Ethereum Transactions Near Record High As On-Chain Volume Surges

Ethereum transactions reached 1.87 million approaching its January 2024 record of 1.96 million.

Stablecoins, DeFi protocols, and Ethereum-based ETFs have fueled recent spikes in on-chain activity.

Layer-2 networks like Polygon and Base are easing congestion, enabling Ethereum’s rising transaction volume.

Ethereum’s daily transactions have ascended to 1.87 million, nearing its ATH of 1.96 million. The increase mirrors a major change in usage since early 2025, as Ethereum processed less than half its current volume at the start of the year.

Is Ethereum on Track to Break Its 2024 Transaction Record?

According to data from Etherscan, it is recognized that Ethereum has noted 1,833,756 transactions on August 6, 2025. This brings the network close to its all-time daily transaction high of 1,961,144, which was recorded on January 14, 2024.

Source: Etherscan

After a steady pattern throughout early 2024, Ethereum transactions began climbing again by mid-2025. On August 6, the network recorded 7,159 blocks with an average block size of 116,408 bytes and a block time of 12.04 seconds as a total of 198,001 new addresses appeared.

A deeper dive into the movement shows that from mid-2020 to 2021, Ethereum transactions saw daily uptick above 1 million. This speed held into 2022 before a dip. Spikes appeared again in late 2023 but remained unstable. In contrast, activity in 2024 hovered around 1.2 million, as the lowest ever recorded was 1,329 transactions on August 9, 2015.

Stablecoin Law, DeFi, ETFs, and Meme Coins Add to On-Chain Demand

Confirmed via an X post by Kyle, the jump in Ethereum transactions activity comes largely from increased stablecoin movement. Tether and USDC transactions have surged on the network. The growth coincides with the passage of the GENIUS Act in the U.S. As reported by CryptoNewsLand earlier, the law provides a legal framework for stablecoins operating within American markets.

Meme coin transactions and new token launches are also playing a role. Ethereum only accounts for about 9.7% of meme coin activity. Solana dominates this segment but Ethereum has seen rising participation. Dune Analytics data supports this shift.

Source: Dune

Uniswap activity has also contributed to the uptick. The decentralized exchange has seen a noticeable rise in usage. At the same time, Ethereum-based ETFs are seeing stronger performance than Bitcoin ETFs. This trend has continued over the past month. Institutional interest appears to be shifting toward Ethereum.

Layer-2 Networks Help Handle the Load

To validate the continued uptick, Ethereum transactions increased count has being supported by layer-2 networks. Platforms like Polygon and Base allow users to bypass high gas fees. These scaling solutions also help Ethereum support more users. Token creation is faster and cheaper on these secondary networks.

GENIUS Act, DeFi growth, and meme speculation are key factors. These elements have pushed Ethereum closer to its highest historical usage. Though Solana remains dominant in volume, Ethereum’s core metrics continue to improve.

While Ethereum transactions gains ground, Solana remains ahead in total daily volume. On the same day, Solana logged 22 million transactions. Still, Ethereum’s rising throughput signals renewed interest in its mainnet.