Ethereum blockchain has hit a milestone as it has reached 1 billion transactions. This has been revealed as per the data from Etherscan, a blockchain explorer. Ethereum has reached this milestone while ETH is on its way to new all-time highs.
Ethereum blockchain went live in 2015, and it was able to break the record by 100,000 daily transactions in May 2017. After this, it reached a record level of 1 million in January 2018, when its price was $1,000. And now it broke the 1 billion transactions record in a day and created a milestone.
Ethereum Blockchain Seen this Surge with Growth in the DeFi Sector
Since the past several months, it has been seen that transactions on the Ethereum blockchain have seen consistent growth, and it was above the 1 million daily-mark on average. Analysts have claimed that this huge surge is due to the growth in the DeFi sector. There has been tremendous adoption of DeFi applications that are built on top of the Ethereum blockchain.
The reason behind the surge in the DeFi sector is because many DeFi apps provide great interest to the investors on their holdings. Along with this, they can also swap assets without even going through any centralized body.
Target of 2B Transactions in the Next Two Years
As the use of blockchain is increasing rapidly, the network is facing a strain that has caused a surge in gas fees. To curb this, Ethereum 2.0 was introduced, which is capable of processing a huge number of transactions easily and quickly. It has been revealed that the Ethereum blockchain is now aiming to reach 2 billion transactions in the next two years. However, the increasing gas fee is still a major concern for the network, and it is yet to be seen that how it is going to tackle this.