Ethereum Blockchain Hits Record 1.4 Million Transactions In A Single Day
Ethereum is entering new territory. Its blockchain processed a record 1.4 million transactions yesterday, eclipsing the previous record of 1.238 million transactions set on January 4, 2018.
A transaction volume chart from Etherscan.io is showing a rapid increase in transactions leading up to yesterday’s peak. It makes sense given that much of the hoopla surrounding decentralized finance involves a slew of ERC-20 compliant projects. Lending platforms like Yearn.Finance, Compound, SushiSwap and DFI.Money among others are all receiving large volumes of liquidity from traders. Each of those projects live on the Ethereum blockchain, which means the best way to get into the decentralized finance game is to hold and trade Ethereum.
DeFi Ecosystem Set to Catapult Ethereum’s Value
Decentralized finance isn’t just boosting Ethereum’s transaction volume and overall market capitalization. It’s feeding an ecosystem of decentralized exchanges that also depend largely on that volume as a way of collecting transaction fees. The whole DeFi revolution isn’t just boosting lending tokens and stablecoins, it’s changing the way investors trade value with one another. It seems that these DeFi projects and exchanges are leading to a much larger revolution. One larger than the initial coin offering boom that sparked all-time highs for both Bitcoin and Ethereum near the end of 2017.
Is Institutional Investment in Ethereum Only A Matter of Time?
MicroStrategy Inc, a publicly traded business analytics firm, is making waves this week after announcing the company is buying more than 21,000 bitcoins, equivalent to more than 30% of the company’s own market capitalization. More and more institutional investors are flooding into Bitcoin. With Ethereum and the DeFi revolution seemingly gaining steam in pursuit of Bitcoin every week, it’s only a matter of time before major institutional investment starts to prop up Ethereum too. Savvy investors might want to start looking at Ethereum as the next man up for a boost of institutional proportions.
Written by: Jack Choros
Writer, content marketing at Netcoins.