The number of Ethereum transactions per day has set a new record with the Uniswap wave. Ethereum transactions reached an all-time high, beating the record set by the ICO trend in the first half of 2018. Playing one of the main roles in this new record, the UNI token reminds us, “Can DeFi be a bubble like an ICO?” brought questions.
According to Etherscan data, the number of daily transactions on the Ethereum network reached an all-time high of 1.4 million as of yesterday. The previous record was 1.34 million daily transactions, when the ICO boom exploded 2 years ago. One of the biggest reasons for the current new record seems to be Uniswap, one of the most sought-after projects in the DeFi world.
Is DeFi New ICO?
The fact that DeFi exceeded the record brought by the ICO, many people think “Is DeFi a second ICO case?” brought thoughts like. Following the burst of the ICO bubble, a general downtrend was observed in the market in 2018, and Ethereum network activity started to decline gradually. In the first months of 2019, it hit the bottom with approximately 380 thousand transactions per day. Renowned Bitcoin investor and cryptocurrency trader Tone Vays recently argued that investing in DeFi was as stupid as investing in an ICO, and said that most DeFi platforms are fraudulent.
According to the data of DeFi Pulse, the total value locked to DeFi, which has become very popular in recent months, has reached $ 9 billion and Uniswap’s dominance in the decentralized financial market has exceeded 15%. Uniswap’s own token, UNI, which came out with great expectations and was instantly listed by many important exchanges, played a key role in Ethereum’s breaking this record.
Not Only Daily Transactions, Miner Earnings Set A Record
With the crazy interest in the DeFi world, and more specifically, the UNI, Ethereum transaction fees have skyrocketed. So much so that yesterday Ethereum miners earned up to $ 1 million in just 1 hour. The miner earnings, which reached $ 938,000 per hour, are among the highest for Ethereum.
The UNI token, launched by Uniswap, is one of the main actors in network transaction fees and miner earnings. With a trade volume of approximately $ 2.8 billion and a price of up to $ 5, UNI managed to enter the top 50 in the list of most valuable cryptocurrencies.