Ethereum has just surpassed its previous all-time high for daily transactions, fueled by surging DeFi activity and growing institutional interest in ETH treasuries.
New Transaction Record Sets Post-2021 Milestone
Ethereum’s network activity reached a new peak on August 5, with a record-breaking 1.74 million daily transactions, based on a seven-day moving average. This beats the previous high of 1.65 million transactions set in May 2021.
July also marked Ethereum’s busiest month ever, with 46.67 million transactions recorded. On the same day as the new daily record, active addresses surged to 683,520, inching closer to the all-time high of 743,730 from May 2021.
Gas Limit Increase Fuels Ethereum Scalability
This surge follows a major network upgrade: Ethereum raised its block gas limit to 45 million, significantly boosting its transaction throughput. The adjustment has allowed for more onchain activity without congestion, a critical step for Ethereum scalability and adoption.
DeFi and Stablecoins at the Core of Activity
“Ethereum’s daily transaction count hitting an all-time high reflects a surge in DeFi activity, with stablecoins playing a central role,” said Min Jung, analyst at Presto Research. Jung pointed to a rising wave of onchain yield strategies, from point farming to treasury deployments, especially as markets anticipate potential interest rate cuts.
A prime example is Ethena’s USDe, which recently skyrocketed past $9 billion in market capitalization, shortly after integrating with DeFi giant Aave.
Institutional ETH Treasuries Gaining Momentum
According to Kronos Research CIO Vincent Liu, the renewed institutional interest in Ethereum is also being driven by ongoing regulatory developments in the U.S. and broader crypto market clarity.
More companies are now adopting Ethereum treasury strategies, aiming to diversify their balance sheets and attract investors. Public company holdings of ETH have now surpassed $7.5 billion in value, showcasing Ethereum’s appeal as a digital asset reserve.
ETH Price Lags Behind Onchain Fundamentals
Despite the bullish onchain data, Liu notes that ETH’s price is moving more cautiously. “There’s growing confidence behind the scenes, but markets are still calibrating,” he said.
However, Liu believes that further upside could be unlocked through Ethereum staking ETFs, which would enable institutions to gain exposure to yield-bearing ETH—a potential game changer for long-term price growth.
