On the way to another all-time high for the price, Ethereum reached another milestone.

According to the blockchain explorer Etherscan is the ether Network reached 1 billion transactions today.

The Ethereum blockchain went live in 2015. 100,000 daily transactions were abandoned for the first time in May 2017 – then 1 million in January 2018 when the price soared to record highs above $ 1,000.

After the bull market gave way to a bearish market, daily trades cooled off, averaging between 500,000 and 1 million per day. However, since June 2020, transactions have consistently hit a high of over 1 million per day, which has been boosted by the use of decentralized financial applications based on the blockchain.

DeFi Apps like Aave and Uniswap Enable traders to earn interest on their holdings and trade assets without visiting a centralized bank or exchange.

Instead, they rely on Ethereum’s infrastructure. And there are many transactions that take place through such protocols. DeFi logs tracked by DeFi Pulse are now set to be worth over $ 35 billion.

The increased use of the blockchain is putting a strain on the network. it increased gas charges for an increasingly congested blockchain. Proof of commitment Ethereum 2.0 The network, which went live last year but is not yet fully functional, was designed to handle a larger number of transactions – and quickly.

If daily transaction rates remained constant, the Ethereum blockchain would hit 2 billion transactions in just over two years. Users hope that Eth2 will be operational before ETH hits this milestone.