Ethereum transactions near 2018 activity! The last time that Ethereum Transactions were this high was due to massive ICO activity dominated the network.
The current activity level for Ethereum can be attributed to the rise of DeFi and Layer-2 applications. Furthermore, wallet data suggests investors may be accumulating ETH ahead of the network’s upgrade to a stacking mechanism.
With transactions rising to near 2018 levels, GAS prices have increased as a result.
DeFi tokens now account for 1.44% of the total cryptocurrency space. $456 million dollars in volume has been tracked over July 17-18th. The sector, according to CryptoSlate’s analytic page, has returned 6.53% in the past seven days. This is the most amongst other sub sectors including Smart Contracts, General Currencies, And Privacy Tokens.
This has lead to nearly 10 dollars per transaction for an Ethereum transaction. A Reddit thread captures some of the community sentiment in this regard. “The high gas prices make it really painful (and sometimes confusing) to interact with (a) smart contract,” said one forum member.
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