#Ethereum Network Roars Back to Life: Transactions Near All-Time High as ETFs and Stablecoins Fuel Momentum

Ethereum, the world’s second-largest blockchain network, is witnessing a significant revival. Daily transactions reached 1.87 million yesterday, inching closer to the all-time high of 1.96 million set on January 14, 2024, according to #Etherscan data. This resurgence signals renewed on-chain activity after a period of stagnation, bolstered by a combination of market optimism, legislative clarity around stablecoins, and increased investor appetite via exchange-traded funds (ETFs).

#Stablecoin Surge and Uniswap Activity Drive Ethereum Growth

The recent spike in Ethereum’s network activity is largely fueled by stablecoin transactions and decentralized exchange (#DEX ) activity, particularly from Uniswap, according to Jake Kennis, Senior Research Analyst at Nansen. Kennis highlighted the importance of transaction counts as a key market signal:

“For traders, it is important to monitor transaction counts as a gauge of market activity alongside other on-chain factors such as gas prices, fee generation, and others to assess the state of on-chain activity.”

Stablecoins like Tether ($USDT ) and $USDC are being transacted at a higher volume, showing increased demand for on-chain liquidity and cross-platform interoperability. This trend has been further reinforced by U.S. legislative developments.