Ethereum Hits the Top in Daily Trading
It has been a very active week for the Ethereum ecosystem, and the DeFi craze has brought Ethereum’s transaction dominance to an all-time high.For the first time since Ethereum was created, the network reached an all-time high of 1,406,000 in daily transactions, according to data provided by Etherscan.
The most important problem caused by DeFi craze is network congestion and consequently increased transaction fees. Therefore, more time should be spent on the development of DeFi. The previous highest level was recorded on January 4, 2018 with 1,350,000.Since DeFi has become an important part of the cryptocurrency industry, it has also helped increase the dominance of Ethereum. The locked market value of the ecosystem is increasing day by day. The locked value, which reached $ 9 billion as of August, reached almost $ 10 billion as of writing. The listing of DeFi tokens by major cryptocurrency exchanges has served as an important support in reaching this point.
Binance was one of the first exchanges to enter the DeFi caravan. In fact, as a result of the failure of some DeFi projects, it received strong reactions from the crypto money community. While users want the exchange like Binance to scrutinize projects more closely, the Binance CEO argues that users should do so.Ontology (ONT), one of the popular DeFi projects, was listed on the Binance stock exchange in April. In June, Coinbase followed the trend by listing Compound (COMP), one of the most talked about DeFi projects. The list has grown 100% within a few weeks and the market has moved in this way. Okex, on the other hand, currently lists eight of the most popular DeFi projects.
In line with the increasing demand for DeFi projects, there have been significant increases in Ethereum gas fees. So users should be looking forward to the Ethereum 2.0 update in hopes of reducing network congestion.
Some popular names in the crypto community are warning that DeFi projects have less or no inherent value. Many famous names think DeFi is just an overrated bubble. However, DeFi projects continue unabated and the interest of users continues to increase in the same direction. The future of decentralized finance is very important for both Ethereum and the overall cryptocurrency ecosystem.