The number of daily transactions on the Ethereum network reached an all-time high of 1.4 million on September 17, according to Etherscan data.
Ethereum Fees Too High
Professor of Avalanche, shown as a competitor to Ethereum. Emin Gün Sirer made a statement about Ethereum transaction fees on Twitter:
“High wages are a huge problem. They run counter to something we value at Avalanche: financial inclusion. Financial infrastructure should be accessible to all. DeFi should not be a game limited to those with good salaries in first world countries. ”
Is DeFi New ICO Furya?
Remarkably, the previous highest number of transactions of $ 1.34 million was recorded at the peak of the first cryptocurrency offer (ICO) frenzy on January 4, 2018.
During the 2018 bear market, network activity began to decline gradually, hitting 381,151 transactions on 10 February 2019.
Decentralized finance has been a key factor for Ethereum, with $ 9.25 billion of total value locked in various DeFi applications. The Ethereum network is already close to breaking the ICO-era daily transaction record in early August.
Uniswap launched its native UNI token, finally the catalyst needed to achieve this success. 76,319 addresses currently contain UNI.
More Records to Break
September 17 was Ethereum’s busiest day on record. In addition to the daily transaction, gas fees have skyrocketed, causing the network to slow down as Uniswap users rushed to demand their “incentives”.
Ethereum also surpassed Bitcoin in terms of dollar value of daily transactions for the first time earlier this month. The number of daily active addresses rose to 859,907 wallets yesterday, the highest level in many years, but has not yet surpassed the 1.1 million peak on January 4.
DeFi applications attract significantly less capital compared to ICOs, which explains why ETH continues to trade below its all-time high of $ 1,438.