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Ethereum hit a record 1.74 million daily transactions on August 5.
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Stablecoin activity and ETH treasury strategies are fueling the surge.
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Increased gas limits have improved network scalability.
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Institutional demand and pending ETF approvals could push activity even higher.
Transaction Activity Breaks Previous Records
Ethereum has reached a new milestone. On August 5, the network processed 1.74 million transactions in a single day, based on a 7-day moving average. This surpasses its previous all-time high of 1.65 million, set back in May 2021.
The spike in usage follows Ethereum’s recent increase in its block gas limit to 45 million, which allows more transactions to be packed into each block, improving scalability and throughput.
Stablecoins and Yield Farming Drive Growth
Experts say much of the activity is tied to stablecoins and DeFi strategies. According to analyst Min Jung from Presto Research, investors are moving funds on-chain in search of yield as they anticipate lower interest rates. Activities like point farming and treasury deployments are becoming more popular.
Vincent Liu, CIO of Kronos Research, adds that more companies are turning to Ethereum for treasury diversification, boosting usage and confidence.
Corporate Treasuries and Institutional Demand Rise
Ethereum isn’t just attracting retail users. The total ETH held by public companies now tops $7.5 billion. Many firms are adopting Ethereum treasury strategies to hedge against inflation and appeal to crypto-savvy investors.
At the same time, regulatory signals from the U.S. are becoming more crypto-friendly, which is helping build institutional trust in Ethereum.
ETH Price Still Playing Catch-Up
Despite all the activity, ETH’s price hasn’t fully reacted. Liu says the market is still cautious but believes that future catalysts like Ethereum staking ETFs could unlock more price momentum by making ETH a yield-generating asset for large investors.
