According to recent data from Etherscan, the daily number of Ethereum transactions increased at the end of June to surpass 1 million for the first time in 2019.
Last time 1 million daily transactions were observed on Ethereum blockchain was in May 2018, almost a year ago before the crypto winter started to dominate the cryptomarket perspectives.
If we check the details provided on Etherscan platform, we may notice that 1 million transactions on Ethereum network occurred on June 28, 2019 and the actual number is 1,004,170.
The growing number of transactions on Ethereum indicates that the second most popular public blockchain in the world attracts not only new traders that look to take advantage of the improved market returns but also developers that try to use Ethereum for implementing a new set of decentralized applications and smart contracts.
However, we need to mention that the Ethereum blockchain previously experienced an even higher number of transactions at the beginning of 2018, so there’s still room to grow.
If we talk about Ethereum, we need to understand the fact that the present network can hardly be compared to the one in 2017 when the Initial Coin Offerings were taking over the market forcing anyone who was looking to participate in a token sale event to purchase Ethereum coins first.
But as some analysts like to say, Ethereum blockchain’s main purpose is not that of helping other crypto projects land into the market. Ethereum network should be used by developers looking to create decentralized applications that want to benefit from the network’s strong points like security and decentralization.
Maybe it’s no surprise that most financial decentralized applications are actually choosing Ethereum as the best blockchain for their products and services. One of the best examples is of course MakerDAO that developed very much over the last year and it’s been recently implemented into MyEtherWallet permitting users take collateralized debt obligations that are covered with Ethereum.
At the moment Ethereum is in a long process of upgrading its internal architecture and consensus mechanism in order to move to the Proof-of-Stake protocol that will see the network deliver superior throughput finally responding to the scalability concerns that kept Ethereum away from becoming the best blockchain in the world.