The Ethereum blockchain operated in 2015. In May 2017, it exceeded 100,000 daily transactions for the first time, then hit 1 million transactions in January 2018, when the price rose to a record high above $ 1,000.
After the bull market gave way to a downtrend, the number of daily transactions cooled down, on average from 500,000 to 1 million per day. But since June 2020, transactions have consistently peaked above the 1 million-per-day mark, fueled by the use of decentralized financial applications, built on blockchain.
Instead of directly swapping assets or monetizing traders’ holdings, DeFi decided to rely on Ethereum’s foundations. And the number of transactions is very positive. Currently more than $ 35 billion in value is locked into DeFi protocols tracked by DeFi Pulse.