In early August 2025, the Ethereum network saw 1.87 million daily transactions, approaching the 1.96 million transactions recorded during the peak of the bull market in 2021. This growth is attributed to actual demand for applications rather than mere speculation. The main driver was the rise in stablecoin transfers, with USDT, USDC, and DAI experiencing a more than 40% increase in transaction volume over one month, primarily used for cross-border payments and trade settlements.
The increase in ETH deposits and layer two adoption has boosted mainnet interactions, leading to a simultaneous rise in decentralized finance (DeFi) protocol transaction activity. The growing deployment of institutional applications has increased the demand for supply chains for large amounts and recurring transactions. Technically, Ethereum has maintained its stability under high pressure. While gas fees have risen, congestion has improved significantly compared to 2021. EIP-1559 enhances fee predictability.
The increase in transaction volume provides significant support for Ethereum's value, as each transaction destroys a portion of Ethereum, exacerbating its deflationary effect. With the continued adoption of applications, institutional adoption, and technological iteration, the goal of surpassing two million daily transactions may be imminent. For investors, this is not only a positive sign for price but also evidence of Ethereum's status as a foundational infrastructure for the global digital economy.
