Blockchain Activity Ethereum rose to a five-month high. The significant increase is due to increased interest in DeFi and trading on decentralized exchanges, using smart contracts, and transferring stablecoins. The number of ETH transfers has also increased, recently surpassing the number of USDC transactions.
Over the past three months, daily gas consumption on the blockchain has peaked and remains high. Over the past few months, activity on the mainnet has been Ethereum also increased, while the same indicator in second-tier networks decreased (Grow The Pie data).
Number of active addresses Ethereum per day also increased to approximately 550,000 per day, slightly above the baseline.
Experts cite the relatively low gas price as one of the reasons for ETH’s popularity. Currently, DEX swaps on the mainnet have returned to $0,21, and the gas price is less than one gWei.
Tether remains the most active smart contract, followed by Circle. DeFi — is the main category of gas-burning applications, which burn 48 ETH per day based on the normal token burn rate.
Smart contracts also made the top three list for gas consumption. Additional activity comes from routers and aggregators, indicating increased demand for decentralized trading and perpetual futures. Other sources of activity include incentives for user identity creation. Ethereum Gas through the outlet NFT.
Periods of increased blockchain activity typically coincide with bull markets, suggesting a retest of Ethereum’s previous highs. At the time of writing, Altcoyin traded at $4,200, up 3,42% from the previous day.