Ethereum has reached a new all-time high for daily transactions, hitting 1.74 million on August 5, according to a seven-day moving average. This new record surpasses the previous peak of 1.65 million transactions set on May 12, 2021, according to data from The Block.
July also marked the network’s most active month ever, with a total of 46.67 million transactions processed. The number of active addresses on the network is also on the rise, reaching 683,520 on August 5, close to its all-time high of 743,730.
This surge in activity follows Ethereum’s recent decision to increase its block gas limit to 45 million, a change that significantly boosts the network’s transaction capacity.
Analysts point to increased DeFi (Decentralized Finance) activity as a primary driver of the growth, with stablecoins playing a central role. Regulatory clarity in the U.S. and increased institutional interest are contributing to Ethereum’s momentum. Dozens of companies have recently adopted Ethereum treasury strategies, with public company holdings of ETH now valued at over $7.5 billion.
Despite the record-breaking on-chain activity, the price of ETH has not yet fully reflected this growth. The potential approval of Ethereum staking ETFs could unlock further price upside and on-chain activity, as it would allow institutions to treat ETH as a yield-bearing asset.
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