Ethereum’s strength has grown immensely throughout 2020 and one metric that shows how very utilized ETH has become is its daily transaction count, which just surpassed 1 million for the first time since January of 2018.
This on-chain strength is different from the ones seen years ago. In 2017, the ICO mania caused Ethereum to see massive growth but this was unsustainable and quickly faded.
This new growth is far more practical due to the utility that many DeFi initiatives have, but the blockchain’s co-founder is skeptical of this emerging ecosystem.
Analytics platform IntoTheBlock spoke about this in a recent blog post, where the platform explained that the current network utilization is stemming from DeFi-based smart contracts being deployed on-chain.