While Bitcoin Grabs Headlines, Ethereum Quietly Shattered Its Transaction Record at 24.45M
July 5, 2025
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The numbers don’t lie: Ethereum’s blockchain just processed more transactions in a single day than ever before, hitting a staggering 24.45 million transactions according to OnchainHQ analyst for on-chain, Leon Waidmann. That translates to over 1 million transactions per hour, or roughly 17,000 transactions every minute.
For context, this represents a massive leap from Ethereum’s historical averages. Cryptocurrency Ethereum would be processed over one million times per day in early 2021, a figured that stayed relatively stable in recent years. The new record of 24.45 million daily transactions represents a 24x increase from those 2021 levels.
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Several factors are converging to push Ethereum’s transaction volume to unprecedented heights:
Layer 2 Scaling Solutions: The growth of Layer 2 networks like Base, Arbitrum, and Optimism has dramatically reduced transaction costs while maintaining security through Ethereum’s main chain. These solutions bundle multiple transactions together, creating more efficient processing.
DeFi Renaissance: Ethereum’s DeFi segment is surging despite anemic market conditions, with users flocking to decentralized exchanges, lending protocols, and yield farming opportunities. Each swap, stake, or loan creates multiple on-chain transactions.
Institutional Adoption: Major financial institutions are increasingly building on Ethereum, bringing enterprise-level transaction volumes that dwarf retail activity.
Processing 24.45 million transactions daily puts Ethereum at roughly 283 transactions per second at peak capacity. While this still lags behind traditional payment processors like Visa (NYSE:V), which can handle 65,000 TPS, it represents a quantum leap for blockchain technology.
Ethereum hit 17.4 million weekly active addresses, up 16.95% in May, indicating that the transaction surge isn’t just about existing users being more active—new participants are joining the ecosystem at an accelerating pace.
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Network Effects in Action: Higher transaction volume typically correlates with increased demand for ETH, which is required to pay gas fees. With 24.45 million daily transactions, that’s substantial consistent demand for the native token.
Revenue Generation: Ethereum operates on a fee-burning mechanism (EIP-1559), where a portion of each transaction fee is permanently removed from circulation. Higher transaction volume could create deflationary pressure on ETH supply.
Competitive Positioning: While other blockchains tout higher theoretical throughput, Ethereum’s actual usage demonstrates real-world demand and developer preference. Ethereum continues to dominate the blockchain development space, with 1,695 active developers as of last month.
Congestion Concerns: Extreme transaction volume can lead to network congestion and higher gas fees, potentially pricing out smaller users and applications.
Technical Limits: Despite improvements, Ethereum still faces scalability challenges. EIP-9698 proposes increasing gas limits by 100x, but such upgrades require careful implementation to maintain network security.
Market Volatility: The price of Ethereum is $2,416 today, still well below its previous all-time highs, showing that transaction volume doesn’t immediately translate to price appreciation.
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Ethereum’s transaction record represents more than just a technical milestone—it signals the network’s evolution from experimental technology to critical financial infrastructure. For investors, this usage growth validates the long-term thesis that Ethereum could become the foundation layer for a new financial system.
However, sustainable growth requires continued innovation in scaling solutions and gas fee optimization. The real test isn’t whether Ethereum can handle 24.45 million transactions once, but whether it can consistently process this volume while maintaining security and reasonable costs.
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Image: Shutterstock
This article While Bitcoin Grabs Headlines, Ethereum Quietly Shattered Its Transaction Record at 24.45M—Here’s Why Smart Money Is Paying Attention originally appeared on Benzinga.com
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