Ethereum’s transaction fees just seem to find its way on the headlines recently. As reported yesterday, miners of Ethereum have managed to hit a new record for the highest hourly earnings from transaction fees – topping at $900,000. And now, according to the latest DappRadar monthly report, the monthly aggregated transaction volume of Ethereum for August has managed to surpass the $24 billion mark. Not only that, but the network’s smart contract activity is currently on its all-time high as well.
Current transaction fee for Ethereum is over $50, and as a result of that, wallets from almost every category have been pushed to inactivity. In fact, the total daily active wallet for the blockchain has purportedly plummeted by over 6% last month.
If Ethereum’s daily users are declining, what is it that propels the network to surpass all these historical records? The answer to that is the sustained surge decentralized exchanges and DeFi is currently experiencing this year. In perspective, DeFi’s total wallet volume grows approximately 16% every month – outpacing the decline of Ethereum wallets. The overwhelming number of eyes looking onto DeFi has indeed been the blockchain’s saving grace as of late.
Further expounding on the positive effects the DeFi sector is bringing onto Ethereum, smart contract activity within the network has managed to surpass its historical ceiling as well. As per the data collected by Glassnode, contract calls within the blockchain far outpaces the levels it recorded back in 2017, and is now surpassing the all-time highs set last summer 2019.
Diving into the specifics, contract calls from outside parties have skyrocketed by over 80% this year, topping at over 900,000 different calls this August 10. That recorded figure is three-fold of the daily call volume the blockchain is hitting from the previous years, with 300,000 a day. Notably, ETH’s market price for that period topped at over $1,382, and now that it has more than tripled, we could only assume that the price value for ETH today would soon break records as well.