablecoins," stated Min Jung, an analyst at Presto Research. Growing interest in yield strategies, especially with an anticipated interest rate cut, has prompted increased on-chain transactions—from point farming to treasury deployments. Jung also noted the emergence of Ethena's USDe, which recently exceeded $9 billion in market cap shortly after its launch with the DeFi lending protocol Aave. Vincent Liu, CIO at Kronos Research, emphasized that Ethereum's appeal is further enhanced by U.S. regulatory developments aimed at providing clarity for cryptocurrencies and institutional investments. Numerous companies have adopted Ethereum treasury strategies to diversify their assets, with public company ETH holdings surpassing $7.5 billion in value. Despite this surge in on-chain activity, Liu remarked that the momentum has not yet fully influenced ETH's market price. "The ETH price is still adjusting cautiously. Confidence is building, yet the market remains in calibration phase," he said. Liu suggested that the approval of Ethereum staking ETFs could catalyze further price rises and enhance on-chain activity, making ETH an appealing yield-generating asset for institutions.