The activity on Ethereum blockchain has started intensifying once again, with the network witnessing a 70% month-on-month (MoM) rise in total transactions. The surge came as Ether (ETH) price swiftly jumped from $1,800 in April to as high as $3,915 in July, marking a staggering rise of 120% during the period.
Data from Etherscan shows that average daily transactions were sitting near 1 million at the start of January 2025, which steadily gained to 1.82 million at the end of July. The current daily transactions count on Ethereum represents its highest level since January 2024.
This renewed network activity suggests that DeFi users are now moving onto Ethereum as the crypto regulations around cryptocurrencies, specially stablecoins, improvises. As a leading and dominant smart contract blockchain platform, Ethereum could be a major beneficiary of it.
Moreover, the rapidly increasing adoption for institutional Ether (ETH) reserve is also a key reason behind Ethereum’s gigantic transaction growth this year. Several companies, including BitMine, SharpLink, and The Ether Machine, are currently holding over $10 billion in ETH reserves, which is also continually growing with frequent acquisitions.
Hyperliquid Leads Daily Transactions
While Ethereum sees a massive gain in daily transaction counts, it’s worth noting that Hyperliquid L1 is the dominating blockchain network for this particular metric.
As per Artemis data, Hyperliquid L1’s total daily transactions count currently sits at 847 million, ranking it first among all blockchain networks. Internet Protocol stands at the second place with 133 million daily transaction count, while Solana is positioned at the third place with 98.1 million.
Notably, Ethereum currently ranks 18th in the list, while new generation blockchains like Sei, Near, Sui, Aptos, and L2s (layer 2 networks) like Base and Arbitrum are far ahead.
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