Ethereum transacts 1 Billion times, setting a record in the Blockchain domain

1 Billion Transactions were recorded in the Ethereum Blockchain
  • Ethereum set a record of reaching 1 billion transactions
  • A tedious journey of ETH from 100,000 transactions in a day to 1 billion to date
  • Using DeFi proved fruitful for ETH

Since June 2020, the blockchain of Ethereum has recorded a surge averaging over 1 million transactions in a single day. Keeping aside its success in reaching the highest peak at its price, Ethereum sets yet another record by hitting the milestone of 1 billion transactions. Last it had gone live when Ethereum succeeded in completing 100,000 transactions in 2015.

After that, it rose to over 100,000 transactions in May 2017. In no time, Ethereum reached 1 Million transactions in a day, in January 2018. It did not stop there. In 2019 it hit the highest price of all times, $1000. Then the bull market had given way to the bears, due to which the transactions in their system subdued to a range of 500,000 to 1 million in a day.

The hidden reason behind such great success of Ethereum

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They are one of the most premium names among the blockchains Ethereum has grabbed the limelight for quite some time now. By using the decentralized finances and their applications, it has surpassed all its previous top numbers. The apps, which include Uniswap, Aave, etc., belong to DeFi, and these give the traders the freedom to earn a fair amount of interest by investing their assets in the same right ways.

This makes it more comfortable as the traders do not have to visit any centralized bank to carry out their tradings. The traders have complete faith and therefore rely on all their investment securities and returns on the infrastructure of Ethereum. The DeFi protocols in the present time hold an amount of $35 billion with them according to DeFi Plus. 

Ethereum 2.0 in the market

As the records of Ethereum showed a considerable increase in the use of the blockchain network, the strain increased over this network. This increase led to increased congestion of the gas fees over the network of the blockchain. This led to the upcoming of Ethereum 2.0. Its function is to initiate the transaction of larger amounts over the network in a smoother manner. If these transactions continue in this steady manner, then in no time the blockchain of Ethereum would hit 2 Billion transactions in not more than two years. 

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Ritika Sharmahttp://www.thecoinrepublic.com
Ritika Kumari Sharma is an Economics Honors graduate from the University of Calcutta. She is completely into finance and believes that cryptocurrencies are the future. She is an enthusiast learner about the cryptocurrency and blockchain technology.

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