Ethereum network activity approached 2017 level

CONTENT

  • The number of transactions in the Ethereum network is close to a historical record

  • It looks like the Tether stablecoin was again the trigger of growth

  • At the same time, the number of fraudulent forgeries stealing private keys from wallets is growing on the market.

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This time around, the surge in online activity seems to be related to the DeFi pumpDecentralized finance (DeFi) is a financial services built on blockchain technology that offer users access to an open, efficient and … More marketplace as well as the availability of USDT stablecoin on ERC20 base

The number of daily transactions on the Ethereum blockchain almost peaked in 2017 when the famous cryptocurrency rally took place.

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Ethereum Explained

According to the analytical resource BitInfoCharts, at the end of July the number of daily transactions in Ethereum increased to 1.26 million transactions.

Source: BitInfoCharts

Since then, activity has dipped slightly to 1.22 million transactions, but remains at a high level.

The last time similar activity in the Ethereum network was seen on January 17, 2018, when the price of ETH crossed the threshold of $ 1000, and the capitalization of the ecosystem grew to almost $ 106 billion..

Ethereum Price Analysis – 6th February 2021

Source: CoinMarketCap

DeFi bubble

If in the case of the well-known cryptocurrency rally of 2017-2018, the sharp increase was due to both the Bitcoin pump and the giant bubble of ICO campaigns, then the current excitement seems to be related to the availability of the stablecoin Tether ( USDT).

Source: BitInfoCharts

According to ETH GAS STATION, the Tether USD smart contract deployed on the basis of the ERC20 protocol is the largest of all other contracts on the Ethereum blockchain in terms of commission costs. For example, another stablecoin – stablecoins – literally translated from English “stable” coins – continue to gain popularity in the digital asset market. With … More – USD Coin (USDC), ranked only 18th.

Ethereum network activity approached 2017 level

Such great popularity of USDT may be due to both the growth in the number of projects on the DeFi market and the large trading volumes on various cryptocurrency exchanges in the BTC / USDT and ETH / USDT pairs..

In the circle of scammers

The three other popular Ethereum smart contracts include the SmartWay Forsage financial pyramid (the BeInCrypto editorial staff already wrote about this project earlier), as well as the Uniswap ERC20 decentralized token exchange protocol, fraudulent clones of which have recently appeared in Google ads.

Meanwhile, along with the growth in the number of transactions in the Ethereum network, the average value of commission payments has also grown.

Source: BitInfoCharts

If at the beginning of 2020 the average transaction in Ethereum cost about ten cents, then at the time of this writing this value has grown to almost two dollars.

The price of ETH / USDT at the time of writing is $ 395.

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Ethereum network activity approached 2017 level
Ethereum network activity approached 2017 level

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Ethereum network activity approached 2017 level

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