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The Ethereum ecosystem was notable for its record-breaking month of August. Ethereum's on-chain adjusted transfer volume surpassed $320 billion, reaching its highest level since May 2021. This represents the third-largest monthly volume in Ethereum history.
Ethereum Network Transaction Volume Exceeds $320 Billion in August: Highest Level Since 2021
The data covers not only transfers but also DeFi interactions and other blockchain-based transactions. The 30-day transaction count also reached a new high in August, while active $ETH addresses reached their second all-time high. Ethereum's total value locked (TVL) also remains near historical highs.
The impact of institutional investors is the primary driver of this increase. Publicly traded companies' $ETH reserves rose from $4 billion at the beginning of the month to $12 billion. BitMine Immersion and SharpLink Gaming, in particular, made significant purchases. Trading volumes and net inflows for spot $ETH ETFs also accelerated during the same period.
Ethereum transaction fees have fallen to their lowest levels in five years. The 2024 Dencun update (EIP-4844) reduced costs for rollups, while this year's Pectra upgrade focused on improving account abstraction and user experience.
Validator exit requests hit a record high in August, while entry requests also reached a two-year high. Experts attribute much of this movement to fund flows into liquid retaking protocols.
$ETH price, on the other hand, is trading at $4,337 after the recent correction, trading 12% below its peak.
*This is not investment advice.