Another milestone for Ethereum: DeFi boom helps the network’s daily contract calls exceed 3 million times

According to The Daily Hodl on July 30, with the hot momentum of decentralized finance (DeFi), the number of Ethereum contract calls (a measure of network activity) has just reached an all-time high.

Cryptocurrency data aggregator Coin Metrics said in its latest network status report that Ethereum executed a record 3.11 million daily contract calls on July 25. Contract calls refer to requests for specific smart contract functions and are an indicator of network utilization. Unlike transaction data, contract call data is not published on the Ethereum blockchain.

This record activity comes as the total value locked in DeFi protocols has grown from less than $1 billion in April to $3 billion on July 22, and has now reached $4 billion. As the foundational blockchain underpinning the DeFi ecosystem, Ethereum has benefited from this booming industry.

While decentralized finance has seen weeks of growth, ETH’s price has barely budged in the past week, and Ethereum’s market cap is up 15.6% from last week, outpacing all other major crypto assets.

Coin Metrics said the Ethereum network is seeing strong fundamental growth amid signs of recovery in crypto assets.

Ethereum transaction fees increased by 76.1% from last week. In addition, the total daily transaction volume of ETH increased by 77.9%, averaging $1 billion per day. At the same time, the transaction fees of the Ethereum network exceeded $1.5 million per day on average last week, $500,000 higher than Bitcoin's fees.

This article is translated with permission from Dailyhodl.com