Ethereum Network's daily transaction volume hit a record high of 1.74 million on August 5th, with the July cumulative transaction volume also reaching an all-time high.

BlockBeats News, August 7th, according to The Block data, Ethereum's daily transaction volume (7-day moving average) reached a record high of 1.74 million transactions on August 5th, surpassing the previous record of 1.65 million transactions set on May 12, 2021.

July also saw the largest monthly transaction volume in Ethereum network history, with a total of 46.67 million transactions.

Furthermore, on August 5th, the number of active Ethereum addresses surged to 683,520, approaching the historical high of 743,730 addresses on May 12, 2021.

Presto Research analyst Min Jung stated: "Ethereum's daily transaction volume has hit a record high, reflecting the surge in DeFi activity, with stablecoins at the core. The market's growing interest in yield strategies—especially bets on interest rate cuts—has led to more on-chain transactions, from yield farming to capital deployment."