The Ethereum ecosystem was notable for its record-breaking month of August. Ethereum’s on-chain adjusted switch quantity surpassed $320 billion, reaching its highest degree since Could 2021. This represents the third-largest month-to-month quantity in Ethereum historical past.
Ethereum Community Transaction Quantity Exceeds $320 Billion in August: Highest Stage Since 2021
The information covers not solely transfers but in addition DeFi interactions and different blockchain-based transactions. The 30-day transaction rely additionally reached a brand new excessive in August, whereas lively ETH addresses reached their second all-time excessive. Ethereum’s complete worth locked (TVL) additionally stays close to historic highs.
The impression of institutional traders is the first driver of this improve. Publicly traded firms’ ETH reserves rose from $4 billion in the beginning of the month to $12 billion. BitMine Immersion and SharpLink Gaming, specifically, made vital purchases. Buying and selling volumes and web inflows for spot ETH ETFs additionally accelerated throughout the identical interval.
Ethereum transaction charges have fallen to their lowest ranges in 5 years. The 2024 Dencun replace (EIP-4844) lowered prices for rollups, whereas this yr’s Pectra improve targeted on bettering account abstraction and consumer expertise.
Validator exit requests hit a document excessive in August, whereas entry requests additionally reached a two-year excessive. Consultants attribute a lot of this motion to fund flows into liquid retaking protocols.
ETH worth, alternatively, is buying and selling at $4,337 after the current correction, buying and selling 12% beneath its peak.
*This isn’t funding recommendation.
