Even if the price of Ethereum While blockchain has been in steady decline for several weeks, the leading blockchain is now experiencing a sharp increase in adoption. Currently, the number of transactions per second processed on the network has increased significantly, reaching unprecedented levels.
New throughput record for the Ethereum network
In a very volatile cryptocurrency landscape, the Ethereum network has just reached a new milestone in terms of usage and adoption. On-chain data shows that more transactions are now being conducted on the main blockchain, indicating renewed interest in the ETH ecosystem.
The Ethereum network reached a new all-time high in transactions per second (TPS) as common by Joseph Young on social media platform
According to the data, more than 31,083 transactions are now processed on the blockchain in one second. Young expects this TPS to grow further in the short term due to upcoming ETH updates such as Fusaka UpgradePeerdas, ZKetherum, Blob scaling, EIP-7928 and ZK. These crucial updates prove a reduction in latency.
Additionally, Young stated that the ethereal evolves on an exponential curve. For a brief period, Ethereum seemed almost weightless, sharper, leaner, and more equipped to handle whatever the next surge in on-chain activity might demand.
Ethereum transactions have also experienced exponential growth on a daily basis, suggesting new demand and renewed conviction. Leon Waidmann, head of research at the On-Chain Foundation, looked at the number of ETH transactions: developer that approximately 30.69 million transactions on the Ethereum mainnet and layer 2s are processed in a single day.
Waidmann pointed out that the chart has been trending upward for several months, with the metric showing no signs of slowing down. This reflects increased daily activity, which has increased more than 5x since Q1, and continued demand from PayFi, AI agents and Decentralized Finance (DeFi).
All of these solidify ETH as the fastest scaling ecosystem in the entire crypto industry. A spike of this magnitude is noticeable in the ETH on-chain environment, indicating that something deeper may be awakening.
A drop in ETH transaction costs
As transactions explode on the Ethereum Networkits transaction cost appears to have fallen sharply. In a job According to Waidmann, the average Layer 1 transaction cost was $0.17 per token transfer. Meanwhile, the average Layer 2 cost was $0.0007 per token transfer.
With such a low cost, the network currently operates more cheaply at scale, and transfers worth fractions of a cent are offset by the most optimistic rollups. However, L2 zkEVMs like zkSync Era and Linea continue to be very expensive compared to their bullish peers.
Featured image from Getty Images, chart from Tradingview.com
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